Back from the dead!!! The new CEO rules.
Subj: Seragen Grants License Option to U.S. Surgical for Restenosis Product Program Wi
Date: 97-07-31 21:03:49 EDT
From: AOL News
BCC: MAPLE41
HOPKINTON, Mass., July 31 /PRNewswire/ -- Seragen, Inc. (Nasdaq: SRGN)
announced today that it has entered into an agreement with U.S. Surgical
Corporation (NYSE: USS) granting USS an option on worldwide rights to
Seragen's DAB389EGF (EGF Fusion Protein) for restenosis following
cardiovascular procedures. USS has acquired the option in exchange for an
initial payment to Seragen of $5 million. Under the terms of the option, USS
is entitled to acquire an exclusive license to the technology, at any time
during a 15-month evaluation period, upon the payment to Seragen of an
additional $5 million.
USS has agreed to fund trials associated with the development of EGF
Fusion Protein for restenosis. If the option is exercised, milestone payments
to Seragen by USS could amount to $22.5 million in addition to royalties upon
commercial sales by USS.
"We are delighted with U.S. Surgical's strong interest in the restenosis
application for our second therapeutic product," said Seragen chairman and
CEO, Reed Prior.
"Our pre-clinical studies have indicated that EGF Fusion Protein may be
useful in preventing and/or treating restenosis, which is the re-narrowing of
the artery that occurs after angioplasty," explained Seragen president and
chief technology officer, Jean Nichols, Ph.D. "U.S. Surgical and Seragen will
conduct joint studies to validate the technology for this application. If
these studies are successful, we believe DAB389EGF may be used in a
significant number of the one million angioplasties performed each year."
Seragen is a biopharmaceutical company developing a proprietary portfolio
of therapeutic products. The company's unique receptor-active fusion proteins
consist of a toxin fragment genetically fused to a hormone, or growth factor,
that targets specific receptors on the surface of disease-causing cells.
Seragen's principal focus to date has been on cancer and dermatology. The
company's most advanced product, IL-2 Fusion Protein, is in Phase III clinical
trials for cutaneous T-cell lymphoma, in collaboration with Eli Lilly and
Company. Seragen is independently conducting clinical trials of the same
product for psoriasis. The company's second product, EGF Fusion Protein, is
currently in a Phase I/II clinical trial for non-small cell lung cancer. |
