Shep - Did you see this? I am really glad to hear it because I was afraid t PLYMOUTH MEETING, Pa., Jan. 12 /PRNewswire/ -- Magainin Pharmaceuticals
Inc. (NASDAQ:MAGN) ("MAGAININ") today announced the signing of a Memorandum
of Understanding with Ambalal Sarabhai Enterprises Limited ("ASE"), relating
to the formation of a joint venture in India. The joint venture expects to
develop and commercialize certain magainin peptide compounds in India,
including Cytolex(TM)(MSI-78), intended for the treatment of infection in
diabetic foot ulcers. Other programs expected to be pursued by the joint
venture include sexually transmitted diseases and periodontal disease.
Under the terms of the Memorandum of Understanding, Magainin will provide
the joint venture a license to applicable MAGAININ technology, and provide
technical assistance to the joint venture in the development of compounds.
ASE shall conduct and fund all development and commercialization activities,
on behalf of the joint venture, at its expense. ASE and MAGAININ shall share
in any profits from the commercialization of products by the joint venture on
a 50:50 basis.
"ASE is among the top ten pharmaceutical companies in India engaged in
both the Human Health Care and Veterinary sectors with over 1,000
representatives detailing physicians," said Jay Moorin, Chairman, President &
Chief Executive Officer of MAGAININ. "Their marketing support of Cytolex* and
development activities of other magainins represent a significant opportunity
in a geography we could not have accessed on our own."
"We are very excited to work with MAGAININ to develop a number of
indications for their unique line of antibiotics, especially indications which
would be of great interest in tropical countries," said Kantikeya Sarabhai,
Chairman and Chief Executive Officer of ASE. "India has a very large unmet
market for innovative pharmaceuticals in areas like sexually transmitted and
periodontal diseases. We also have development plans in the veterinarian
area. We believe that, over time, the joint venture with MAGAININ will grow
into a significant Indian Pharmaceutical Company."
Magainin Pharmaceuticals Inc. is a biopharmaceutical company engaged in
the development of medicines for serious diseases. The Company's development
efforts are focused on anti-infectives, oncology, and pulmonary and allergic
disorders.
This announcement contains certain forward-looking statements that are
subject to risks and uncertainties. Such statements reflect management's
current views and are based on certain assumptions. Actual results could
differ materially from those currently anticipated as a result of a number of
factors, including, but not limited to, the risks and uncertainties discussed
under (i) "Management's Discussion and Analysis of Financial Condition and
Results of Operations" in the Company's 1996 Annual Report to Shareholders, as
filed with the Securities and Exchange Commission, as well as Item 1 of the
Company's Annual Report on Form 10-K for the year ended December 31, 1996 as
filed with the Securities and Exchange Commission, and (ii) "Risk Factors" in
the October 20, 1997 Prospectus in respect of Registration Statement
no. 333-38271 on Form S-3 filed by the Company with the Securities and
Exchange Commission. The Company disclaims any intent or obligation to update
these forward-looking statements.
at these opportunities were dead. |
