Neugenesis Corporation awarded small business innovation research grant.

PRINCETON, N.J.--(BUSINESS WIRE)--April 11, 1996--Neugenesis Corporation today announced that it has been awarded a Small Business Innovation Research (SBIR) Phase I Grant entitled, "Production of Heteromeric Recombinant Proteins in Neurospora crassa." The $100,000 award will be used to support some of Neugenesis' research and development in the production of antibodies and other high value, complex, heteromeric proteins using the company's proprietary NeuBIOS expression technology. Neugenesis is one of a number of high technology firms that have entered into a partnership with Technology Management & Funding, L.P. (TMF) to commercialize its technologies.

"We are excited and pleased to have received this grant from the National Institutes of Health," said Dr. W. Dorsey Stuart, president of Neugenesis. "The award helps in validating our approach for using the NeuBIOS system to produce complex molecules such as antibodies."

Neugenesis' intended outcome of this project is the successful production of intact recombinant antibody molecules in its Neurospora crassa production system. The manufacture of an intact, biologically active, and accurately glycosylated human IgG molecule will provide the biopharmaceutical industry with a new and efficient way to produce these valuable molecules. The company has already produced clinically relevant cytokines, humanized antibody subunits, a thrombolytic protein, insulin-like proteins, and is currently commercializing certain protein-based products.

"There is tremendous merit to Neugenesis in the proof of concept aspect of this work alone," said Dr. Anthony C. Warren, president of TMF. "We feel that we have only begun to exploit the true value of the NeuBIOS system within multi-billion dollar product markets."

Neugenesis and TMF are pursuing a number of strategic alternatives to continue the development and commercialization of the NeuBIOS technology. Discussions are underway with corporate partners who have immediate needs for expressing complex human proteins, as well as longer term strategic interests in developing economical and versatile systems. In addition, Neugenesis and TMF are also pursuing financial alternatives to build or acquire additional manufacturing and R&D capabilities, especially for the development of bio-therapeutic candidates.

Neugenesis Corporation is a privately held biotechnology company based in Honolulu, Hawaii. The company applies its proprietary NeuBIOS system to the production of high value recombinant mammalian proteins, including human bio-pharmaceuticals and proteins for R&D use. Neugenesis will continue to leverage its protein expression and production capabilities for its internal programs as well as for strategic partners.

Technology Management & Funding, L.P., based in Princeton, New Jersey, accelerates the process of building equity value in emerging high-technology companies, while minimizing investment risk. TMF bridges the gap between technological innovation and commercialization by establishing partnerships between small technology companies and major corporations. TMF currently has over 50 companies in its portfolio that have developed breakthrough technologies ranging from industrial products and biotechnology to software and telecommunications.

CONTACT: Cristal Downing

Technology Management & Funding, L.P.

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