Tuesday February 6, 7:01 am Eastern Time
Press Release
SOURCE: Lexicon Genetics Incorporated
Lexicon Genetics Grants Patented Gene Targeting
Technology License to Immunex Corporation
Agreement Signals Importance of In Vivo Technology for Drug Discovery
THE WOODLANDS, Texas, Feb. 6 /PRNewswire/ -- Lexicon Genetics Incorporated (Nasdaq: LEXG - news) announced
today that it has granted to Immunex Corporation (Nasdaq: IMNX - news) a multi-year, non-exclusive sublicense for the use
of its patented gene targeting technology for Immunex's internal research programs. The sublicense applies to any Immunex
product that has used the Lexicon technology since the date of patent issuance.
Under the terms of the agreement, Lexicon will receive annual license fees, technology usage fees for each model developed by
Immunex using Lexicon's patented gene targeting technology and milestone payments on each product that has or will benefit
from the use of Lexicon's patented technology. Immunex is the 14th sublicensee of Lexicon's patented gene targeting
technology.
``Our agreement with Immunex demonstrates the evolution of our drug discovery platform, as well as the strength of our testing
and evaluation process,'' said Arthur T. Sands, M.D., Ph.D., President and Chief Executive Officer of Lexicon. ``First, it
confirms the importance of in vivo mammalian target validation for efficient drug discovery, and second, it provides further
market validation of our patented process in drug discovery.''
Lexicon Genetics Incorporated is a leader in defining the functions of genes for drug discovery using large-scale knockout
mouse technology. Complementary to its gene-specific custom knockout technology, Lexicon has invented high-throughput
genome-wide gene trapping technology to discover thousands of genes and expand its OmniBank® library of tens of thousands
of knockout mouse clones. The Company uses an integrated platform of functional genomics technologies to accelerate
large-scale analysis of mammalian gene function for drug discovery. Lexicon's Internet exchange, www.lexgen.com, enables
researchers worldwide to access the OmniBank library and form collaborations with Lexicon to discover pharmaceutical
products based on genes and knowledge of their functions. Lexicon has established drug discovery collaborations with
Abgenix, Inc. and Arena Pharmaceuticals, Inc., a LexVision(TM) collaboration with Bristol-Myers Squibb Company, and
functional genomics and OmniBank alliances with many pharmaceutical and biotechnology companies, including American
Home Products, Boehringer Ingelheim Pharmaceuticals, DuPont Pharmaceuticals Company, Millennium Pharmaceuticals, Inc.,
N.V. Organon, Pharmacia Corp., The R.W. Johnson Pharmaceutical Research Institute of Johnson & Johnson and Tularik,
Inc., as well as leading academic institutions worldwide. Additional Company information is available at
www.lexicon-genetics.com.
Statements in this release relating to Lexicon that are not historical facts or information are ``forward-looking statements'' within
the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on
management's current assumptions and expectations. Such forward-looking statements involve risks, uncertainties and other
important factors that may cause the actual results of Lexicon to be materially different from any future results expressed or
implied by such forward-looking statements, and there can be no assurance that actual results will not differ materially from
management's expectations. Information identifying such important factors is contained under ``Risk Factors'' in Lexicon's initial
public offering prospectus dated April 7, 2000 and under ``Factors Affecting Forward-Looking Statements'' in Lexicon's
Quarterly Reports on Form 10-Q, in each case as filed with the Securities and Exchange Commission. Lexicon undertakes no
obligation to update any such forward-looking statements.
SOURCE: Lexicon Genetics Incorporated |
