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Biotech / Medical : GZTC -- Ignore unavailable to you. Want to Upgrade?

To: kinkblot who wrote (627)	11/30/1999 8:36:00 PM
From: scaram(o)uche	Read Replies (1) \| Respond to of 752

Tuesday November 30, 3:30 pm Eastern Time Company Press Release SOURCE: Genzyme Transgenics Corporation Genzyme Transgenics Corporation Signs Third Agreement With Bristol-Myers Squibb FRAMINGHAM, Mass., Nov. 30 /PRNewswire/ -- Genzyme Transgenics Corporation (Nasdaq: GZTC - news) announced today that it has signed its third agreement with Bristol-Myers Squibb (NYSE: BMY - news) to produce therapeutic proteins using its transgenic manufacturing system. Under this latest agreement, Genzyme Transgenics will work with Bristol-Myers Squibb to develop a fusion protein (a product containing elements of two separate proteins) being evaluated for the treatment of organ transplant rejection and autoimmune disorders. In the first phase of this program, Genzyme Transgenics will develop transgenic animals that produce the protein in their milk, and Genzyme Transgenics will receive development, milestone, and maintenance fees from Bristol-Myers Squibb. Depending on results of the development and clinical programs, it is expected that the companies would enter into supply agreements for clinical and commercial production. ''Our expanding alliance with Bristol-Myers Squibb affirms the value of transgenic production in the development and potential commercialization of important new biotherapeutics,'' said Sandra Nusinoff Lehrman, M.D., President and Chief Executive Officer of Genzyme Transgenics. ''We are pleased to expand our relationship with Bristol-Myers Squibb, a partner who shares our commitment to provide innovative new therapies for unmet needs. Together, we can facilitate the next generation of new drug development and biopharmaceutical production.'' Genzyme Transgenics is currently working with Bristol-Myers Squibb to develop transgenic goats that produce an immunoglobulin fusion protein, CTLA4IG, in their milk. In July, Genzyme Transgenics earned success and milestone fees for achieving high-level expression of CTLA4IG in goat's milk. Bristol-Myers Squibb is currently testing CTLA4IG as a treatment for patients with rheumatoid arthritis. Genzyme Transgenics Corporation has successfully produced over 50 human proteins in animals' milk, including monoclonal antibodies, immunoglobulin fusion proteins, hard-to-express and plasma proteins, achieving higher expression and at greater volume than can be obtained using alternate production systems. Genzyme Transgenics is currently working with recognized leaders in the biotechnology and pharmaceutical industries, like Bristol-Myers Squibb, to produce transgenic proteins as potential treatments for a variety of diseases, such as autoimmune and inflammatory disorders, cardiovascular diseases, and HIV/AIDS. Genzyme Transgenics Corporation applies transgenic technology to enable the development and production of recombinant proteins and monoclonal antibodies for medical uses. Primedica Corporation, Genzyme Transgenics' contract research organization, provides preclinical development and testing services to pharmaceutical, biotechnology, medical device and other companies. Genzyme Transgenics Corporation is also developing idiotypic vaccines in collaboration with the National Cancer Institute. This press release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to a number of risks, uncertainties and other factors that could cause actual results to differ materially from future results expressed or implied by such statements. Factors that may cause such differences include, but are not limited to, those discussed in Genzyme Transgenics Corporation's prospectuses and Forms 10-K, as filed with the Securities and Exchange Commission, including the uncertainties associated with product development, the risk that clinical trials will not commence when planned, the risks that a product will not prove to be safe and effective and uncertainties associated with dependence upon the actions of government and regulatory agencies, including, without limitation, the risk that such regulators will not grant the requisite approval for a product on a timely basis or at all. SOURCE: Genzyme Transgenics Corporation