Geron Corporation Acquires Patent Portfolio From Lynx Therapeutics
Intellectual Property Includes Composition and Process Claims for Amidate Oligonucleotides
MENLO PARK, Calif., Mar 6, 2002 (BUSINESS WIRE) -- Geron Corporation (Nasdaq: GERN chart, msgs) announced today that it has acquired from Lynx Therapeutics (Nasdaq: LYNX chart, msgs) all of Lynx's patents relating to oligonucleotides containing phosphoramidate backbone linkages.
Geron paid approximately $2.5 million in a combination of cash and stock to acquire ownership and all licensing rights to the issued and pending patents in the U.S. and worldwide.
As a result of the acquisition, Geron will own patent rights to composition of matter and production process technologies for phosphoramidate oligonucleotides and related derivatives, including a manufacturing process for Geron's telomerase inhibitor GRN163, a compound currently in preclinical development as an anti-cancer agent.
Phosphoramidate oligonucleotides are a relatively new class of compounds with high potential for the treatment of disease and diagnostic applications. Oligonucleotides with a phosphoramidate linkage have been shown to form sequence-specific stable complexes with both RNA and DNA and to be highly resistant to nucleases.
These molecules have demonstrated high target specificity and affinity, highlighting their potential for use as efficient and less toxic therapeutic agents for treating cancer and other diseases.
"The development of GRN163 is a high priority at Geron. We initiated discussions with Lynx for rights to these patents to gain freedom to operate. The acquisition, rather than a license, will substantially improve Geron's economics in the marketing of the drug," said David L. Greenwood, Geron's chief financial officer and senior vice president of corporate development. "We also believe these patents will be important to other companies involved in drug discovery utilizing this chemistry."
Geron is a biopharmaceutical company focused on developing and commercializing therapeutic and diagnostic products for applications in oncology and regenerative medicine, and research tools for drug discovery. Geron's product development programs are based upon three patented core technologies: telomerase, human embryonic stem cells and nuclear transfer. |
