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Strategies & Market Trends : The Thread Formerly Known as No Rest For The Wicked -- Ignore unavailable to you. Want to Upgrade?

To: R.E.B. who wrote (85987)	1/10/2000 7:53:00 AM
From: kathyh	Read Replies (2) \| Respond to of 90042

imcl news... Monday January 10, 6:37 am Eastern Time Company Press Release ImClone Announces U.S. Patent Issuance for RCR Technology Triggering $500,000 Milestone Payment NEW YORK--(BW HealthWire)--Jan. 10, 2000--ImClone Systems Incorporated (Nasdaq: IMCL - news) announced today the issuance of U.S. Patent No. 6,004,826 by the United States Patent and Trademark Office covering ImClone's Repair Chain Reaction (RCR) DNA probe technology. Developed by ImClone Systems and licensed to Abbott Laboratories in 1992, RCR is a highly-effective in vitro DNA diagnostic technique that allows amplification and detection of DNA targets, such as infectious disease pathogens and cancer genes, in a rapid, highly sensitive and specific manner. ImClone also announced that the issuance of this patent has triggered a $500,000 milestone payment from Abbott. In addition, as a result of the patent issuance, ImClone will receive royalties on two years of U.S. sales of Abbott's diagnostic products which utilize RCR that have taken place, as well as on future sales. In December 1992, ImClone entered into a strategic alliance with Abbott Laboratories in which the Company licensed to Abbott its proprietary RCR for Abbott's use. Under the agreement, Abbott acquired the exclusive right to market these products on a worldwide basis. In return, ImClone has received from Abbott an upfront fee, research and milestone payments. In May 1997, a patent was issued in Europe for RCR, which triggered two milestone payments from Abbott totaling $1 million. The patent issuance also initiated royalty payments on sales in covered European countries for products using RCR. ImClone Systems Incorporated is advancing oncology care by developing a portfolio of targeted biologic treatments for select cancers and cancer-related disorders. The Company's three programs include biologic therapeutics that inhibit proliferation and repair in tumors positive for the epidermal growth factor receptor (EGFr), biologic cancer vaccines and biologic anti-angiogenesis therapeutics. ImClone's strategy is to become a fully integrated biopharmaceutical company, taking its development programs from the research stage to the market. ImClone is headquartered in New York City with manufacturing facilities in Somerville, New Jersey. Except for the historical information contained herein, the matters discussed in this news release may include forward-looking statements. Actual results may differ materially from those predicted in such forward-looking statements due to the risks and uncertainties inherent in the Company's business, including, without limitation, risks and uncertainties in obtaining and maintaining regulatory approval, market acceptance of and continuing demand for the Company's products, the impact of competitive products and pricing, and the Company's ability to obtain additional financing to support its operations. The Company undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof. -------------------------------------------------------------------------------- Contact: ImClone Systems Incorporated Andrea F. Rabney Senior Director of Corporate Development and Investor Relations or Jason Farber Associate, Corporate Communications 212/645-1405 www.imclone.com Burns McClellan, Inc. Justin Jackson (media) Ethan Denkensohn (investors) 212/213-0006 -------------------------------------------------------------------------------- More Quotes and News: Imclone Systems Inc (NasdaqNM:IMCL - news) Related News Categories: biotech, health care, medical/pharmaceutical