Nexell Therapeutics Closes Deal With Baxter; Company Positioned to Move Forward with Therapeutics Business.Business Editors and Health/Medical Writers BIOWIRE2K IRVINE, Calif.--(BW HealthWire)--Sept. 5, 2001 Nexell Therapeutics Inc. (Nasdaq:NEXL) announced today the closing of its previously announced transaction with Baxter Healthcare Corporation. Baxter now has worldwide sales, marketing and distribution rights and responsibilities for Nexell's cell processing products, including the Isolex(R) 300i Magnetic Cell Selection System. "Baxter's global presence and extensive experience in transfusion therapy can provide solid market support for Nexell's cell processing systems," said William A. Albright, Jr., President and Chief Executive Officer, Nexell Therapeutics. "Closing this transaction was a substantial step in our strategic plan to focus Nexell on the development of cellular therapeutics based on adult stem cells and our proprietary technology." Under the terms of the agreements, Baxter has acquired certain assets and liabilities of Nexell's cell processing systems sales, marketing and distribution business, as well as worldwide sales, marketing and distribution rights for the related products, for an estimated net purchase price of $4.3 million and royalties on future product sales. Approximately $2.6 million of the estimated purchase price was paid at closing, with an adjustment to occur after certain final calculations, most of which are expected to occur within 60 days of closing. To facilitate an orderly transfer of the business, Nexell and Baxter have provided for a transition phase during which Baxter will reimburse Nexell for certain expenses. Baxter will retain most of Nexell's current sales and marketing personnel for the cell processing systems distribution business. Nexell plans to retain a staff of approximately 25 employees focused on pre-clinical and clinical research and development of cellular therapies. Nexell currently intends to pursue pre-clinical and clinical development of two lead programs. The chronic granulomatous disease Chronic Granulomatous Disease Definition Chronic granulomatous disease (CGD) is an inherited disorder in which white blood cells lose their ability to destroy certain bacteria and fungi. program is developing a proprietary cellular therapy, utilizing the Isolex(R) 300i Magnetic Cell Selection System, to produce a stem cell stem cell In living organisms, an undifferentiated cell that can produce other cells that eventually make up specialized tissues and organs. There are two major types of stem cells, embryonic and adult. transplant to treat a rare, life-threatening inherited blood disorder Noun 1. blood disorder - a disease or disorder of the blood blood disease cytopenia - a deficiency of some cellular element of the blood acidemia - a blood disorder characterized by an increased concentration of hydrogen ions in the blood (which falls . The colorectal cancer colorectal cancer Malignant tumour of the large intestine (colon) or rectum. Risk factors include age (after age 50), family history of colorectal cancer, chronic inflammatory bowel diseases, benign polyps, physical inactivity, and a diet high in fat. vaccine development program relies on the Company's expertise in cell processing, its dendritic cell dendritic cell n. 1. A cell that has branching processes. 2. Any of the cells in the neural crest of the embryonic ectoderm having extensive processes and developing early as producers of melanin. technology and proprietary antigens to develop new therapies for cancer patients. In the long-term, Nexell seeks to develop broad commercial applications of adult stem cell therapies for a range of significant diseases based on its proprietary positions in CD34+ hematopoetic stem cells stem cells, unspecialized human or animal cells that can produce mature specialized body cells and at the same time replicate themselves. Embryonic stem cells are derived from a blastocyst (the blastula typical of placental mammals; see embryo), which is very young and in cell processing technology. Nexell Therapeutics Inc. Located in Irvine, California Irvine is an incorporated city in Orange County, California, United States. It is a planned city, mainly developed by the Irvine Company since the 1960s. Formally incorporated on December 28 1971, the 69.7 square mile (180.5 km²) city has a population of 202,079 (as of 2007). , Nexell Therapeutics Inc. (Nasdaq:NEXL) is a biotechnology company that is focused on the modification or enhancement of human immune function Immune function The state in which the body recognizes foreign materials and is able to neutralize them before they can do any harm. Mentioned in: Herbalism, Traditional Chinese, Stress Reduction and blood cell formation utilizing adult hematopoietic hematopoietic /he·ma·to·poi·et·ic/ (-poi-et´ik) 1. pertaining to hematopoiesis. 2. an agent that promotes hematopoiesis. hematopoietic 1. pertaining to or affecting the formation of blood cells. (blood-forming) stem cells and other specially prepared cell populations. Nexell is developing proprietary cell-based therapies that address major unmet medical needs, including treatments for genetic blood disorders blood disorders, n.pl hematologic dyscrasias that affect the component cells and plasma elements of the blood. They are generally divided into two broad groups: those in which an increase in bulk occurs (e.g. , autoimmune diseases Autoimmune diseases A group of diseases, like rheumatoid arthritis and systemic lupus erythematosus, in which immune cells turn on the body, attacking various tissues and organs. Mentioned in: Complement Deficiencies, Premature Menopause , and cancer. This release contains forward-looking statements regarding future projects, products and revenues, which statements are subject to certain risks and uncertainties that could cause actual results to differ materially from current expectations. Such risks and uncertainties include: marketing and sales of cell processing products by Baxter; success of the Company's pre-clinical and clinical development programs; ability of the Company to finance continued operations; competition in the cell processing and cellular therapies businesses; and any additional factors described from time to time in the Company's filings with the SEC. These forward-looking statements represent the Company's judgment as of the date of this release. The Company disclaims any intent or obligation to update these forward-looking statements. Note to Investors and Editors: Nexell Therapeutics Inc. press releases are available on the Internet through www.nexell.com and through Business Wire's Web site at http://www.businesswire.com. The releases are also available at no charge through Business Wire's fax-on-demand service at 800/411-8792. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion