Important note: Information in this article was accurate in 1995. The state of the art may have changed since the publication date.
PR Newswire - November 28, 1995
Including the $20 million equity investment, Cell Genesys has received more than half of the approximately $50 million committed during the first two years of the collaboration announced last month. Based on research and development progress, Cell Genesys could also receive more than $100 million in additional funding for product development during the next five years. HMR also has been granted a redeemable warrant for the purchase of 750,000 shares of Cell Genesys common stock for approximately $10 million at $13.00 per share. Under the agreement, Cell Genesys will conduct the research, lead product development in North America and provide worldwide manufacturing services for its AIDS gene therapy program. HMR has worldwide marketing rights while Cell Genesys retains a co-promotion option in North America.
Cell Genesys is developing a novel gene therapy for AIDS that utilizes genetically modified T cells as a therapeutic agent to treat patients infected with HIV, the virus which causes AIDS. Killer T cells are genetically engineered with proprietary disease-specific receptors that enable these T cells to efficiently and selectively destroy HIV-infected cells. Cell Genesys is currently conducting a Phase I/II clinical trial of this therapy at the National Institute of Allergy and Infectious Diseases. Enrollment of patients in the Phase I portion of this trial has been completed and the Phase II portion of the trial has been initiated. Cell Genesys is also developing similar gene therapies for the treatment of specific cancers, including breast, colon, lung and prostate.
Hoechst Marion Roussel, a world leader in pharmaceutical-based health care, is dedicated to extending and enhancing human life through the discovery, development, manufacture and sale of pharmaceutical products. HMR is the worldwide pharmaceutical division of Hoechst AG with over $9 billion in revenues and sales in over 100 countries, and was recently formed following the acquisition by Hoechst AG of Marion Merrell Dow Inc.
Cell Genesys is genetically engineering cells of the human immune system to create innovative therapies for serious diseases. Using gene therapy technology to produce human T cell therapies and transgenic technology to produce human monoclonal antibodies, the company is developing new approaches to the treatment of viral infection, cancer and other diseases.
CONTACT: Kathleen Sereda Glaub, Senior Vice President and Chief Financial Officer of Cell Genesys, 415-358-9600, ext. 242/ 14:01 EST
Copyright (c) 1995/PR NewsWire. Reproduced with permission. Reproduction of this article (other than one copy for personal reference) must be cleared through the Permissions Desk, PR Newswire, 810 Seventh Avenue, New York, NY 10019.
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