Valentis Licenses Electroporation Technology From Genetronics
BURLINGAME, Calif. and SAN DIEGO, Nov. 28 /CNW/ -- Valentis, Inc. (Nasdaq: VLTS - news) and Genetronics Biomedical Corp. (Amex: GEB; Toronto) announced today that Valentis has obtained a non- exclusive license to in vivo electroporation technology from Genetronics for use in the development of certain Genemedicine(TM) products. Financial terms for the license were not disclosed.
Electroporation enhances the ability of cells to take up large molecules such as DNA. When combined with Valentis' GeneSwitch(R) gene regulation system, electroporation allows researchers to control the level and duration of gene expression for up to several months. Valentis is currently developing the GeneSwitch(R) system with electroporation as a component of a regulated erythropoietin Genemedicine(TM) product for the stimulation of red blood cell production.
"We are very pleased to announce a new relationship with Valentis, and we are looking forward to working closely with Valentis in developing clinical gene therapy products," stated Babak Nemati, Ph.D., Executive Vice President for Genetronics. "We chose Valentis as an initial licensee because of their strong intellectual property in gene therapy and gene regulation as well as their demonstrated leadership in product development."
"Valentis has had a very productive collaboration for some time with Genetronics in the area of electroporation for DNA delivery to muscle," stated Gregory McKee, Valentis' Senior Director of Business Development. "We anticipate developing a number of commercially attractive Genemedicine(TM) products in the fields of infectious disease and oncology using the combination of Genetronics' electroporation technology and Valentis' expertise in gene therapy, gene regulation and product development."
Valentis converts genomic discoveries into medicines. The Company applies its proprietary synthetic, lipid and polymer, gene delivery, gene regulation, and PEGylation technologies to create novel therapeutic products in the fields of cardiovascular disease, oncology, hematology, and infectious diseases. Enabled by our expertise in preclinical research and development, clinical development, and manufacturing, Valentis has created a broad product portfolio designed to improve the safety, efficacy and dosing characteristics of genes, proteins, peptides, antibodies, viruses and liposomes. Additional information about Valentis can be found at www.valentis.com .
Genetronics Biomedical Corporation operates through its wholly owned San Diego subsidiary, Genetronics, Inc., and specializes in targeted intracellular delivery of large-molecule therapeutics. Concentrating on oncology and gene therapy, Genetronics is developing its proprietary platform technology, Electroporation Therapy, with the aim of enhancing patients' quality of life and providing safe, effective and comparatively low-cost treatment. In the field of oncology, development programs focus on diseases with high unmet needs, such as cancers of the head and neck. Additional information about Genetronics can be found at www.genetronics.com .
Statements in this press release that are not strictly historical are "forward-looking" statements as defined in the Private Securities Litigation Reform Act of 1995. The words "believes," "expects," "intends," "anticipates," variations of such words, and similar expressions identify forward-looking statements, but their absence does not mean that the statement is not forward-looking. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Factors that could affect Valentis' actual results include the need for additional capital, the early stage of product development, uncertainties related to clinical trials, and uncertainties related to patent position. Further, there can be no assurance that Valentis will be able to develop commercially viable gene therapeutics or PEGylated biopharmaceuticals, that any of the company's programs will be partnered with pharmaceutical partners, that necessary regulatory approvals will be obtained, or that any clinical trial will be successful. Actual results may differ from those projected in forward-looking statements due to risks and uncertainties that exist in the companies' operations and business environments. These risks and uncertainties are described more fully in the Valentis Annual Report on Form 10-K for the period ended June 30, 2001 and Quarterly Report on Form 10-Q for the period ended September 30, 2001, each as filed with the Securities and Exchange Commission.
This press release contains certain forward-looking statements relating to Genetronics' plans to develop its electroporation drug delivery system. The availability of resources to support operations and plans for obtaining additional financing cannot be assured. Actual events or results may differ from the Company's expectations as a result of a number of factors, including the uncertainties inherent in clinical trials and product development programs, evaluation of potential opportunities, the level of corporate expenditures, capital market conditions, and others set forth in the Genetronics Annual Report, on Form 10-K and other regulatory filings. There can be no assurance that any product in Genetronics product pipeline will be successfully developed or manufactured, or that final results of human pilot studies or clinical studies will be supportive of regulatory approvals required to market products. The American and Toronto Stock Exchanges have not reviewed and do not accept responsibility for the adequacy or accuracy of this release.
For further information
Bennet Weintraub, CFO, VP Finance of Valentis, Inc., 650-697-1900, ext. 214, or bweintraub@valentis.com
or investors, Stephanie Diaz of Burns McClellan, Inc., 415-352-6262, or sdiaz@sf.burnsmc.com, for Valentis, Inc.
or media, Doug Tsao of SCO Financial Group LLC, 212-554-4158, or dtsao@scogroup.com, for Valentis, Inc.
or Avtar S. Dhillon, M.D., CEO, 858-410-3117, or dhillon@genetronics.com, or investors and media, Clarke Galvin, 858-410-3104, or ir@genetronics.com, both of Genetronics Biomedical Corp. |
