Biosite and FivePrime Announce Antibody Collaboration
Tuesday February 21, 8:00 am ET
SAN DIEGO and SAN FRANCISCO, Feb. 21 /PRNewswire-FirstCall/ -- Biosite® Incorporated (Nasdaq: BSTE - News) and Five Prime Therapeutics, Inc. have entered into a collaboration for the evaluation of disease targets for potential commercialization of diagnostic and therapeutic products.
Under the collaboration, FivePrime will provide Biosite access to selected functional disease targets for use in developing diagnostics. In exchange, Biosite will provide FivePrime with Omniclonal® antibodies for selected targets to accelerate FivePrime's therapeutic research efforts. Biosite's proprietary antibody development process generates highly diverse libraries of Omniclonal antibodies with high affinity and low cross-reactivity.
"FivePrime's comprehensive protein discovery program is providing a wealth of valuable therapeutic and diagnostic candidates. This collaboration is a strategic win for both companies. It expands Biosite's portfolio of novel diagnostic targets and provides high quality antibodies to accelerate development of FivePrime's therapeutic pipeline," commented Gail Maderis, FivePrime's president and chief executive officer.
"Biosite's discovery efforts are focused on developing a broad and diverse portfolio of novel diagnostics for diseases that lack rapid, accurate diagnostic methods," said Gunars Valkirs, Ph.D., senior vice president Biosite Discovery. "FivePrime is a recognized industry leader in the discovery of novel targets, so we are pleased to begin this collaboration."
The financial terms of the agreement were not disclosed.
About FivePrime
FivePrime is a privately held protein therapeutics discovery and development company located in San Francisco's Mission Bay. Its proprietary discovery platform allows the rapid screening of the complete set of secreted proteins and their receptors in medically relevant, cell-based assays to identify new biotherapeutics. FivePrime is applying its high throughput biologics discovery system first in the areas of oncology, diabetes, immunology and regenerative medicine. Additional information on FivePrime can be found at www.fiveprime.com.
About Biosite Incorporated
Biosite Incorporated is a leading bio-medical company commercializing proteomics discoveries for the advancement of medical diagnosis. The Company's products contribute to improvements in medical care by aiding physicians in the diagnosis of critical diseases and health conditions. Biosite's Triage® rapid diagnostics are used in approximately 50 percent of U.S. hospitals and in more than 50 international markets. Information on Biosite can be found at www.biosite.com. |
