THE IMMUNE RESPONSE CORPORATION ANNOUNCES PROPOSED ACQUISITION OF TARGETECH, INC.
THE IMMUNE RESPONSE CORPORATION ANNOUNCES PROPOSED ACQUISITION OF TARGETECH, INC. SAN DIEGO, Oct. 12 /PRNewswire/ -- The Immune Response Corporation (NASDAQ-NMS: IMNR) announced today that it has signed a letter of intent to acquire TargeTech, Inc., a privately held biopharmaceutical company developing human disease treatments through the application of a targeted in-vivo gene therapy technology. In the proposed transaction, Immune Response would pay $3 million in cash and issue 1,325,000 shares of the company's common stock to acquire TargeTech. Consummation of the transaction is subject to the completion of due diligence, the execution of a definitive agreement and approval by both companies' boards of directors. In the event the acquisition is not completed, Immune Response would make a $3 million investment in TargeTech. TargeTech is developing a core technology for the treatment of human diseases through gene therapy. TargeTech's technology is designed to enable direct intravenous injection of "gene drugs" targeted specifically to a receptor on liver cells. This in-vivo approach is intended to introduce a therapeutic gene into liver cells, where the gene is expressed and produces a protein without the use of retroviral vectors. This technology has demonstrated success in certain preclinical models of disease and may be effective in the treatment of human disease. Citing Immune Response's success in translating technology into clinical products. H. L. Nordhoff, TargeTech's chief executive officer, stated, "I believe that Immune Response offers the best opportunity for developing our technology rapidly. They possess outstanding development expertise and the necessary resources to aggressively pursue our scientific programs. We are delighted at the prospect of being part of The Immune Response Corporation." Dr. Dennis J. Carlo, chief scientific officer of Immune Response, commented on the announcement, "TargeTech's gene delivery technology complements our own expertise in the treatment and prevention of AIDS and autoimmune diseases. This third core technology also creates new product opportunities for Immune Response, including the treatment of hepatitis, cancer, cardiovascular disease and certain genetic disorders. With the integration of our existing technology and this unique gene delivery approach, Immune Response is capable of addressing life- threatening diseases through genetic and immunologic engineering." TargeTech, Inc. is a biopharmaceutical company, based in Meriden, Conn., engaged in the development of proprietary products for the treatment of human disease based upon gene therapy technology. The company's research programs address hepatitis, cancer, cardiovascular disease and certain genetic disorders. The Immune Response Corporation is a biopharmaceutical company engaged in the development of proprietary products for the treatment of HIV infection, which leads to AIDS, and for the treatment of certain autoimmune diseases, particularly rheumatoid arthritis, multiple sclerosis and insulin-dependent diabetes. -0- 10/12/92 R /CONTACT: Steven Basta of The Immune Response Corporation, 619-431-7080/ (INMR) CO: The Immune Response Corporation; TargeTech, Inc. ST: California, Connecticut IN: MTC SU: TNM
TS -- NY001R -- 8872 10/12/92 13:27 EDT
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|Date:||Oct 12, 1992|
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