While we're naming all the stars in the anti-sense heavens, here is a very interesting development regarding Lynx therapeutics and the canadian firm alluded to. Interesting... Hmmmnn mch
LYNX THERAPEUTICS, INC. MAKES
ANNOUNCEMENT
Business Editors/Health and Medical Writers
HAYWARD, Calif.--(BW HealthWire)--Feb. 5,
1998--Lynx Therapeutics, Inc. (NASDAQ:LYNX)
announced today that it has agreed to sell its portfolio of
phosphorothioate antisense patents and licenses, and its
therapeutic oligonucleotide manufacturing facility, to INEX
Pharmaceuticals Corporation ("INEX") of Vancouver,
Canada. Lynx will receive $3 million in cash, 1.2 million
shares of INEX common stock and royalties on future sales
of phosphorothioate antisense products. In addition, Lynx
has agreed to a royalty-bearing license to INEX for its
phosphoroamidate chemistry for certain therapeutic
applications in the fields of cancer and inflammation to be
defined later. The agreement anticipates that INEX will
assume the responsibility, going forward, of manufacturing
LR-3280, a compound aimed at cardiovascular restenosis,
and partnered with Schwarz Pharma AG (Monheim,
Germany) and Tanabe Seiyaku Co., Ltd. (Osaka, Japan).
Lynx retains the right to collect, if and when earned, the next
two milestone payments, totaling $7 million, under the latter
partnerships, as well as 50% of all future milestone payments
and gross profits associated with the continued success in the
development and sales of the compound.
"This is a good deal for Lynx," said Sam Eletr, Ph.D.,
Chairman and CEO of Lynx. "It enables us to focus all of our
attention and resources on the developments and applications
of our new, proprietary, massively parallel genomic and
genetic technologies. We also retain a significant interest in
both the therapeutic technology we helped pioneer and its
future prospects as augmented by INEX's own proprietary
developments and dedication to the field." Lynx is currently
developing novel, proprietary, massively parallel DNA
technologies aimed at gene discovery, high resolution genome
mapping, and identification of genetic variations.
CONTACT:
Lynx Therapeutics, Inc.
Sam Eletr, Ph.D./Edward C. Albini, 510/670-9300 |
