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Microcap & Penny Stocks : Tokyo Joe's Cafe / Societe Anonyme -- Ignore unavailable to you. Want to Upgrade?

To: TokyoMex who wrote (4579)	6/16/1998 1:12:00 PM
From: STEAMROLLER	Read Replies (1) \| Respond to of 8798

CYPH news release, now lets trade ! Cytoclonal Pharmaceutics and Bristol-Myers Squibb Sign Agreements on Taxol Technologies PR Newswire - June 16, 1998 12:58 CYPH BMY %MTC %LIC V%PRN P%PRN Jump to first matched term DALLAS, June 16 /PRNewswire/ -- Cytoclonal Pharmaceutics Inc. (Nasdaq: CYPH), (CPI), announced that they have signed a license and research agreement with Bristol-Myers Squibb (NYSE: BMY)(BMS) on two technologies related to production of paclitaxel, the active ingredient in BMS's largest selling cancer product, TAXOL(R). Terms of the agreement were not disclosed but include fees, milestone payments, research support and royalties on any eventual product sales. The CPI and BMS agreements will focus on microbial fermentation to produce paclitaxel and/or other taxanes and on the use of specific genes to enhance production. In addition the CPI microbial strains could be screened for new products for oncology. CPI considers the potential value of the transaction to be up to $50 million after taking into account certain R&D and up-front license payments, and the possible realization of all milestone payments and minimum annual royalty payments (not including sales based royalty payments) many of which such payments may be less likely than others and the receipt of any of which there can be no assurance. The receipt of such milestone and royalty payments is dependent on a number of factors, many beyond the control or predictability of CPI including achievement of developmental milestones, regulatory approvals and product commercialization. CPI has been developing microbial fermentation of paclitaxel based on organisms discovered by Dr. Gary Strobel, Dr. Andrea Stierle and Dr. Donald Stierle from Montana State University and Montana Tech of the University of Montana. CPI obtained the exclusive worldwide rights to the technology initially patented in 1994 followed by a broad patent allowed in 1997. CPI also obtained exclusive worldwide rights to genes involved in paclitaxel biosynthesis by the Yew tree isolated by Dr. Rodney Croteau from Washington State University. Dr. Croteau first obtained the gene for the rate controlling enzyme, taxadiene synthase, and he continues to focus on other paclitaxel genes. Potentially, these genes could further enhance paclitaxel production by fermentation. Dr. Arthur P. Bollon, Chairman and CEO of CPI said that "Cytoclonal Pharmaceutics is most excited about this agreement and working with BMS since BMS is the leading oncology company in the world and TAXOL is their most successful cancer product resulting in sales of $940 million in 1997." CPI believes that its collaborative program with BMS could further enhance paclitaxel production by developing microbial fermentation which has been the mainstay for economic production of most antibiotics and many other important drugs since the discovery of penicillin. CPI believes this approach, together with genetic engineering, can make a potentially significant contribution to paclitaxel production. This would be consistent with other BMS improvements made over the original Yew bark extraction. These include semisynthesis from renewable plant resources and recently plant cell fermentation. Cytoclonal Pharmaceutics Inc., is a biopharmaceutical company developing therapeutic and diagnostic products for the treatment and prevention of cancer and infectious diseases. Its primary programs involve paclitaxel production and paclitaxel treatment of Polycystic Kidney Disease. Other programs involve Human Gene Discovery using its proprietary Retroselection(TM) with focus on a patented lung cancer related gene, Antisense Therapeutics and Mycobacteria based Vaccine delivery technology. SOURCE Cytoclonal Pharmaceutics Inc. /CONTACT: Michelle Bleiberg of Ackermann Public Relations, 214-599-8320 or Fax: 214-599-8321, for Cytoclonal Pharmaceutics Inc./ (CYPH BMY) Headlines Next Story