Techniclone Achieves Industry Recognition; Company Highlighted in Cruttendon Roth Industry Report; Participates in Bio '98 and Initiates Road Show in New York Area.TUSTIN, Calif.--(BUSINESS WIRE)--June 25, 1998--Techniclone Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :TCLN) today announced that the Company was highlighted in an Industry Report issued by Cruttendon Roth, an investment banking firm, entitled "Cashing in on Cancer:A Detailed Analysis of the Shifting Fundamentals in the Cancer Sector", dated May 13, 1998. The Company's Oncolym(R) technology was featured in sections concerning Non-Hodgkin's Lymphoma non-Hodg·kin's lymphoma n. Any of various malignant lymphomas characterized by the absence of Reed-Sternberg cells. Non-Hodgkin's lymphoma and an Overview of Cancer Therapies: Monoclonal Antibodies/Brachytherapy. Additionally, Techniclone participated in Bio `98, the world's largest biotech meeting which was held in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. from June 15th through June 18th. The Company featured its Oncolym(R) and Tumor Necrosis tumor necrosis Death of tumor tissue, a common event in aggressive CAs in which the tumor rapidly outgrows its blood supply, resulting in tumor cell death. Cf Apoptosis. Therapy (TNT TNT: see trinitrotoluene. TNT in full trinitrotoluene Pale yellow, solid organic compound made by adding nitrate (−NO2) groups to toluene. ) technologies at the conference, which was attended by several thousand people and more than 1,000 biotech companies. Concurrent with Bio `98, Techniclone's management held several meetings with shareholders, brokers and analysts in the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of area to discuss its recently announced financing, its Oncolym(R) and TNT human clinical trials and its other platform technologies for the treatment of cancer. Larry Bymaster, 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. , stated, "We are pleased that Techniclone is gaining recognition in the industry with review of its technologies by a respected investment banker such as Cruttendon Roth. Our platform technologies are clearly contrasted with other companies that utilize monoclonal antibodies for the treatment of cancer. I believe that this report represents a pivotal turning point in the awareness of Techniclone's technologies." Bymaster added, "A vital component of the Company's strategic plan is to increase awareness of Techniclone and its broad base of platform technologies. The recent visit to New York to meet with shareholders, brokers and analysts coupled with our participation in Bio `98 provided Techniclone an excellent forum in which to present its technologies and opportunities for the future. We are planning to host additional meetings and a teleconference to update shareholders concerning recent activities of the Company and prospects for the future." Elizabeth Gorbett-Frost, CFO See Chief Financial Officer. , added, "We believe that the recent meetings in New York were a good starting point to increase awareness of the Company and provided us with the opportunity to discuss the recently completed $20 million equity line and its impact on the Company's ability to move forward in its clinical trial programs. Selection of this form of financing provided Techniclone with the ability to draw funds immediately without tying up collateral and the ability to draw funds in the future at the Company's discretion." Techniclone Corporation is a biotechnology company focused on the research, development and commercialization of novel cancer therapeutics in two principal areas: 1) direct tumor targeting agents for the treatment of refractory malignant lymphoma and 2) collateral targeting agents for the treatment of solid tumors. Oncolym(R), the Company's most advanced drug development candidate, is an investigational radiolabeled murine murine /mu·rine/ (mur´en) pertaining to, derived from, or characteristic of mice or rats. mu·rine adj. monoclonal antibody being studied in a Phase II/III trial for the treatment of intermediate - and high-grade relapsed or refractory B-cell non-Hodgkins lymphoma. Additionally, the Company is conducting a Phase I study of its Tumor Necrosis Therapy (TNT) for the treatment of malignant glioma glioma /gli·o·ma/ (gli-o´mah) a tumor composed of neuroglia in any of its states of development; sometimes extended to include all intrinsic neoplasms of the brain and spinal cord, as astrocytomas, ependymomas, etc. (brain cancer). The Company is also developing additional product candidates from the following collateral targeting agents for solid tumor therapy: Vascular Targeting Agents (VTAs) and Vasopermeation Enhancement (VEAs). Techniclone Corporation intends to commercialize these products through the establishment of strategic corporate collaborations. This release may contain certain forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Actual events or results may differ from the Company's expectations as a result of risk factors discussed in Techniclone's reports on file with the U.S. Securities and Exchange Commission (including, but not limited to, the report on Form 10-Q/A for the quarter ended January 31, 1998 and the Company's report on Form 10 K/A K/A Knowledge and Abilities for the year ended April 30, 1997. CONTACT: Techniclone Corporation, Tustin Elizabeth Gorbett-Frost William V. Moding 714/508-6000 or Cynthia DeMonte Investor Communications 212/420-0088 |
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