GENZYME MOLECULAR ONCOLOGY LICENSES
Antisense Cancer Rights to Isis Pharmaceuticals
FRAMINGHAM, Mass., Dec. 22 /PRNewswire/ -- Genzyme Molecular Oncology (Nasdaq: GZMO) announced today that it has licensed to Isis Pharmaceuticals Inc., on a non-exclusive basis, patent rights relating to antisense compounds that interfere with the expression of a cancer-related gene, methods for treating cancerous cells with these compounds, and methods for identifying such compounds.
Isis has licensed these rights in order to facilitate the development of compounds it will be working on under its agreement with Zeneca Pharmaceuticals, announced yesterday.
In exchange for the patent rights, Genzyme Molecular Oncology will receive an undisclosed up-front payment. If Isis and Zeneca Pharmaceuticals successfully develop therapeutic products through the use of these rights, Genzyme Molecular Oncology could receive several million dollars in milestone payments, in addition to royalties on product sales. "This agreement is consistent with our strategy of generating near-term revenue through the licensing of technologies," said Gail Maderis, president of Genzyme Molecular Oncology. "We are focused on developing small molecule and gene therapy products utilizing this intellectual property, and are pleased to see the use of certain of these rights expanded into the antisense field."
Genzyme Molecular Oncology is developing a new generation of cancer products, focusing on cancer vaccines and angiogenesis inhibitors. The company has completed two phase I cancer vaccine trials in melanoma and plans to begin additional trials in melanoma, breast cancer, and ovarian cancer in the next year. Genzyme Molecular Oncology is developing novel cancer products through the integration of its gene discovery, gene therapy, small-molecule drug discovery, protein therapeutic and genetic diagnostic efforts.
A division of Genzyme Corporation, Genzyme Molecular Oncology has its own common stock intended to reflect its economic value and track its performance.
This press release contains forward-looking information regarding milestone and royalty payments Genzyme Molecular Oncology may receive from Isis, as well as plans regarding initiation of clinical trials by Genzyme Molecular Oncology. Actual results may differ materially based on a number of factors, including the ability of Isis and Zeneca to successfully complete pre-clinical and clinical development and obtain regulatory approval of products covered by the licensed patents, as well as the ability of Genzyme Molecular Oncology to complete pre-clinical development of its cancer vaccine products.
Genzyme's releases are on the World Wide Web at genzyme.com. They are also available from Genzyme's fax-on-demand service at 1-800-436-1443 within the United States or 1-201-521-1080 outside the United States. SOURCE Genzyme Molecular Oncology
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