Cytel and Searle Announce Plans to Develop Cancer Therapies.SAN DIEGO, Calif. and SKOKIE, Ill.--(BW HealthWire)--Sept. 9, 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) and Searle, a wholly-owned subsidiary 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. ) today announced plans to collaborate in developing a new class of cancer therapies based on Cytel's proprietary vaccine technology. The letter of intent signed by the parties provides for Searle to make an immediate $5 million investment in Cytel common stock and also contemplates Searle making substantial additional investments in Cytel's new subsidiary, Epimmune Inc., for research and preclinical development of cancer therapeutics. Epimmune Inc. has been established to develop therapeutic and prophylactic products for cancer and infectious diseases. The Epimmune technology platform includes Cytel's library of proprietary antigenic epitopes, its proprietary PADRE(TM) immunostimulant im·mu·no·stim·u·lant n. An agent that stimulates the immune system. immunostimulant, n a substance that encourages and sustains the immune system and its responses. immunostimulant 1. technology and its expertise in epitope epitope: see immunity. discovery and immunology. "Under the proposed collaboration, Epimmune and Searle intend to focus on the development of Epimmune's cancer technology which allows creation of novel cancer-specific immune responses," said Robert Chesnut, Ph.D., Executive Vice President of R&D at Epimmune. "The goal will be to combine cancer `epitopes' with complementary proprietary immune enhancing technology to produce the maximum anti-cancer therapeutic response." "Epimmune and Searle plan to bring together a commitment to developing innovative cancer products, as well as complementary technology, which we expect will result in a new class of cancer therapies that can harness the 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. to more effectively treat patients with cancer," said Virgil Thompson, 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 Cytel. "With the initial step of the collaboration with Searle completed, Cytel has now established its Epimmune subsidiary and enhanced the opportunity to capitalize on its research promise." "Searle is committed to developing a cancer franchise, through both internal development efforts and through collaboration," said Richard De Schutter, Chairman and CEO of Searle. "After an extensive review of possible cancer immunotherapy strategies, we decided that the Epimmune technology represents an exciting opportunity to bring new approaches to the prevention and treatment of cancer." 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(TM) unit is a leader in the manufacture of bioactive carbohydrates for use in medical and consumer products. Epimmune Inc., a subsidiary of Cytel, 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. Searle, a wholly-owned subsidiary of Monsanto Company, develops, manufactures and markets pharmaceutical products and other healthcare solutions worldwide. 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 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 10-Q. CONTACT: Cytel Corporation Deborah Schueren, 619/552-3000 or Searle Jack Domeischel, 847/470-6720 |
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