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PHILLIPS PLANS TO SELL ITS PICHIA SYSTEM

 BARTLESVILLE, Okla., Feb. 3 /PRNewswire/ -- Phillips Petroleum Company plans to sell its Pichia Yeast Expression System, which produces recombinant proteins and related products. The company said it has invested $100 million to date in developing the Pichia System.
 The Pichia System has proved to have desirable rDNA production characteristics. "We have contacted some companies about the sale plans," said John Norell, president, Provesta Corp., which is managing the sale with the investment bank, Arnhold and S. Bleichroeder, Inc., New York. Provesta is a Phillips Petroleum subsidiary.
 Norell said the eventual sale will include all materials, technical information, technology rights, patents and rights to income from existing technology licenses. "There is no specific time frame for sale completion," Norell said.
 The asking price wasn't disclosed.
 -0- 2/3/93
 /CONTACT: Alan Hirsch or Jill Miller of G+A Communications, 212-221-2267, for Phillips Petroleum Company/


CO: Phillips Petroleum Company ST: Oklahoma IN: OIL SU:

KD-OS -- NY050 -- 2399 02/03/93 12:34 EST
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Publication:PR Newswire
Date:Feb 3, 1993
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