just a brain tickle, given "pan" in the name of the sub, that this company may be DGI-like. I'll check.....
Wednesday June 28, 8:30 am Eastern Time
Company Press Release
SOURCE: Cell Therapeutics, Inc.
Cell Therapeutics, Inc. Establishes Subsidiary to
Eliminate Drug Discovery Bottleneck With Genomic Targets
Novel Technology May Make Finding the 'Needle in the Haystack' Possible
SEATTLE, June 28 /PRNewswire/ -- Cell Therapeutics, Inc. (cti) (Nasdaq: CTIC - news) has founded PanGenex, Inc., a
majority-owned subsidiary focused on identifying novel drug development targets using the recently completed human genome
sequence database.
PanGenex, Inc., a Delaware subsidiary of cti, believes that it will have the technological advantage to rapidly sift through the
exceptionally large quantity of human genome data to identify the minority of human genes that are valid targets for drug
discovery. Because the technologies can potentially be automated and employed on a large scale, they could eliminate a major
bottleneck in the identification of new drug candidates that are effective against human diseases.
``Creating this subsidiary allows cti's management to remain focused on its primary business objective of commercializing
oncology drug candidates while exploring revolutionary technologies that validate targets for drug candidates,'' noted James A.
Bianco, M.D., President and CEO of cti. ``The cost of supporting this venture is minimal and it provides more flexibility in
attracting capital and corporate collaborators without diluting our primary focus. This allows our shareholders to share the
potential benefit from these novel technologies.''
``The major challenge for drug discovery is determining which of the 50,000 to 100,000 human genes are important in any
given disease, and what classes of drugs might be useful in addressing those targets,'' said Robert A. Lewis, M.D., E.V.P. and
Chief Scientific Officer at cti. ``The data base from the human genome project provides opportunities for drug discovery and
development, but does not solve the time and cost burdens presently entailed in choosing either the best targets for any disease
or the most effective drug candidates for those targets. Our novel technology is expected to enable a direct and rapid
application of the human genome project for drug development in the future.''
cti is committed to developing an integrated portfolio of oncology products aimed at making cancer more treatable. In May
2000, the Company announced that the FDA had accepted its New Drug Application (NDA) for its lead drug candidate,
ATO, and had granted priority review for the application. In addition to ATO, the Company is developing two other
compounds: PG-TXL(TM), a potentially safer, more effective derivative of paclitaxel, the active ingredient in the well known
cancer drug Taxol©, and Apra(TM), (CT-2584), a novel anti-cancer drug candidate for patients with cancers, such as soft
tissue sarcoma and prostate cancer, which have become resistant to conventional chemotherapy. The Company's web site is
located at www.cticseattle.com.
This announcement includes forward-looking statements that involve a number of risks and uncertainties, the outcome of which
could materially and/or adversely affect actual future results. Specifically, the risks and uncertainties that could affect the
development of cti's products under development include risks associated with preclinical and clinical developments in the
biotechnology industry in general and of cti's products under development in particular (including, without limitation, the
potential failure of ATO, PG-TXL(TM), Apra(TM) and related compounds to prove safe and effective for treatment of
disease), determinations by regulatory, patent and administrative governmental authorities, competitive factors, technological
developments, costs of developing, producing and selling cti's products under development, and the risk factors listed or
described from time to time in the Company's filings with the Securities and Exchange Commission including, without limitation,
the Company's most recent registrations on Forms 10-K, 8-K and 10-Q.
SOURCE: Cell Therapeutics, Inc. |
