Business Wire - Thursday July 1, 1999
It was determined that the development of ZX-0851 will require a longer development cycle than originally planned. OMRF has agreed, in return for the license and other consideration, to reimburse ZymeTx for its license fee and certain other expenses related to the compound.
"We enjoyed excellent support from OMRF on this project and look forward to other opportunities," said Dr. Craig Shimasaki, ZymeTx Vice President of Research. "We are continuing to focus our efforts on development of in-house influenza and respiratory syncicial virus therapeutics that are advancing."
"The collaboration with OMRF has been positive. The return of the license does not affect current collaborations with OMRF or any options for future licenses from new or existing technology opportunities between ZymeTx and OMRF," said Peter G. Livingston, President and CEO of ZymeTx. "We will continue to work closely with OMRF in the development of new technologies."
About the Company
ZymeTx, Inc. is an emerging biotechnology company engaged in the development of unique products for the diagnosis and treatment of viral diseases, viral disease management and disease surveillance.
Safe Harbor Statement
Statements in this news release that are not strictly historical, including statements as to plans, objectives and future financial performance, are "forward-looking" statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Although ZymeTx believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that the expectations will prove to be correct. Factors that could cause actual results to differ materially from ZymeTx's expectations include, among others, competition within the viral disease detection and treatment industry; the Company's access to and the market's acceptance of new products; the Company's ability to market therapeutic products; the Company's ability to establish and/or expand contractual relationships with managed care organizations; the effects of economic conditions and government regulation on the healthcare market and on reimbursement policies; as well as the risks, uncertainties and other factors described from time to time in the Company's periodic filings on Forms 10-Q and 10-K on file with the Securities and Exchange Commission.
Contact: ZymeTx, Inc. Peter G. Livingston, CEO or G. Carl Gibson, CFO, 405/271-1314 www.zymetx.com
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