Correcting and Replacing BW1042 (TECHNICLONE) Announces that it has received $3 million from the sale of the exclusive marketing rights to LYM-1 for certain countries in Europe and other geographic areas.TUSTIN, Calif.--(HealthWire)--March 6, 1996--The following corrects and replaces BW1042 (TECHNCLONE) sent earlier today: Techniclone International Corporation (OTC BULLETIN BOARD OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. : TCLN), announced today that it has entered into an exclusive distribution agreement ("Agreement") with Biotechnology Development Ltd. ("BTD BTD Biotinidase (human gene) BTD Boston Transportation Department (Boston, MA, USA) BTD Brightness Temperature Difference BTD Bleed The Dream (band) BTD Born to Die ") whereby BTD will market and distribute the company's LYM-1 antibody technology in certain European countries and other geographic areas not covered not covered Health care adjective Referring to a procedure, test or other health service to which a policy holder or insurance beneficiary is not entitled under the terms of the policy or payment system–eg, Medicare. Cf Covered. by its existing licensing agreement with Alpha Therapeutic Corporation ("ALPHA"). Edward J. Legere, a director and major shareholder of Techniclone is the general partner of BTD. Under the Agreement, Techniclone received a cash payment of $3,000,000, and retains the world-wide manufacturing rights. LYM-1 (Oncolym TM) in the United States for the treatment of cancer patients with intermediate to high-grade B-cell lymphoma who have not responded to multi-drug chemotherapy. As part of the agreement with BTD, Techniclone has a call option to repurchase the marketing rights within 30 months for an undisclosed amount. BTD does not have a corresponding put option. "We believe this Agreement will allow Techniclone the option to acquire a fully developed marketing arm for future products, including LYM-1, without the immediate financial burden of developing this capability," said Lon H. Stone, chairman 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. . "We intend to work closely with BTD to develop a comprehensive marketing program and distribution network," Stone added. Proceeds from the signing of this Agreement will be used to develop Techniclone's other patented technologies, including Tumor Necrosis tumor necrosis Death of tumor tissue, a common event in aggressive CAs in which the tumor rapidly outgrows its blood supply, resulting in tumor cell death. Cf Apoptosis. Technology (TNT TNT: see trinitrotoluene. TNT in full trinitrotoluene Pale yellow, solid organic compound made by adding nitrate (−NO2) groups to toluene. ) and Vasopermeation Enhancement vasopermeation enhancement Oncology An investigational therapy that ↑ up to 3-fold CA cell uptake of chemotherapeutics . These platform technologies enhance the precise delivery of drugs to the tumor site without affecting surrounding healthy tissue. As part of this development effort, the company recently announced a joint venture with Cambridge Antibody Technology, Ltd. (CAT), to combine Techniclone's TNT technology, a delivery system that anchors isotopes or other killing agents to the necrotic core of solid tumors, with CAT's proprietary technology for producing fully human antibodies. Techniclone is a biotechnology company engaged in the research and development of drug delivery systems based on monoclonal antibodies. The company maintains a GMP GMP (guanosine monophosphate): see guanine. cell-culturing laboratory in California and a new, GMP centralized radio-labeling facility in Oklahoma City, which is the first such facility in the U.S. capable of shipping overnight to clinical sites. CONTACT: Investors: Techniclone International Corp. Martin Zabel Director, Investor Relations 212/866-7733 or Media: Keatinge & Associates Richard W. Keatinge, Ph.D. 619/625-2100 |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion