>>CARLSBAD, Calif. and CORAVILLE, Iowa, Dec 27, 2001 /PRNewswire via COMTEX/ -- Isis Pharmaceuticals, Inc. (Nasdaq: ISIP chart, msgs) announced today it has established a long-term research-scale antisense inhibitor supply agreement with Integrated DNA Technologies, Inc. (IDT). IDT is a leading supplier of antisense inhibitors used in research. Additionally, Isis has further solidified its intellectual property leadership position in antisense technology by broadening its license to certain antisense patents.
In the long-term supply agreement Isis has initiated with IDT, IDT will manufacture research-scale antisense inhibitors and research reagents to Isis specifications. The agreement enables Isis to meet increasing demand for functional genomics services that its GeneTrove division provides to a growing number of major pharmaceutical and biotechnology customers. Isis will pay IDT $5 million toward Isis' future purchase of antisense inhibitors from IDT. The transaction provides IDT with financing for the company's operations expansion.
Consistent with Isis' goal of broad control of intellectual property associated with antisense technology, Isis has expanded its existing licensing agreement with IDT on certain patents are useful in functional genomics and in making certain antisense drugs. The expanded license allows Isis to exclusively sublicense this intellectual property for functional genomics purposes. The agreement also eliminates milestone payments and significantly reduces royalty rates associated with commercialized second-generation antisense drugs. Isis will pay IDT $4.9 million for the broadened intellectual property license.
Isis' intellectual property estate is comprised of nearly 900 issued patents that Isis owns or exclusively licenses, covering RNA-based drug discovery and development. The company's functional genomics suite of patents represents is made up of approximately 50 patents and applications. This functional genomics suite of patents broadly covers the use of RNA/DNA oligonucleotides, or antisense inhibitors, in gene functionalization and target validation, including: chemistries; antisense inhibitor designs called "motifs;" methods of use of antisense inhibitors; and mechanisms of action by which antisense inhibitors inactivate an RNA target.
"Our GeneTrove division has enjoyed tremendous success this year, adding Celera, Lilly and Chiron to its roster of collaborators. The supply agreement we've initiated augments our capacity to support these programs and continue to build our GeneTrove business," said B. Lynne Parshall, Isis Executive Vice President and Chief Financial Officer. "Importantly, this transaction enhances Isis' intellectual property licensing program and supports our control over second-generation antisense drugs, which we believe offer broad potential to treat a wide range of diseases. It also improves the economics of the second- generation drugs we develop."
"IDT is pleased to enter into this licensing agreement with an established partner like Isis, and to continue to be a principle supplier of antisense inhibitors and research reagents for Isis' research and development programs, and to Isis' growing list of licensees and collaborators," said Joseph A. Walder, M.D., Ph.D., President and CEO of IDT. "Importantly for IDT, this transaction fortifies our financial position and facilitates our growth to meet market demand in the ever-expanding global life sciences market." <<
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