ADVANCED TISSUE SCIENCES ANNOUNCES LETTER OF INTENT TO ACQUIRE NEOMORPHICS INC.
ADVANCED TISSUE SCIENCES ANNOUNCES LETTER OF INTENT TO ACQUIRE NEOMORPHICS INC. LA JOLLA, Calif., March 30 /PRNewswire/ -- Advanced Tissue Sciences Inc. (NASDAQ-NMS: ATISA) announced today that it has signed a letter of intent to acquire Neomorphics Inc., a venture capital-backed research and development company focusing on the engineering of human tissue and organ replacements. Neomorphics has funded research and development programs at Massachusetts Institute of Technology (M.I.T.) and Children's Hospital. The programs are conducted by more than 35 scientists, led by Joseph P. Vacanti, M.D., a leading transplant surgeon and researcher at Harvard Medical School and Children's Hospital, and Robert S. Langer, Sc.D., a renowned biomaterials scientist at M.I.T. Gail K. Naughton, Ph.D., executive vice president and chief operating officer of Advanced Tissue Sciences, commented on the significance of the Neomorphics acquisition: "Dr. Langer's laboratory at M.I.T. has worked with Neomorphics to develop new biocompatible materials to support the growth of specific organ tissues within the body. This work will complement our own patented core technology which makes possible the growth of living three-dimensional tissues on biocompatible matrices outside the body. "Vacanti is preeminent in the field of pediatric liver transplantation. Together with Langer, he has developed a variety of novel approaches for the implantation of engineered tissues including liver, cartilage and gastrointestinal and genitourinary tracts." Naughton added, "Dr. Vacanti will also bring the company unique surgical resources for performing preclinical and clinical studies of laboratory- grown tissues. Neomorphics has license rights to several patents held by Children's Hospital and M.I.T. In addition, Neomorphics holds licensing rights to future patents which may arise from work sponsored by Neomorphics at the Children's Hospital and M.I.T. laboratories. The acquisition is expected to involve an exchange of all of Neomorphics' outstanding stock for shares of the company's common stock having a value of $21 million. The company anticipates that the acquisition will be accounted for as a purchase and will close in mid- August 1992. The consummation of this proposed acquisition is subject to various contingencies, including signing a definitive agreement, approvals by the respective boards of directors and satisfying various pre-closing conditions. "Advanced Tissue Sciences has a well-developed infrastructure for manufacturing and marketing living tissue products and for taking new tissue products through the clinical and regulatory process," Vacanti stated. "We are excited by this opportunity to combine our technology with theirs. We expect this association to accelerate the development of important tissue replacement products for the many patients who need them." Advanced Tissue Sciences (formerly Marrow-Tech Inc.) is a tissue engineering company engaged in the growth of human tissue and organs for potential therapeutic and laboratory applications. Using its proprietary three-dimensional culture system, the company has successfully replicated a variety of human tissues including skin, cartilage, oral mucosa, bone marrow and liver. The company is currently marketing its Skin2(TM) toxicology testing products domestically and internationally and is conducting multicenter clinical trials of Dermagraft(TM), its dermal replacement product. -0- 3/30/92 /CONTACT: Arthur J. Benvenuto, chairman, president and CEO of Advanced Tissue Sciences, 619-450-5735/ (ATISA) CO: Advanced Tissue Sciences; Neomorphics Inc. ST: California, Massachusetts IN: MTC SU TNM
EH-JL -- SD005 -- 2705 03/30/92 08:46 EST
|Printer friendly Cite/link Email Feedback|
|Date:||Mar 30, 1992|
|Previous Article:||HELIAN INCREASES EARNINGS 67 PERCENT ON RECORD FIRST QUARTER REVENUES|
|Next Article:||CELLULAR COMMUNICATIONS ANNOUNCES OPERATING RESULTS FOR 1991|