Beckman Coulter and Immunomedics Agree To Form New Cancer Therapeutics Company.FULLERTON, Calif.--(BW HealthWire)--April 7, 1998--Beckman Coulter, Inc. (NYSE NYSE See: New York Stock Exchange : BEC) and Immunomedics, Inc. (Nasdaq: IMMU IMMU Independent Munitions Maintenance Unit ) announced today that they have signed a non-binding letter of intent to form a new company that will develop cancer pharmaceuticals. Beckman Coulter will contribute only proprietary technology to the venture, but will collaborate with Immunomedics in raising outside private capital for the new company. The new company, to be named IBC IBC International Building Code IBC Iraq Body Count IBC Institutional Biosafety Committee IBC Inflammatory Breast Cancer IBC International Business Company IBC Independence Blue Cross IBC Insurance Bureau of Canada IBC International Broadcasting Convention Pharmaceuticals, will be headquartered in Morris Plains, New Jersey Morris Plains, billing itself "the Community of Caring" and "the Community of Cool", is a Borough in Morris County, New Jersey, United States. As of the United States 2000 Census, the borough population was 5,236. , and focus on a unique therapy that delivers radioisotopes to cancer cells. This therapy uses Beckman Coulter's affinity enhancement technology and Immunomedics' humanized antibodies to selectively reach targeted cells. Louis T. Rosso, Beckman Coulter chairman and chief executive officer said, "This combination of technologies has shown promising results in early studies. Inserting them into a stand-alone company stand-alone company An independent operating firm. For example, a large diversified firm may consider spinning off a subsidiary because, as a stand-alone company, the subsidiary would command a higher price-earnings ratio than the parent. is an appropriate way to continue research and development, and for our part, will help optimize the return on recently acquired Coulter assets." Dr. David M. Goldenberg, Immunomedics founder and chairman said, "We are excited by the vision for this new company. By sharing patents and technologies we will create a pathway to realize their potential value." Beckman Coulter, Inc. is a leading provider of instrument systems and complimentary products that simplify and automate laboratory processes in life sciences and clinical diagnostics. From integrated laboratory automation solutions to centrifuges and blood analyzers to diagnostic rapid test kits, the company's products are used throughout the world in all phases of the battle against disease. Pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma annual sales for the company totaled $1.8 billion in 1997, with half of this amount generated outside the United States. Immunomedics is a biopharmaceutical company focused on the development, manufacture and commercialization of diagnostic imaging and therapeutic products for the detection and treatment of cancer and infectious diseases. Integral to these products are highly specific monoclonal antibodies and antibody fragments designed to deliver radioisotopes and chemotherapeutic agents to tumors and sites of infection. The company's first product, CEA-Scan(1) for the detection colorectal cancer colorectal cancer Malignant tumour of the large intestine (colon) or rectum. Risk factors include age (after age 50), family history of colorectal cancer, chronic inflammatory bowel diseases, benign polyps, physical inactivity, and a diet high in fat. , has been approved in the United States, Canada and Europe. The company's second diagnostic imaging product, Leuko Scan(1), has been approved for sale in Europe for the diagnosis of osteomyelitis osteomyelitis (ŏs'tēōmī'əlī`tĭs), infection of the bone and bone marrow. Direct infection of bone usually occurs through open fractures, penetrating wounds, or surgical operations. (bone infection). This product is presently under regulatory review by the U.S. Food and Drug Administration. Immunomedics also has several other diagnostic imaging products and two therapeutic products in clinical trials. (1) Registered trademarks of Immunomedics, Inc. CONTACT: Beckman Coulter Inc., Fullerton Michael J. Whelan, 714/773-7620 |
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