>>THE WOODLANDS, Texas, July 31 /PRNewswire/ -- Lexicon Genetics Incorporated (Nasdaq: LEXG - news) announced today that it has signed a two-year drug target validation agreement with Immunex Corporation (Nasdaq: IMNX - news). Under the terms of the agreement, Lexicon will use its patented gene targeting technologies to develop knockout mammalian models for high priority targets in Immunex's internal drug discovery program. In return, Lexicon will receive an up-front technology access fee and annual research funding, as well as milestone and royalty payments on certain products developed from the collaboration. Specific financial terms were not disclosed.
``Our collaboration with Immunex demonstrates the high value of Lexicon's target validation technology for the discovery and development of therapeutic products,'' said Arthur T. Sands, M.D., Ph.D., President and Chief Executive Officer of Lexicon. ``We believe that Lexicon's contribution to this collaboration will enable Immunex to determine the medical relevance of a number of key targets from its internal drug discovery programs.''
``Our gene discovery tools have defined a number of candidate molecular targets for therapeutics,'' said Thomas O. Daniel, Immunex Senior Vice President for Discovery Research. ``This collaboration with Lexicon provides a valuable approach for us to prioritize the most important of these targets through in vivo validation.''
In January, Lexicon granted to Immunex 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. Lexicon receives annual license fees, as well as technology usage fees for each model developed by Immunex using Lexicon's patented gene targeting technologies. In addition, Lexicon may receive milestone payments on products that benefit from the use of Lexicon's patented gene targeting technologies. Immunex was the 14th sublicensee of Lexicon's patented gene targeting technologies.<<
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Cheers, Tuck |
