Cytel announces achievement of milestone event in Schwarz Pharma AG collaboration.SAN DIEGO San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. , CA--(BUSINESS WIRE)--Dec. 20, 1995--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 the first milestone in a collaboration agreement with Schwarz Pharma AG triggering a $2 million equity investment at a premium to market. The agreement, signed by Cytel and Schwarz on May 18, 1995, covers a collaboration to jointly develop and market carbohydrate selectin blockers, including Cylexin (TM), currently in Phase II clinical trials. Under the agreement, Schwarz made an up-front license payment and an equity investment in Cytel at a premium to market. Schwarz is also obligated ob·li·gate tr.v. ob·li·gat·ed, ob·li·gat·ing, ob·li·gates 1. To bind, compel, or constrain by a social, legal, or moral tie. See Synonyms at force. 2. To cause to be grateful or indebted; oblige. to make certain milestone payments and fund 75% of clinical development costs to commercialize products in Europe and North America. Cytel Corporation, founded in 1987, is a leader in drug discovery, design and development of immunotherapeutics, a new 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. Utilizing Cytel's advanced understanding of the immune system's operation both in disease and in health, the Company is developing drug candidates under two distinct approaches: the cell adhesion program is directed to the suppression of an inappropriate immune response immune response n. An integrated bodily response to an antigen, especially one mediated by lymphocytes and involving recognition of antigens by specific antibodies or previously sensitized lymphocytes. to treat inflammatory diseases, including reperfusion injury reperfusion injury damage to renal blood vessels during periods of hypotension does not become apparent until reperfusion occurs in the recovery stage of the vascular incident. , and the immune stimulation program is directed to the development of therapeutic vaccines to treat infectious diseases and cancers. CONTACT: Cytel Corporation, San Diego Karin Eastham, Vice President and Chief Financial Officer, 619/552-3000 |
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