Transition to license INT technology to Novo Nordisk
2004-06-24 10:39 ET - News Release
Dr. Tony Cruz reports
NOVO NORDISK A/S EXERCISES OPTION TO LICENSE TRANSITION THERAPEUTICS' ISLET NEOGENESIS TECHNOLOGY
Novo Nordisk A/S, a world leader in diabetes care, has exercised its option to license Transition Therapeutics Inc.'s Islet Neogenesis Therapy (INT) technology. Signing of a formal licence agreement is anticipated to occur in the near future.
"We are very pleased with Novo Nordisk's decision to license the INT technology. Novo Nordisk's vast diabetes expertise will be an important asset in the clinical development of INT," said Dr. Tony Cruz, chairman and chief executive officer of Transition.
Under the terms of the option agreement, Novo Nordisk has paid an option exercise fee of $200,000 (U.S.) and has agreed to purchase 3,164,557 common shares of Transition at a price of $1.58 per share. Closing of this $5-million investment is subject to regulatory approval and the entering into of the formal licensing agreement. The shares issued to Novo Nordisk will be subject to a four-month hold period.
The INT technology platform is based on the discovery that a short course of injections of naturally occurring peptides could regenerate a body's insulin-producing cells. Two islet neogenesis products are under development, Transition's lead product, INT, which has completed two phase I clinical trials, and GLP1-INT, which is currently in preclinical development.
About Novo Nordisk
Novo Nordisk is a focused health care company. With the broadest diabetes product portfolio in the industry, including the most advanced products within the area of insulin delivery systems, Novo Nordisk is a world leader in diabetes care. In addition, Novo Nordisk has a leading position within areas such as hemostasis management, growth hormone therapy and hormone replacement therapy. Novo Nordisk manufactures and markets pharmaceutical products and services that make a significant difference to patients, the medical profession and society. With headquarters in Denmark, Novo Nordisk employs approximately 18,200 people in 68 countries and markets its products in 179 countries. |
