Applied Immune Sciences announces $21 million sale of common stock to Rhone-Poulenc Rorer upon achievement of first funding milestone.SANTA CLARA, Calif.--(BUSINESS WIRE)--Jan. 12, 1995--Applied Immune Sciences Inc. (AIS) (NASDAQ/NMS: AISX) Thursday announced that it has sold 1 million shares of newly issued common stock, at $21 per share, to Rhone-Poulenc Rorer (RPR (Resilient Packet Ring) A packet-based protocol that provides fault tolerance and statistical multiplexing for the metropolitan and national SONET and Ethernet networks of the carriers. ) following the achievement of AIS' first funding milestone in accordance with the terms of the strategic alliance between the two companies. The first funding milestone, achieved in October 1994, required AIS to obtain FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. approval to begin a Phase I clinical trial Noun 1. phase I clinical trial - a clinical trial on a few persons to determine the safety of a new drug or invasive medical device; for drugs, dosage or toxicity limits should be obtained phase I . The trial evaluates the safety and effectiveness of the AIS CELLector device set for purging T and B cells from allegeneic bone marrow in matched related bone marrow transplant bone marrow transplant: see bone marrow. patients. According to Dr. Thomas Okarma, chairman, chief executive and chief scientific officer, "This infusion of cash enables AIS to continue to focus on clinical trial programs -- such as our Phase III trial presently underway and the one scheduled to begin shortly -- as well as on research and development advances." Okarma continued: "This is only the first of three milestones that allow us to obtain capital. If we achieve additional milestones, we will be in a position to fund our operations well into the future." Applied Immune Sciences develops, manufactures, and delivers innovative cell and gene therapy products designed to enhance and restore the immune system immune system Cells, cell products, organs, and structures of the body involved in the detection and destruction of foreign invaders, such as bacteria, viruses, and cancer cells. Immunity is based on the system's ability to launch a defense against such invaders. in immune-related conditions such as bone marrow transplantation Bone Marrow Transplantation Definition The bone marrow—the sponge-like tissue found in the center of certain bones—contains stem cells that are the precursors of white blood cells, red blood cells, and platelets. and autoimmune, infectious, and malignant diseases. AIS entered into a strategic alliance with Rhone-Poulenc Rorer in 1993. Through RPR's newly formed division, RPR Gencell, AIS has access to a network of 14 commercial, academic, and other institutions in the biotechnology field. AIS products are now in human clinical trials for bone marrow transplantation and the treatment of AIDS and cancer. CONTACT: Applied Immune Sciences Inc., Santa Clara Jackie Cossmon, 408/492-9200 |
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