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Biotech / Medical : Celltech Group (NYSE: CLL)

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To: nigel bates who wrote (54)	12/4/2002 10:44:06 AM
From: keokalani'nui	Read Replies (1) of 123

Targeted Genetics Reacquires Full Rights to Cystic Fibrosis Program Wednesday December 4, 9:01 am ET SEATTLE, Dec. 4 /PRNewswire-FirstCall/ -- Targeted Genetics Corporation (Nasdaq: TGEN - News) announced today that it has received notification from Celltech Group plc (NYSE: CLL - News) of its decision to terminate a collaborative agreement between the companies in support of Targeted Genetics' cystic fibrosis program. As a result, Targeted Genetics will regain full rights to the program. The Company is currently conducting a full analysis of the data from its Phase II cystic fibrosis trial, from which positive preliminary results were recently presented at the North American Cystic Fibrosis conference. "We are pleased to reacquire full rights to this product candidate and Targeted Genetics plans to continue moving forward with its cystic fibrosis clinical program," said H. Stewart Parker, President and Chief Executive Officer of Targeted Genetics Corporation. "The positive preliminary data results presented in October demonstrated to us the potential of our product candidate for cystic fibrosis as a novel way to treat the underlying cause of this devastating disease. We are now in a better position to capitalize on our success to date and have initiated discussions with potential partners to support this program. We may elect to retain North American rights and partner the program in other geographic areas. We will continue to conduct a full analysis of our Phase II data and look forward to presenting these results along with future plans for the program in the coming months." Targeted Genetics originally formed a collaborative agreement with Medeva plc in 1998, subsequent to Medeva's acquisition of Fisons' portfolio of respiratory product candidates. Under the collaboration, Medeva and Targeted Genetics were developing tgAAVCF for the treatment of cystic fibrosis to enhance Medeva's respiratory product portfolio. In January of 2000, Celltech Group plc acquired Medeva. Currently Celltech's areas of therapeutic development do not include respiratory products.

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