CSI Reveals Technology Application Strategy
July 21, 1998 12:24 PM
HOUSTON--(BUSINESS WIRE)--July 21, 1998--Cryogenic Solutions Inc. CYGS today adopted a novel strategy to capitalize on its proprietary single strand DNA expression vector (ssDNA) technology. The company has arranged financing from private sources with the use of proceeds allocated exclusively to investment in selected publicly traded companies whose promising antisense technologies can be enhanced and enabled by the CSI technology. According to the terms of the deal, CSI must provide its ssDNA technology to any company in which it invests. "This is a classic case of synergy at its best," observed Board Chairman Dell Gibson.
"Our announcement on July 9 that we had successfully expressed ssDNA in vivo apparently caught the eye of several biotech concerns. We are now in conversations with a number of them," said Vice President of Commercial Development Laurence Mealey. "We are still considering our initial investments and refining our strategy."
CSI's ssDNA technology offers the promise of accelerating the transition from genomic theory to practical medical application for an entire body of biomedical knowledge. "The promise of effective antisense therapies has been with us for quite a while, but now all the parts are in place to make it work," commented CSI President Mike Skillern. "Our focus is on delivering that promise quickly, reasonably, efficiently, and profitably. We're thankful for the opportunity to make a positive contribution to science, medicine, and mankind, consistent with the best traditions of our capitalist system. Investors take the risks, and everyone reaps the rewards."
The company has formed a Scientific Advisory Board (SAB) to help prioritize the specific antisense technologies to be targeted. CSI will announce its initial investment targets only with the consent of the cooperating firm. "Long term, we're less concerned with biotechs acknowledging a relationship with us than we are with others falsely claiming an affiliation simply for financial gain. In the final analysis, a free market is the best barometer of value," said Chairman Gibson. "Look what happened to our stock around the time we announced the successful expression of ssDNA in vivo."
Individual appointees to the CSI Scientific Advisory Board will be announced at a later date.
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