Monday August 6, 3:51 am Eastern Time
Press Release
SOURCE: Noonan/Russo Ltd.
Modex Announces a Second Collaboration with
Serono (with link)
LAUSANNE, Switzerland, August 6, 2001 (PRIMEZONE) -- Modex Therapeutics Ltd.
(SWX New Market:MDXN) announced today that it has signed a second agreement with
Serono S.A. (SWX:SEO) (NSYE:SRA) for the engineering of a cell line for the production
of a protein of commercial interest. The development will be based on a Modex proprietary
expression system, which may result in high protein expression levels.
This two year program will be entirely funded by Serono with Modex earning milestone fees
of up to CHF 1 million and a percentage on future income derived from the sale of products
based on the expressed protein.
``This second collaboration is very exciting for us, in that it allows us to further capitalize on
our initial investment in protein expression technology previously developed for our
BioDelivery programs. It also gives us the opportunity to create the first therapeutic protein
production cell line of significant value, opening thus, the door to a new business alley,'' said
Jacques R. Essinger CEO of Modex.
Modex has developed a unique immortalized human cell line and high expression system for
its BioDelivery programs. This cell line can be engineered to express many proteins to very
high levels. The cell line has been extensively tested for viral safety and tumorigenicity and
represents a unique human cell line platform for industrial protein production.
``The signing of this agreement represents the second collaboration in this area, the first of
which is in the final stage of completion, and reflects the creative and productive relationship
we have developed,'' said Franck Latrille Executive, Vice-President Manufacturing
Operations, of Serono.
Modex Therapeutics Ltd. is a Swiss biotechnology company, based in Lausanne, with a
focus on tissue repair, replacement and regeneration (T3R). T3R heralds a new era for
healthcare, aiming at regenerating cells for the repair or replacement of deficient tissue.
Modex currently focuses its development work on two cell-derived products and
technologies:
EpiDex(tm) is a skin equivalent product in Phase II trials that is derived from stem and precursor cells found in the human hair
follicle.
BioDelivery proprietary technology uses immortalized fibroblastic cells to continuously deliver therapeutic proteins and has
several candidates in various stages of development.
The strategy of the company is to in-license advanced and promising T3R technologies, to drive them to a mature stage, and to
realize the added value by licensing or selling the developed products to pharmaceutical, biotechnology or medical device
companies. Modex Therapeutics (MDXN) has been listed on the SWX New Market since June 2000.
Serono is a global biotechnology leader. The Company has six recombinant products on the market, Gonal-F(r), Luveris(r),
Ovidrel(r)/Ovitrelle(r), Rebif, Serostim(r) and Saizen(r) (Rebif(r) and Luveris(r) are not approved in the USA). In addition to
being the world leader in reproductive health, Serono has strong market positions in neurology, metabolism and growth. The
Company's research programs are focused on growing these businesses and on establishing new therapeutic areas. Currently,
there are thirteen molecules in development.
In 2000, Serono achieved worldwide revenues of US $1.240 billion, and a net income of US $301 million, making it the third
largest biotech-company in the world based on revenues. The Company operates in 45 countries, and its products are sold in
over 100 countries. Bearer shares of Serono S.A., the holding company, are traded on the SWX Swiss Exchange (SEO) and
its American Depositary Shares are traded on the New York Stock Exchange (SRA).
Please click on the link to view the full press release. If you have any questions please contact Noonan/Russo on +44 20 7726
4452.
reports.huginonline.com
CONTACT: Modex Therapeutics Ltd., Lausanne
David Jones, Chief Financial Officer
Tel.: +41 21 620 60 00
Fax +41 21 620 60 60
drjones@mdxn.ch
www.mdxn.ch
www.epidex.com
SOURCE: Noonan/Russo Ltd. |
