Cambridge Antibody Technology completes IPO, raising U.S. $66 million; Collaborator Techniclone Corporation to move forward with cancer therapy clinical trials.TUSTIN, Calif.--(BW HealthWire)--March 26, 1997--United Kingdom- based Cambridge Antibody Technology Group PLC (CAT), a developer of human monoclonal antibodies used in therapies for the treatment of a broad range of diseases including cancer, raised $66 million (U.S.) this week in their initial public offering. Lead investors include Oracle Partners, Peptech Ltd. (AUS AUS abbr. Army of the United States :PTD PTD Property Tax Division PTD Painted (architectural) PTD Power Transmission and Distribution PTD Permanent Total Disability (insurance term) PTD Participatory Technology Development ), and the United Kingdom's Medical Research Council. The company's stock is scheduled to be traded on the London Stock Exchange London Stock Exchange London marketplace for securities. It was formed in 1773 by a group of stockbrokers who had been doing business informally in local coffeehouses. . Collaboration To Develop Solid Cancer Tumor Therapy CAT and Techniclone 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 :TCLN), a cancer therapeutics company, have a joint venture agreement to develop products based on using CAT's human antibodies, which are fully compatible with the human 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 combination with Techniclone's Tumor Necrosis Therapy (TNT TNT: see trinitrotoluene. TNT in full trinitrotoluene Pale yellow, solid organic compound made by adding nitrate (−NO2) groups to toluene. ) technology. TNT is an innovative drug delivery system that has the potential to destroy large tumors at the necrotic (dead) core without damaging surrounding healthy tissue. Techniclone and CAT plan to jointly initiate Phase I/II clinical trials for TNT in the U.S. in late 1997, with trials in Europe to follow shortly. Clinical trial expenses and development costs will be split evenly between Techniclone and CAT, with Techniclone retaining exclusive, worldwide manufacturing rights for TNT products. "We're pleased with our partnership with CAT and the funding will ensure that the trials progress as planned in the U.S. and Europe," said Lon Stone, 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 Techniclone Corporation. Techniclone's Product Portfolio Established in 1981 and headquartered in Tustin, Calif., Techniclone Corporation's most advanced drug development program is (131)I LYM-1, a non-Hodgkin's B-cell lymphoma therapy product currently being studied in a multi-center Phase II/III clinical trial. The company's product pipeline also includes the following technologies: Tumor Necrosis Therapy (TNT), an innovative drug delivery system that has the potential to destroy large tumors at the necrotic (dead) core without damaging surrounding healthy tissue; Vasopermeation Enhancement, a technology which targets tumor tissues with vasoactive vasoactive /vaso·ac·tive/ (va?zo-) (vas?o-ak´tiv) exerting an effect upon the caliber of blood vessels. va·so·ac·tive adj. agents (molecules that cause tissues to dilate dilate /di·late/ (di´lat) to stretch an opening or hollow structure beyond its normal dimensions. di·late v. To make or become wider or larger. ) and causes enhanced levels of drug and isotope uptake within a tumor; and Vascular Targeting Agents (VTAs), a drug delivery system targeting the capillaries and vessels inside a tumor to deliver a clot-inducing drug, potentially causing the tumor to be "starved" of vital oxygen and nutrients for its survival. The company plans to initiate Phase I/II clinical trials for TNT in the U.S. in late 1997, with trials in Europe to follow shortly. Additional corporate and product pipeline information can be obtained on Techniclone Corporations Internet web site (www.Techniclone.com). This release contains certain forward-looking statements that involve a number of risks and uncertainties. Actual events or results may differ from the company's expectations as a result of risk factors discussed in Techniclone's reports on file with the U.S. Securities Exchange Commission (including, but not limited to, the report on Form 10-Q for the quarter ended January 31, 1997). -0- Note to Editors: In the product noted in this news release, the number (131) is in superscript Any letter, digit or symbol that appears above the line. For example, 10 to the 9th power is written with the 9 in superscript (109). Contrast with subscript. . CONTACT: Techniclone Corporation Nicole Scarcello, 714/838-0500 ext. 244 (Investor Relations Contact) Cynthia DeMonte, 212/866-7733 (Institutional Investor Contact) or Russell-Welsh, Inc. Sheryl Seapy, 415/312-0700 ext. 14 (Media Relations Contact) |
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