NR:( wonder if is still a low cost prospect, or higher cost?)
Inflazyme Pharmaceuticals Ltd -
Inflazyme regains TB-diagnostic technology
Inflazyme Pharmaceuticals Ltd
IZP
Shares issued 24,997,493
1999-04-16 close $1.42
Monday Apr 19 1999
Mr. Jeffrey Bacha reports
Inflazyme Pharmaceuticals has agreed with Cortecs Diagnostics Ltd., (Deeside,
U.K.) to terminate its 1996 licensing agreement for the development and
commercialization of products to diagnose tuberculosis. This technology will be
returned to Inflazyme and there will be no further obligations of, or payments by,
either party.
In March 1999, Cortecs announced a plan to streamline operations, which
included divestment of its pharmaceutical sales and marketing companies, its
laboratory services and food diagnostics businesses, as well as the termination of
several scientific collaborations.
Under the agreement, Cortecs had developed a prototype laboratory based TB
diagnostic product. Inflazyme will now review what further work is necessary to
progress this technology and then seek a potential new partner to be responsible
for the development and commercialization.
The company is continuing to work diligently with Hoechst Marion Roussel on the
documentation to complete the definitive agreement for the previously announced
$91-million (U.S.) collaboration. On Feb. 9, 1999, Inflazyme and Hoechst
Marion Roussel jointly announced the signing of a binding letter of intent to
collaborate on the development of novel compounds for the treatment of allergies,
asthma and respiratory diseases, Inflazyme's IPL576 and Hoechst Marion
Roussel's H1/NK1 dual receptor antagonist (see stockwatch Feb. 10, 1999).
The company has replaced 100,000 options to a director at $2.60 per share,
subject to Vancouver Stock Exchange approval.
WARNING: The company relies upon litigation protection for "forward-looking"
statements.
(c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com |
