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CAMBRIDGE BIOTECH ENTERS INTO DEFINITIVE AGREEMENT FOR PURCHASE OF IMMUCELL STOCK; FORMS VENTURE WITH BIONEBRASKA, INC., R&C ENTERPRISES

CAMBRIDGE BIOTECH ENTERS INTO DEFINITIVE AGREEMENT FOR PURCHASE OF IMMUCELL STOCK; FORMS VENTURE WITH BIONEBRASKA, INC., R&C ENTERPRISES
 WORCESTER, Mass., July 23 /PRNewswire/ -- Cambridge Biotech Corporation (NASDAQ: CBCX) today announced that it has entered into a definitive agreement with ImmuCell Corporation (NASDAQ: ICCC) to acquire a 15 percent stake in ImmuCell for $600,000 through a purchase of common stock and granting Cambridge two options, exercisable at Cambridge's discretion, which could allow Cambridge to acquire a controlling interest over the next two years. Additionally, Cambridge announced the formation of a joint venture with two privately held Nebraska-based biotechnology companies, BioNebraska, Inc., and R&C Enterprises, Inc., for the development and testing of new therapies for osteoporosis.
 Closing of the ImmuCell transaction is anticipated in early September and is contingent upon prerequisite Securities and Exchange Commission approval of an increase in authorized ImmuCell shares of common stock, and the approval by ImmuCell's shareholders of the increase at ImmuCell's Aug. 24, 1992, annual meeting. Upon completion of the transaction, the two companies will collaborate in the development of passive immunotherapy for the treatment of human disease and in the development of animal healthcare products.
 Commenting for Cambridge, Dr. Dante J. Marciani, chief scientific officer, said, "We are pleased to have completed a definitive agreement in which Cambridge will have two significant opportunities. We will, for the first time, be able to enter the field of human passive immunotherapy, which has significant potential for the treatment of gastroenterological infection in immunocompromised patients. Additionally, ImmuCell's strong veterinary research will enable us to expand the focus of our existing veterinary business."
 The BioNebraska/R&C Enterprises, Inc. joint venture will develop and test new therapies for the degenerative bone disease osteoporosis, which afflicts over 20 million people in the U.S. and for which no currently approved therapy is effective. As part of its strategy, the joint venture will probably first target sufferers from acute osteoporosis with the therapeutic application of human growth hormone releasing factor (GRF).
 R&C Enterprises developed the therapy, but for several years was unable to perform clinical trials because of the lack of adequate quantities of GRF. BioNebraska has developed proprietary technologies to produce genetically engineered GRF in large quantities at low cost, and last year the two companies entered into a collaboration. Cambridge's role will be to provide initial funding and new technology in drug delivery. Terms were not disclosed.
 Cambridge President and CEO Patrick J. Leonard commented, "We think this is an excellent opportunity for our biopharmaceutical division. The science is solid, the clinical endpoints are well defined and the market is large. This is in keeping with CBC's strategy to broaden the base of its business into emerging growth areas via proprietary technology."
 Cambridge Biotech Corporation is a leader in the development of vaccines, adjuvants and monoclonal antibodies as the basis for vaccine, therapeutic and diagnostic products for humans and animals. The company is a major developer, manufacturer and distributor of viral diagnostic screening and comfirmatory products utilizing recombinant technology.
 -0- 7/23/92
 /CONTACT: Peter P. Hartman, vice president, finance and chief financial officer, Cambridge Biotech Corporation, 508-797-5777/ CO: Cambridge Biotech Corporation ST: Massachusetts IN: MTC SU: JVN


CN -- NE011 -- 2596 07/23/92 13:54 EDT
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Date:Jul 23, 1992
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