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Biotech / Medical : Oscient Pharmaceuticals Corp. (OSCI) -- Ignore unavailable to you. Want to Upgrade?

To: OldAIMGuy who wrote (454)	1/21/1999 8:51:00 AM
From: herringbone_100	Read Replies (2) \| Respond to of 1154

>Genome Therapeutics Announces First Milestone >in Antifungal Alliance With Schering-Plough > >WALTHAM, Mass., Jan. 20 /PRNewswire/ -- Genome Therapeutics Corp. (Nasdaq: GENE - news) today announced that >the Company has attained the first research milestone in its genomics alliance with Schering-Plough Corporation (NYSE: SGP >- news) to discover and develop new pharmaceutical products to treat fungal infections. The research milestone triggered a >payment to Genome Therapeutics. Financial terms were not disclosed. > >To achieve this milestone, Genome Therapeutics developed and delivered to Schering-Plough proprietary genomic >technologies for the rapid identification of novel target genes in two medically important fungal pathogens, Candida albicans >and Aspergillus fumigatus. Announced in September 1997, this multi- year research program has a potential value of $33 >million, excluding royalties based on sales of therapeutic products resulting from this collaboration. > >''This progress underscores our expertise in functional genomics and pathogen genetics, where we remain deeply committed to >the identification of novel targets for the development of new treatments for infectious disease,'' said Robert J. Hennessey, >Genome Therapeutics Chairman, President and Chief Executive Officer. ''Schering-Plough is a leader in the utilization of >genomic information to aggressively combat emerging medical crises like bacterial and fungal resistance.'' > >Fungal infections have become an increasing problem in the past decade, as the number of immunocompromised patients has >grown with the spread of human immunodeficiency virus (HIV), an increase in the number of organ transplants, and the use of >more aggressive anticancer therapies. According to industry reports, the anti-fungal market is expected to grow to >approximately $5 billion by 2000. > >Genome Therapeutics Corp. is a leader in the field of genomics - the identification and functional characterization of genes. The >Company's commercial gene discovery strategy is to elucidate bacterial genes responsible for many serious infectious diseases >and identify and characterize human genes associated with major diseases. Together with its strategic partners, Genome >Therapeutics is using genomic information to develop a new generation of pharmaceuticals. > >