Cytel Closes $5 Million Investment By Searle.SAN DIEGO--(BUSINESS WIRE)--Sept. 19, 1997--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 the closing of a $5 million investment in Cytel common stock by Searle, a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Monsanto Company (NYSE NYSE See: New York Stock Exchange :MTC mtc - A Modula-2 to C translator. ftp://rusmv1.rus.uni-stuttgart.de/soft/Unixtools/compilerbau/mtc.tar.Z. ). The purchase of newly issued shares was made under the terms of a letter of intent between Cytel and Searle announced September 9. Searle and Epimmune, a recently established subsidiary of Cytel, anticipate collaborating on the development of Epimmune's cancer technology to create novel cancer therapeutics. Cytel Corporation is a leader in the discovery and development of cell adhesion inhibitors for treatment of acute and chronic inflammation chronic inflammation n. Inflammation that may have a rapid or slow onset but is characterized primarily by its persistence and lack of clear resolution; it occurs when the tissues are unable to overcome the effects of the injuring agent. , and its Glytec unit is a leader in the manufacture of bioactive carbohydrates for use in medical and consumer products. Epimmune Inc. is focused on the discovery and development of a new generation of safer, more potent vaccines for the prevention and treatment of cancer and infectious diseases. Actual results may differ materially from the above forward-looking statements due to a number of important factors, including but not limited to the risks associated with successfully negotiating and completing definitive agreements for any corporate collaboration, the timing and cost of conducting human clinical trials, the regulatory approval process, and the possibility that testing may reveal undesirable and unintended side effects Side effects Effects of a proposed project on other parts of the firm. or other characteristics that may prevent or limit the commercial use of proposed products. These factors are more fully discussed in Cytel's most recent Form 10-K and 10-Q. CONTACT: Cytel Corporation Deborah Schueren, 619/552-3000 |
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