Enzon Recognizes $1 Million Gain.PISCATAWAY, N.J.--(BUSINESS WIRE)--June 10, 1996--Enzon, Inc. (NASDAQ/NMS:ENZN) announced today that it exercised 150,000 warrants to purchase common stock of Neoprobe Corporation and sold the stock for a net profit of approximately $1 million, after payment to Neoprobe of the aggregate average exercise price of $10.50 per share. The warrants were part of the compensation Enzon received for licensing its Single-Chain Antigen-Binding (SCA (Single Connector Attachment) An 80-pin plug and socket used to connect peripherals. With a SCSI drive, it rolls three cables (power, data channel and ID configuration) into one connector for fast installation and removal. ) protein technology to Neoprobe for use with Neoprobe's Radioimmunoguided Surgery (RIGS ) product under the license agreement originally signed in 1992. The warrants were due to expire in 1996. Enzon will also be entitled to receive additional payments per product upon the achievement of specified development milestones and royalties on sales of any future products developed by Neoprobe that utilize Enzon's SCA technology. SCA proteins are developed using genetic and protein engineering technology. They provide the binding specificity and affinity of monoclonal antibodies This is a list of monoclonal antibodies, antibodies which are clones of a single parent cell. When used as medications, the generic names end in -mab (see "Nomenclature of monoclonal antibodies"). , but in a smaller, more easily modified form. SCA proteins may provide enhanced performance in many diagnostic, therapeutic, and separation applications where conventional monoclonal antibodies are not usable. Enzon's SCA protein technology has also been licensed, on a predominately non-exclusive basis, to several global pharmaceutical companies, such as Baxter Healthcare, Eli Lilly Eli Lilly can refer to:
"Based on our strong patent position in this area and the current clinical activity involving SCA proteins, we expect to license our SCA protein technology to additional companies in the monoclonal antibody monoclonal antibody, an antibody that is mass produced in the laboratory from a single clone and that recognizes only one antigen. Monoclonal antibodies are typically made by fusing a normally short-lived, antibody-producing B cell (see immunity) to a fast-growing , gene therapy and other product areas," said Peter G. Tombros, 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. , Enzon, Inc. Enzon, Inc. is a biopharmaceutical company developing advanced therapeutics for life-threatening diseases, primarily in the areas of oncology, genetic diseases and blood substitutes. Enzon is currently developing a hemoglobin-based oxygen carrier and has two FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. approved drugs -- ADAGEN , a treatment of Severe Combined Immunodeficiency Disease Noun 1. severe combined immunodeficiency disease - a congenital disease affecting T cells that can result from a mutation in any one of several different genes; children with it are susceptible to infectious disease; if untreated it is lethal within the first year or and ONCASPAR , for the treatment of Acute Lymphoblastic Leukemia acute lymphoblastic leukemia n. Abbr. ALL Lymphoblastic leukemia occurring mainly in older adults, characterized by rapid onset and progression of symptoms. Also called acute lymphocytic leukemia. , which is being marketed by Rhone-Poulenc Rorer Pharmaceuticals, Inc. The Company also pursues commercialization of its proprietary technologies through strategic partnering. Enzon is headquartered in Piscataway, NJ. CONTACT: Kenneth J. Zuerblis Vice President, Finance and Chief Financial Officer 908/980-4717 |
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