CYTEL ANNOUNCES ACHIEVEMENT OF MILESTONE EVENT IN ABBOTT COLLABORATION.SAN DIEGO--(BUSINESS WIRE)--Nov. 15, 1996--Cytel Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : CYTL) today announced that it has reached a milestone in its collaboration with Abbott Laboratories Abbott Laboratories (NYSE: ABT) is a diversified pharmaceuticals and health care company. It has over 65,000 employees and operates in 130 countries. The corporate headquarters are in Abbott Park, Illinois, a neighborhood of North Chicago, Illinois. , Inc. triggering a $1.5 million payment to Cytel. Cytel and Abbott are collaborating to develop manufacturing processes for the production of carbohydrates that will be used in Abbott's nutritional products. This milestone achievement recognizes the transfer of technology from Cytel to Abbott, enabling the manufacture of a carbohydrate to be used by the Ross Products Division of Abbott. Cytel's proprietary enzymatic sugar nucleotide cycling technology (SNC SNC St Norbert College (De Pere, Wisconsin) SNC Sistema Nervioso Central SNC Société en Nom Collectif (French: Partnership) SNC Système Nerveux Central (French: central nervous system) (TM) Technology), achieves significant cost reductions from chemical processes and other enzymatic processes, making large scale manufacturing of bioactive bi·o·ac·tive adj. Of or relating to a substance that has an effect on living tissue. bioactive having an effect on or eliciting a response from living tissue. carbohydrates commercially viable. Cytel has established a broad proprietary position covering its SNC Technology, through internal development and licensing from third parties. Cytel's patent estate in this field now totals 57 patents/patent applications of which 20 are either issued or allowed. The Company also has extensive know-how in the production of recombinant enzymes and in manufacturing bioactive carbohydrates on a multi-kilogram scale. Through its recently established Glycotechnology business unit, Cytel is actively pursuing additional opportunities to collaborate on the development and manufacture of bioactive carbohydrates for medical and consumer products. Commenting on this milestone achievement, Dr. James C. Paulson, Vice President and General Manager stated "We view our relationship with the Ross Products Division of Abbott Laboratories as a cornerstone of our Glycotechnology business unit, and we are pleased to have achieved this milestone as evidence of moving our partners one step closer to a product." Cytel Corporation is a leader in the discovery, design and development of immunotherapeutics, a class of drugs which the company believes will be more selective and have fewer side effects Side effects Effects of a proposed project on other parts of the firm. than drugs currently on the market. Cytel's core technology platforms consist of the Immune Stimulation Program under which the company is developing therapeutic vaccines for infectious diseases infectious diseases: see communicable diseases. and cancers, the Immune Suppression Program which is based on anti-inflammatory cell adhesion Cellular adhesion is the binding of a cell to another cell or to a surface or matrix. Cellular adhesion is regulated by specific adhesion molecules that interact with molecules on the opposing cell or surface. inhibitors, and Glycotechnology -- its proprietary SNC Technology enabling the manufacture of large quantities of complex carbohydrates complex carbohydrates, n.pl polysaccharides; nutritional compounds composed of multiple monosaccharide (simple sugar) building blocks. Complex carbohydrates include starches, glycogen, and cellulose. at commercially viable prices. This press release contains forward-looking statements. All forward-looking statements involve risks and uncertainties, including but not limited to circumstances that may prevent or limit the commercial use of proposed products and the risks associated with negotiating and implementing successful collaborative arrangements. These factors are more fully discussed in Cytel's most recent Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and Form 10-Q's. CONTACT: Cytel: Karin Eastham Vice President and Chief Financial Officer 619/552-3000 |
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