As an intro I'll say that I noticed OSIP looking awful good yesterday on a huge down day in the market, OSIP up. $5 bid now.
Friday July 30, 8:52 am Eastern Time
Company Press Release
SOURCE: OSI Pharmaceuticals, Inc.
OSI Pharmaceuticals Licenses Gene Transcription
Patent Estate to Pharmacia & Upjohn
UNIONDALE, N.Y., July 30 /PRNewswire/ -- OSI Pharmaceuticals, Inc. (Nasdaq:
OSIP - news) announced today that it has signed a non-exclusive licensing agreement with Pharmacia & Upjohn Inc. (NYSE:
PNU - news) covering OSI's gene transcription patent estate. Under the terms of the agreement, OSI will receive annual fees
together with milestones and royalty payments from small molecule gene transcription modulators developed and marketed as
pharmaceutical products. Pharmacia & Upjohn is the first major pharmaceutical company to have taken a license covering
OSI's gene transcription patent estate.
OSI's patent estate results from the Company's pioneering research in the late 1980's applying gene transcription approaches
for drug discovery. The principal patent, U.S. Patent No. 5,776,502, issued July 7, 1998, covers the use of low molecular
weight compounds for pharmaceutical, agricultural or veterinary purposes to modulate gene transcription in vivo. A second
patent, U.S. Patent No. 5,665,543, covers methods of discovering compounds which modulate gene transcription using
reporter gene technology and was issued September 9, 1997. The patent estate includes other associated patents and patent
applications.
''We are pleased that Pharmacia & Upjohn has licensed OSI's gene transcription technology. We are currently in discussions
with several other companies regarding our non-exclusive licensing program,'' stated Colin Goddard, Ph.D., President and
Chief Executive Officer of OSI Pharmaceuticals, Inc. ''This agreement underscores OSI's pioneering role in gene
transcription, a fundamental technology that is widely used within the biotechnology and pharmaceutical industries.''
OSI is engaged in a broad-based out-licensing program throughout the pharmaceutical, agricultural, animal health and
biotechnology industries. The Company is making the patent estate widely available under terms that favor early licensees.
OSI anticipates that companies conducting research and development in the gene transcription area will be interested in
procuring licenses. Aurora Biosciences Corp. (Nasdaq: ABSC - news), a leading biotechnology company, also signed a
licensing agreement in 1998.
OSI Pharmaceuticals is a leading drug discovery company with a substantial pipeline of product opportunities for
commercialization with the pharmaceutical industry. OSI's research programs are focused in the areas of cancer therapeutics,
cosmeceuticals, diabetes and anti-infectives. OSI utilizes a comprehensive drug discovery and development capability to
facilitate the rapid and cost-effective discovery and development of novel, small molecule compounds in more than 40
research and development programs. OSI is involved in long-term research alliances with Pfizer, Novartis, Hoechst Marion
Roussel, Sankyo, and Bayer.
Additional information on OSI Pharmaceuticals is available on the World Wide Web at: osip.com.
This news release contains forward-looking statements. These statements are subject to known and unknown risks and
uncertainties that may cause actual future experience and results to differ materially from the statements made. Factors that
might cause such a difference include, among others, uncertainties related to the identification of lead compounds, the
successful pre-clinical development thereof, the completion of clinical trials, the FDA review process and other governmental
regulation, pharmaceutical collaborators' ability to successfully develop and commercialize drug candidates, competition from
other pharmaceutical companies, product pricing and third party reimbursement, and other factors described in OSI
Pharmaceuticals' filings with the Securities and Exchange Commission.
DAK
PS I like this part:
"We are currently in discussions with several other companies regarding our non-exclusive licensing program,'' stated Colin Goddard, Ph.D., President" |
