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Biotech / Medical : Oxford GlycoSciences Plc
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To: Jongmans who started this subject9/23/2002 3:13:24 AM
From: nigel bates   of 469
 
OXFORD, England, Sept. 23 /PRNewswire-FirstCall/ -- Oxford GlycoSciences Plc (LSE: OGS, Nasdaq: OGSI) today announced that Bayer AG has accepted the first protein targets resulting from an ongoing research collaboration. OGS' proteomics technology has been used for the identification of clinically valid therapeutic targets and biomarkers in the areas of asthma and Chronic Obstructive Pulmonary Disease (COPD) meeting Bayer's stringent validation requirements.
Using clinical samples provided by Bayer, OGS has built a human pulmonary disease protein expression database and identified a series of clinically valid therapeutic targets against which drugs will be developed for patients suffering from either disease. The targets will now go into screening for the discovery of potential therapeutic drugs.
Acceptance of these targets is a landmark in the OGS/Bayer agreement and triggers an undisclosed milestone payment.
The original collaboration was initiated in March 2000 and extended by mutual agreement in December 2001. Under the terms of the agreement, Bayer has committed programme funding to OGS and agreed to pay performance related milestones payments as well as royalties to OGS on products developed by Bayer from the collaboration. The parties will jointly own intellectual property arising from the research and OGS will have exclusive rights to commercialise diagnostic markers arising from the collaboration.
"The acceptance of the targets is both a milestone under the agreement and a landmark for the proteomics platform," said Dr David Ebsworth, Chief Executive Officer of OGS. "Bayer's acceptance of these targets validates our on-going investment in our proteomics platform and our belief that proteomics can play a vital role in helping to accelerate drug discovery and development programmes."...
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