Techniclone Extends Agreement With Biotechnology Development Limited.TUSTIN, Calif.--(BUSINESS WIRE)--Oct. 28, 1998-- For Oncolym(R) Rights in Designated Foreign Countries 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) a developer of leading-edge therapeutics for the advanced treatment of cancer, announced today that the Company has signed an agreement to extend its option rights under a Distribution Agreement with Biotechnology Development Ltd. ("BTD BTD Biotinidase (human gene) BTD Boston Transportation Department (Boston, MA, USA) BTD Brightness Temperature Difference BTD Bleed The Dream (band) BTD Born to Die ") through August 30, 1999. The terms of the option provide that the Company may, at any time through August 30, 1999, repurchase the LYM n. 1. A dog held in a leam; a bloodhound; a limehound. product distribution rights in Europe and other designated areas under the same terms of the original Distribution Agreement. The terms of the original Distribution Agreement with BTD include a cash payment of $4,500,000, the issuance of an option to purchase 1,000,000 shares of the Company's common stock at $5.00 per share with a five year term and a 5% royalty on LYM product sales in Europe and other designated foreign countries. Under the option extension agreement, the Company will be required to make an initial cash payment of $93,750 and subsequent quarterly payments of $112,500 each beginning December 1, 1998. The Company many cancel the option upon 90 days written notice without any penalty or further requirement to pay the quarterly cash amounts. For the option to extend the rights under the original Distribution Agreement, BTD will receive 125,000 options to purchase shares of the Company's common stock at $3.00 per share with a three year term. Larry Bymaster, President and Chief Executive Officer, stated, "Oncolym(R) is our lead candidate for both licensing and commercialization. With our ongoing licensing negotiations for Oncolym(R), this extension represents an important milestone in Techniclone's efforts to create an alliance with a major pharmaceutical firm by providing the Company the ability to offer worldwide marketing rights." Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement: 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 of 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 Company's report on Form 10Q for the quarter ended July 31, 1998 and on Form 10K for the year ended April 30, 1998. Company Overview: Techniclone Corporation is engaged in the research and development of unique therapeutics for the treatment of cancer. The Company utilizes innovative targeting technologies to develop products capable of destroying cancerous tumors throughout the body. Presently in Phase II clinical testing, the Company's 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. ) is designed to deliver high doses of radiation directly to the core of the tumor while causing minimal damage to surrounding tissue. Oncolym(R), a therapy for the treatment of advanced B-Cell 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 , is currently undergoing Phase II/III human testing. The Company is also developing two additional technologies for the treatment of solid tumors, Vasopermeation Enhancement Agents (VEA VEA Virginia Education Association VEA Virtual Environment Architecture VEA Value Engineering Analysis VEA video encryption algorithm VEA Value Efficiency Analysis VEA Vida Ecología y Ambiente (Spanish, Guatemala) ) and Vascular Targeting Agents (VTA VTA Valley Transportation Authority (San Jose, California) VTA Ventral Tegmental Area VTA Vacuum Triode Amplifier VTA VFR Terminal Area VTA Martha's Vineyard Transit Authority (Massachusetts) ). VEAs act on tumors to increase the concentration of conventional chemotherapy in the tumor site while VTAs attach to tumor blood vessels creating a blood clot which kills the tumor by eliminating its oxygen and nutrient supply. Additional information on the Company and its products can be found at www.techniclone.com. |
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