BioTransplant and Gambro Agree On Mutual Termination of Eligix Distribution Arrangement.Business Editors CHARLESTOWN, Mass.--(BUSINESS WIRE)--Dec. 4, 2002 BioTransplant Incorporated (Nasdaq: BTRN) today announced that it has agreed with Gambro BCT BCT Brigade Combat Team BCT Basic Combat Training BCT Best Conventional Pollutant Control Technology (EPA) BCT Business Cards Tomorrow BCT Banque Centrale de Tunisie (Central Bank of Tunisia) to terminate the companies' distribution agreement for the Eligix(TM) HDM HDM - SPECIAL Cell Separation Systems. The termination was mutually agreed upon by both parties to settle all claims and disputes without any recognition or admission of contract violations or breach by either company. As part of the termination agreement, BioTransplant will pay Gambro an undisclosed amount to repurchase unused inventory and Gambro will agree to provide customer support through January 15, 2003. BioTransplant now plans to seek additional partners for the products. "We are pleased to have quickly resolved our dispute with Gambro. We plan to immediately initiate discussions with potential partners to create new opportunities for the Eligix HDM Cell Separation Systems while also pursuing our primary strategic objective - namely, preserving and maximizing the value of MEDI-507 for our shareholders," stated Donald B. Hawthorne, Chief Executive Officer of BioTransplant. About the Eligix(TM) HDM Cell Separation Systems The Eligix(TM) HDM Cell Separation Systems use monoclonal antibodies to remove unwanted cells from bone marrow, peripheral blood peripheral blood Cardiology Blood circulating in the system/body stem cell stem cell In living organisms, an undifferentiated cell that can produce other cells that eventually make up specialized tissues and organs. There are two major types of stem cells, embryonic and adult. and donor leukocyte leukocyte (l  `kəsīt'): see blood. leukocyte or white blood cell or white corpuscle grafts used in transplant procedures. Three Eligix products are currently approved for sale in Europe. BioTransplant's Eligix(TM) BCell-SC Cell Separation System specifically addresses treatment for B-cell malignancies, which include non-Hodgkins lymphoma, multiple myeloma, chronic lymphocytic leukemia chronic lymphocytic leukemia n. Abbr. CLL Lymphocytic leukemia occurring mainly in older adults, characterized by slow onset and gradual progression of symptoms. , and other malignancies commonly treated by stem cell transplantation Stem Cell Transplantation Definition Stem cells are basic human cells that reproduce (replicate) easily, providing a continuous source of new, sometimes different types of cells. . The Eligix(TM) CD8-DLI Cell Separation System is intended for ex vivo use for patients receiving a donor leukocyte infusion (DLI DLI Department of Land Information (Western Australia) DLI Donor Lymphocyte Infusion DLI Defense Language Institute DLI Durham Light Infantry (Regiment of the British Army) ) following allogeneic allogeneic /al·lo·ge·ne·ic/ (-je-ne´ik) 1. having cell types that are antigenically distinct. 2. in transplantation biology, denoting individuals (or tissues) that are of the same species but antigenically transplantation to augment immune response against malignancies. The Eligix(TM) CD8-SC Cell Separation System is intended for ex-vivo use for patients receiving allogeneic bone marrow and peripheral stem cell transplantation peripheral stem cell transplantation Peripheral stem cell support Oncology A method of replacing hematopoietic cells–HCs destroyed by chemotherapy; stem cells in circulating blood are removed before treatment, then readministered treatment to help BM recovery for hematological hematological, hematologic pertaining to or emanating from blood cells. hematological tests total and differential white cell counts, hematocrit estimation, erythrocyte count. disorders. About BioTransplant BioTransplant Incorporated, headquartered in Charlestown, Massachusetts, is a biotechnology company whose field of research includes treatments for cancer and autoimmune diseases and organ and tissue transplantation, for which current therapies are inadequate. Siplizumab (MEDI-507), a lead product the Company exclusively licensed to MedImmune, is in Phase II clinical trials for the treatment of psoriasis. The Company's AlloMune System is being developed to treat a variety of hematologic malignancies and solid organ transplants, and the Company has approval to market three of its Eligix HDM Cell Separation Systems in Europe. This news release contains forward-looking statements about BioTransplant that involve risks and uncertainties. Such statements reflect management's current views and are based on certain assumptions. Actual results could differ materially from those currently anticipated as a result of a number of factors. Important factors that could cause future results to differ materially from such forward-looking statements include, but are not limited to: BioTransplant's ability to secure the additional funding required for its operations and research and development programs; BioTransplant's and its third party collaborators' ability to successfully discover, develop and commercialize its products, obtain and maintain required regulatory approvals in a timely fashion, and overcome other difficulties inherent in developing and commercializing therapeutics, therapeutic devices and therapeutic regimens; BioTransplant's ability to enter into an arrangement with respect to the sale of its Eligix(TM) HDM Cell Separation Systems in the European Union on terms favorable to the Company; BioTransplant's ability to obtain and enforce the patent protection required for its products; and BioTransplant's ability to establish and maintain licenses, collaborations, distribution arrangements and other partnering relationships with third parties on acceptable terms. For a detailed discussion of these and other factors, see the section entitled "Management's Discussion and Analysis Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial of Financial Condition and Results of Operations -- Risk Factors That May Affect Results" in BioTransplant's Current Report on Form 10-Q for the quarter ended September 30, 2002, as filed with the Securities and Exchange Commission, as well as the other filings that the Company periodically makes with the Securities and Exchange Commission. Such forward-looking statements speak only as of the date of this news release. BioTransplant does not intend to update any of these forward-looking statements to reflect events or circumstances that occur after the date hereof. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion