PGNX has had an incredible run since the last post. Here's an update on the CYTO JV:
>>TARRYTOWN, N.Y. & PRINCETON, N.J.--(BUSINESS WIRE)--July 14, 2003--Progenics Pharmaceuticals, Inc. (Nasdaq: PGNX - News) and Cytogen Corporation (Nasdaq: CYTO - News) today provided an update regarding their PSMA Development Company LLC joint venture. In June 1999, Progenics Pharmaceuticals, Inc. and Cytogen Corporation (collectively, the Members) formed a joint venture in the form of a mutually owned limited liability company (the JV) for the purpose of conducting research, development, manufacturing and marketing for products relating to prostate-specific membrane antigen (PSMA). The product candidates currently under development include:
a novel therapeutic prostate cancer vaccine utilizing the PSMA protein and an adjuvant, for which the joint venture announced the initiation of a phase 1 clinical trial in December 2002;
a therapeutic vaccine that utilizes a viral vector designed to deliver the PSMA gene to immune system cells in order to generate a potent and specific dual-immune response, eliciting both antibodies and killer T cells directed to prostate cancer cells, for which the joint venture anticipates initiating phase 1 clinical studies in the first half of 2004; and
novel human monoclonal antibodies which bind to PSMA, for which the joint venture expect to begin clinical studies in 2004.
As previously disclosed, the Members had been negotiating the 2003 annual budget for the joint venture and the terms of a new services agreement pursuant to which the Members would provide research, development and related services to the JV.
In July 2003, the Members:
agreed to an updated work plan governing the activities of the JV for the remainder of 2003, including the execution of various third-party contracts;
agreed to a budget for the JV's operations for 2003 and related capital contributions of the parties; and
agreed to an amended services agreement pursuant to which the Members will provide research, development and related services for the remainder of 2003.
The JV work plan, budget, and other operational and financial matters relating to periods after 2003 will require the further agreement of the Members. <<
snip
Cheers, Tuck |
