The bolding in this press release is my emphasis. Read it, then read the ENMD 10-K that describes the license arrangement with Children's and its expiration date. If you are at all versed in technology transfer and licensing, two possible scenarios will leap out at you, neither of which is good for ENMD. It should be apparent that, if the observations behind Dr. O'Reilly's latest molecule are strong, ENMD's own rationale will bring them down. The smart way, IMO, to play angiogenesis is to invest in companies like OSIP, SUGN, REGN, CELG, etc. But, if you want to play Folkman, 99 to one will land you in GZMO's camp. Good luck, all!........
Monday February 8, 9:54 am Eastern Time
Company Press Release
SOURCE: Genzyme Molecular Oncology
Genzyme Molecular Oncology Licenses Potent
Angiogenesis Inhibitor From Folkman Lab
FRAMINGHAM, Mass., Feb. 8 /PRNewswire/ -- Genzyme Molecular Oncology (Nasdaq: GZMO - news) announced
today that it has licensed from Children's Hospital Medical Center in Boston, a potent angiogenesis inhibitor protein for the
treatment of cancer identified in the laboratory of Judah Folkman, M.D., director of the Surgical Research Laboratories at
Children's Hospital. Preclinical data pertaining to the protein and its antiangiogenic effects are not yet published.
Over the next year, Genzyme Molecular Oncology will conduct confirmatory, preclinical studies of the protein and develop a
manufacturing process to produce the protein. If these efforts are successful, the company anticipates beginning phase I clinical
trials in humans in 2000.
In exchange for the exclusive, worldwide license, Genzyme Molecular Oncology will pay Children's Hospital an up-front fee,
make product development milestone payments, and pay royalties on product sales.
''Genzyme is the appropriate licensee for this compound,'' commented Donald P. Lombardi, director, technology transfer,
Children's Hospital, Boston. ''Genzyme possesses the manufacturing and commercialization expertise, the technical and
financial resources, and the willingness to make the needed strategic commitment to develop this compound.''
Gail Maderis, president, Genzyme Molecular Oncology commented, ''The protein we have licensed from Children's Hospital is
the lead candidate in an exciting antiangiogenesis pipeline that includes proteins, small molecule compounds, and gene therapies.
We believe that we can become a central player in this field by utilizing our broad technology platforms to pursue multiple
product approaches, by drawing on the substantial scientific and product development resources of Genzyme, and by
continuing to foster a strong relationship with Dr. Folkman and his colleagues.''
Under a separate agreement, Michael S. O'Reilly, M.D., research fellow at Children's Hospital will consult with the company
on Genzyme Molecular Oncology's antiangiogenesis program. Dr. O'Reilly is the researcher who co- discovered the protein
Genzyme Molecular Oncology has licensed from Children's Hospital and is a highly regarded expert in the field of angiogenesis
research. His work includes the discovery of two other angiogenesis inhibitors -- angiostatin and endostatin.
Genzyme Molecular Oncology established a comprehensive antiangiogenesis drug discovery program in 1998. It has
assembled a product development platform that includes integrated technologies, academic and commercial collaborations, and
access to the expertise of Genzyme Corporation in clinical development, regulatory affairs, manufacturing, and marketing.
Currently, Genzyme Molecular Oncology is developing an antiangiogenesis compound portfolio that includes proteins, small
molecules, and gene therapies. The protein from Dr. Folkman's laboratory will be the first of Genzyme Molecular Oncology's
antiangiogenesis compounds to move into clinical trials.
Genzyme Molecular Oncology is developing a new generation of cancer products, focusing on cancer vaccines and
angiogenesis inhibitors. It has completed two phase I cancer vaccine trials in patients with 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 the publishing of preclinical data pertaining to the protein and
its antiangiogenic properties, the timing of preclinical studies and initiation of clinical trials of the protein. Actual results may differ
materially based on a number of factors, including the publishing schedule of the journal as well as the ability of Genzyme
Molecular Oncology to complete preclinical and clinical development of its products, and to manufacture sufficient quantities of
the protein to conduct clinical trials, and the content and timing of decisions made by the U.S. Food and Drug Administration
with respect to such 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 |
