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Biotech / Medical : Biotech Lock-Up Expiration Hell Portfolio -- Ignore unavailable to you. Want to Upgrade?

To: tuck who wrote (144)	6/20/2001 2:12:05 PM
From: tuck	Respond to of 1005

MCLS scores one; this might be the deal position players were watching for, but I doubt it. Watching myself. >>CHICAGO and AMSTERDAM, June 20 /PRNewswire/ -- MediChem Life Sciences (Nasdaq: MCLS - news), a Chicago-based drug discovery technology and services company, announced today that it has moved an important Boehringer Ingelheim Pharmaceuticals, Inc. intermediate into large-scale production through its strategic alliance with Degussa and its parent, Degussa AG. The announcement was made at ChemSpec Europe in Amsterdam. MediChem successfully performed process research and multiple kilogram scale up of an intermediate of one of Boehringer Ingelheim Pharmaceuticals' active pharmaceutical ingredients (API). Degussa will provide Boehringer Ingelheim Pharmaceuticals large-scale process evaluation and cGMP pilot production of an additional Boehringer Ingelheim Pharmaceuticals intermediate for the same API. MediChem will receive royalty payments from Degussa based on fine chemical product sales as a result of MediChem's strategic research and production alliance with Degussa. Further financial details were not disclosed. MediChem formed its strategic research and production alliance with Degussa in November 2000 (see MediChem press release dated November 7, 2000). MediChem's agreement with Degussa enables MediChem to offer its clients seamless development and production of active pharmaceutical ingredients under cGMP conditions for human clinical trials. ``This agreement validates our strategic alliance with Degussa,'' said Michael T. Flavin, Ph.D., president and CEO of MediChem. ``We provide clients such as Boehringer Ingelheim Pharmaceuticals seamless process development and manufacturing of active ingredients for pharmaceuticals, enabling them to move into clinical trials more quickly.'' ``The alliance with MediChem has opened a door for pharmaceutical customers,'' commented Peter Nagler, Ph.D., who heads Degussa's Fine Chemicals Division. ``Boehringer Ingelheim will benefit from the combination of MediChem's expertise in early-stage development and Degussa's expertise in the production of active ingredients.''<< snip Cheers, Tuck