Thursday February 17, 8:15 am Eastern Time
Company Press Release
SOURCE: Cadus Pharmaceutical Corporation
Cadus Announces the Licensing of Its Yeast GPCR
Technologies for Functional Genomics to OSI
Pharmaceuticals
NEW YORK, Feb. 17 /PRNewswire/ -- Cadus Pharmaceutical Corporation (Nasdaq: KDUS - news) announced today that
it has licensed to OSI Pharmaceuticals, Inc. (Nasdaq: OSIP - news), on a non-exclusive basis, its yeast G-protein coupled
receptors (GPCRs) technologies, including various reagents, a library of over 30,000 yeast strains and proprietary
bio-informatics software. Financial terms of the license have not been disclosed.
''This license represents the first step in our strategy of licensing our yeast GPCR technologies for functional genomics'' stated
Dr. Charles Woler, President and Chief Executive Officer of Cadus Pharmaceutical Corporation. ''OSI Pharmaceuticals
clearly appreciates the power of this technology since it approached us for this non-exclusive license. The licensed technologies
can be used as a foundation to develop a rapid, cost-effective functional genomics and drug discovery platform to identify
ligands for orphan GPCRs (i.e., GPCRs whose function is not known).''
This press release may contain forward-looking statements that involve a number of risks and uncertainties. Important factors
that could cause actual results to differ materially from those indicated by such forward-looking statements are set forth in the
company's prospectus dated July 17, 1996 or detailed from time to time in filings that the company makes with the Securities
and Exchange Commission. These include risks and uncertainties relating to the company's ongoing litigation with SIBIA
Neurosciences, Inc. (''SIBIA''), including uncertainties regarding the outcome of appeals and the re-examination of SIBIA's
patent at issue in the litigation, risks and uncertainties relating to the company's ability to realize value from its assets,
technological uncertainties regarding the company's technology, rapid technological change, an intensely competitive market,
intellectual property rights and general economic conditions.
SOURCE: Cadus Pharmaceutical Corporation |
