Baxter and Steritech Finalize Comprehensive Agreement to Develop Pathogen Inactivation Systems for Blood.CONCORD, Calif.--(BUSINESS WIRE)--April 23, 1996--Steritech, Inc. and the Fenwal Division of the Baxter Healthcare Corporation's Biotech Group today announced a collaboration to develop pathogen inactivation inactivation /in·ac·ti·va·tion/ (in-ak?ti-va´shun) the destruction of biological activity, as of a virus, by the action of heat or other agent. systems for blood components, with a near term focus on red blood cells Red blood cells Cells that carry hemoglobin (the molecule that transports oxygen) and help remove wastes from tissues throughout the body. Mentioned in: Bone Marrow Transplantation red blood cells and plasma. Steritech has developed several proprietary processes that inactivate in·ac·ti·vate v. 1. To render nonfunctional. 2. To make quiescent. in·ac  ti·va blood-borne pathogens blood-borne pathogens,n.pl pathogenic microorganisms that are present in human blood and cause disease in humans. blood-borne pathogens exposure control plan, n while preserving the biologic function of the blood components. In December 1993, Steritech and Baxter entered into a long-term agreement to develop, manufacture, market and distribute pathogen inactivation systems for platelets. With the success of that agreement, Baxter decided to expand its collaboration with Steritech to include pathogen inactivation of all blood components. Under the new agreement, Baxter and Steritech jointly will fund the development of inactivation systems and will share operating profits resulting from the sale of those systems. Baxter will make an up-front equity investment in Steritech, as well as additional equity investments as certain milestones are achieved. In exchange, Baxter's Fenwal division receives exclusive worldwide marketing rights to all products emerging from the collaboration. "This comprehensive agreement with Baxter provides Steritech with the resources and expertise that it needs to commercialize the decontamination decontamination /de·con·tam·i·na·tion/ (de?kon-tam-i-na´shun) the freeing of a person or object of some contaminating substance, e.g., war gas, radioactive material, etc. de·con·tam·i·na·tion n. systems in development," said Stephen T. Issacs, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Steritech. "Baxter's commanding position in the field of blood collection and processing systems makes them an ideal partner for this effort." "Expanding our collaboration with Steritech to include pathogen inactivation systems for red cells and plasma builds on our commitment to enhance the safety of transfusion therapies worldwide," said Kim Bush, president of Baxter's Fenwal Division. Steritech, Inc., is a privately held biopharmaceutical company founded in 1991 to discover, develop and commercialize products for the decontamination of human blood components, recombinant pharmaceuticals, clinical samples and research reagents. The Fenwal Division of Baxter's Biotech Group develops, manufactures and markets systems to collect, separate, process, store and administer whole blood and blood components. Baxter Healthcare Corporation is the principal domestic operating subsidiary An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. of Baxter International Baxter International Inc. (NYSE: BAX), is a global healthcare company with 48,000 employees and 2006 sales of US$10.4 billion. Its headquarters is in Deerfield, Illinois. , Inc. Baxter, through its subsidiaries, is the leading manufacturer and marketer of health-care products and services in nearly 100 countries worldwide. The company concentrates research and development programs in biotechnology, cardiovascular medicine, renal therapy and related medical fields. CONTACT: Steritech Stephen T. Isaacs, 510/603-9071 or J. Kureczka Associates Joan E. Kureczka, 415/821-2413 or Baxter Peyton Metzel, Ph.D., 708/270-4129 |
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