BioQuest Inc. and BioKeys Inc. Sign Letter of Intent
BusinessWire, Wednesday, February 23, 2000 at 09:05
HOUSTON--(BW HealthWire)--Feb. 23, 2000--BioQuest Inc.
(Pink Sheets:HIVX) announced today that the company has signed a Letter of Intent to merge with BioKeys Inc. of San Diego.
BioKeys Inc., a development stage pharmaceutical company, has two new anti-cancer agents and a broad spectrum anti-viral based upon two new platform technologies for drug discovery. First, their lead
compound, "Co-factor", is a biomodulator which has been shown in early human trials to greatly enhance the activity of 5-FU (5-Fluorouracil) in colorectal and breast cancer. 5-FU is the most used chemotherapeutic worldwide. "Co-factor" is being readied to enter Phase III clinical trials.
Secondly, the company is engaged in Preclinical studies of a platform technology for a family of cancer
chemotherapeutics broadly referred to as Orgaoselenones. These compounds are expected to address the tumor resistance to currently used platinating and alkylating chemotherapeutic compounds observed in cancers of the brain, head and neck, ovary, and breast. Finally, the
company is in the midst of Preclinical studies of Thiovir.
Thiovir is the first compound in a family of orally bio-available anti-HIV, anti-HIV opportunistic infectious agent, and Human Papilloma Virus(HPV) antivirals.
BioQuest Inc. is a biotechnology development company in the
field of HIV/AIDS antiviral therapy, prophylaxis, and vaccine development. BioQuest's patented Antibody-negative Cell Mediated Immunity Vaccine is now undergoing testing in Rhesus Monkeys using a "chimeric" Simian/Human
Immunodeficiency Virus. This trial is currently producing data that, if confirmed in subsequent testing,
represent proof of principle. Also in the pre-clinical pipeline are two more approaches to treatment and prevention of HIV/AIDS.
BioQuest's lead compound, R15K, is a blocking agent designed to prevent HIV from entering and infecting human immune system cells.
Additionally, the patented compound S4S has been shown in vitro to be able to attack and disable the very proteins HIV uses to bind to and infect human immune system cells, thus rendering HIV non-infectious.
The merged company will take the name BioKeys Inc. Its board of directors will include the current chairman of the board and CEO of BioKeys, Frank O'Donnell, M.D. Dr. O'Donnell was formerly founder and chairman of the board of Visx Inc. (NASDAQ:VISX) and is currently chairman of the board of APP Inc. (American Prescription Providers),
which is currently the largest provider of HIV/AIDS prescription drugs in the northeast. Also joining the combined board is R. Wayne Fritzsche. Fritzsche was, along with Polio Vaccine pioneer and Nobel Laureate Dr. Jonas Salk, one of the founders of Immune Response Inc.
(NASDAQ:IMNR).
Finally, M. Ross Johnson, Ph.D., formerly president and
CEO of Trimeris Inc. (NASDAQ:TRMS) will serve as chairman of the board of the merged company.
This press release contains certain forward looking statements
within the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995. Such statements are made
based on management's current expectations and beliefs. Actual results
may vary from those currently anticipated based upon a number of
factors, including uncertainties inherent in the drug development
process, the timing and success of clinical trials, and the receipt of
necessary approvals from the United States Food and Drug
Administration. The company undertakes no obligation to release
publicly any revisions which may be made to reflect events or
circumstances after the date hereof.
CONTACT: BioQuest Inc., Houston
Warren C. Lau, 281/272-0000
Lau@hypercon.com
KEYWORD: TEXAS CALIFORNIA
INDUSTRY KEYWORD: BIOTECHNOLOGY MEDICAL MEDICAL DEVICES
PHARMACEUTICAL MERGERS/ACQ
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Companies or Securities discussed in this article:
Symbol Name
NASDAQ:VISX VISX, Incorporated
BB:HIVX
NASDAQ:TRMS
NASDAQ:IMNR Immune Response Corporation (The)
Symbols:
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