Wednesday April 18, 12:39 pm Eastern Time
Press Release
Samaritan Pharmaceuticals Announces Research Collaboration and Licensing
Arrangement With Georgetown University
Samaritan Pharmaceuticals To Acquire Worldwide Exclusive Rights To Four New
Technologies
LAS VEGAS--(BW HealthWire)--April 18, 2001-- Samaritan Pharmaceuticals
(OTC/BB: SPHC - news) is pleased to announce that Georgetown University and
Samaritan have signed a term sheet setting forth the principal terms for a seven year
research collaboration and licensing arrangement which is expected to begin on or
about July 1, 2001. Under this arrangement, (1) Georgetown shall initially grant to
Samaritan worldwide exclusive rights to four distinct and exciting new technologies
which have been developed by Georgetown University; and (2) Samaritan shall
receive worldwide exclusive rights to any new technologies which may result from the
research collaboration. The arrangement provides that in addition to further developing
the four new technologies, Georgetown and Samaritan shall collaborate to develop
novel therapeutic agents and diagnostic technologies.
Dr. Vassilios Papadopoulos shall direct a team of seven research professionals
(including five Ph.D. level research scientists) with expertise in the fields of
endocrinology, pharmacology, cell biology, organic and steroid chemistry and
computer modeling. Dr. Papadopoulos is the Head of the Division of Hormone
Research and a Professor at the Departments of Cell Biology, Pharmacology and
Neurosciences at Georgetown University Medical Center. He has authored over 150
scientific publications in the field of steroid hormone production and presented his
work in numerous national and international meetings. Dr. Papadopoulos stated, ``I
believe that this new collaborative endeavor with Samaritan Pharmaceuticals will allow
us to develop a pipeline of new and important treatments and diagnostics for various
diseases.''
Samaritan to acquire worldwide exclusive rights to four new technologies
Under this arrangement, Georgetown will grant to Samaritan worldwide exclusive
licenses with respect to four distinct and important new technologies which have been
developed by Georgetown University. These technologies include diagnostics for
Alzheimer's disease, assays used for the prognosis of breast cancer, and
pharmacological tools developed to modulate cellular cholesterol levels. In addition,
Samaritan shall receive worldwide exclusive rights to any novel therapeutic agents or
diagnostic technologies which may result from the research collaboration. Georgetown
shall retain rights to use the technologies for noncommercial research and educational
purposes.
Dr. Janet Greeson, CEO of Samaritan Pharmaceutical stated, ``We believe the
technologies we will acquire from Georgetown and the technologies we will jointly
develop with Georgetown under this new research collaboration will yield tremendous
value to our shareholders. We believe the key to Samaritan's successful growth is to
maintain a broad product portfolio and our arrangement with Georgetown is a very
significant part of that strategy.'' Mr. Jack Hartman, Director for Research and
Technology Development Services for Georgetown University, stated, ``We expect
that our arrangement with Samaritan will lead to the development of many valuable
technologies and will be an excellent way to commercialize these new technologies.''
Under the arrangement Samaritan will pay the costs of the research on a quarterly
basis and Georgetown will receive warrants to purchase 500,000 shares of
Samaritan's common stock for a price of $1.50 per share and royalty payments based
upon Samaritan's revenues related to any such new technologies. Either party may
terminate the research aspect of the arrangement upon six months prior notice.
Samaritan will have the right to terminate the research aspect of the arrangement
upon sixty days prior notice if Dr. Papadopoulos ceases to direct the research.
Georgetown will have the right to terminate the research aspect of the arrangement
upon sixty days prior notice if Dr. Janet Greeson ceases to be Chief Executive Officer
of Samaritan. However, any licenses granted to Samaritan prior to any termination of
the research will remain in effect after such termination. The parties have executed a
non-binding term sheet setting forth the principal terms and expect that in four to six
weeks, they will execute a definitive agreement.
About Samaritan Pharmaceuticals
Samaritan Pharmaceuticals is a pioneering biopharmaceutical scientific incubator
focused on developing therapeutic drugs primarily for the treatment of high cortisol
related diseases. The Company's lead proprietary drug Anticort(TM) is the subject of
FDA Phase Ib/IIa clinical trials for indications in HIV/AIDS. The Company is also
exploring the efficacy of Anticort(TM) as an effective treatment for other high cortisol
related diseases such as Alzheimer's, Parkinson's, and Cancer. Hit register to receive
future press releases automatically or for more information visit:
www.samaritanpharma.com.
This release contains statements about the future that could differ from actual results.
The statements are subject to risk and uncertainties, including but not limited to, the
impact of competition, fluctuations in stock price and liquidity, fluctuating operating
results and other risks as detailed in the company's filings with the SEC.
Contact:
Samaritan Pharmaceuticals
Doug Bessert, 702/735-7001
DougBessert@aol.com |
