MultiCell Technologies Announces Licensing Agreement Between Bristol-Myers Squibb and MultiCell's Licensee, Xenotech, LLC
Monday May 23, 8:31 am ET
Message 21352472
LINCOLN, R.I.--(BUSINESS WIRE)--May 23, 2005--MultiCell Technologies, Inc. (OTCBB: MCET - News), a leading supplier of immortalized non-tumorigenic human hepatocytes as pharmaceutical candidate optimization tools announced today that its licensee, XenoTech, LLC, executed a three-year use and propagation agreement with pharmaceutical company Bristol-Myers Squibb (NYSE: BMY - News). Financial terms were not disclosed.
This contract, the first from a major US pharmaceutical company, allows Bristol-Myers Squibb to grow and use MultiCell's immortalized Fa2N-4 hepatocytes for internal testing purposes. MultiCell's patented immortalized non-tumorigenic human hepatocytes are valuable screening tools for pharmaceutical lead candidate optimization.
"This agreement represents an important validation of the value of our non-tumorigenic human hepatocytes in the drug development process," said Dr. Stephen Chang, MultiCell's President. "Pharmaceutical companies have been buying our cells under evaluation licenses to test the usefulness of our cell lines for their particular drug discovery applications. We expect that as use of MultiCell's functional immortalized hepatocytes in testing drug candidates increases, we will help the industry lower drug development costs and ultimately help protect the public from the possible dangers of recalled drugs." ... |
