CENTOCOR AND CORVAS SIGN ANTIBODY AGREEMENT
CENTOCOR AND CORVAS SIGN ANTIBODY AGREEMENT MALVERN, Pa., Nov. 18 /PRNewswire/ -- Centocor, Inc. (NASDAQ: CNTO)
today announced an agreement with Corvas International, Inc. to jointly develop and commercialize monoclonal antibody products.
Under the agreement, Centocor will acquire a worldwide, exclusive license to Corsevin(TM) M, Corvas' first therapeutic product, which is now in Phase I human trials. In addition, Corvas has granted Centocor an exclusive option to license future monoclonal antibody products discovered or developed by Corvas. Corsevin M is a monoclonal antibody-based antithrombotic drug which is designed to block the initiation of a critical blood clot forming process. Pursuant to the agreement, Centocor will make a cash license payment and will make a substantial investment in Corvas to increase its equity position from approximately 7 percent to almost 20 percent. Corvas will be eligible to receive future milestone payments and royalties on Centocor product sales arising from technology licensed from Corvas. As part of the alliance, Hubert J.P. Schoemaker, Ph.D., chairman of the board and chief executive officer of Centocor, will join the Corvas board of directors. "Our partnership with Centocor is intended to accelerate commercialization of our first product and future candidate monoclonal antibodies. At the same time, Corvas obtains significant financing to support our proprietary development of small molecule pharmaceuticals," said Theodor H. Heinrichs, chairman of the board and chief executive officer of Corvas. "We welcome Dr. Schoemaker to our board." "As an early investor, we have long been aware of the important work being done at Corvas," said Schoemaker. "This alliance will provide candidate drugs for Centocor's development pipeline. Centocor intends to conduct further trials with Corsevin M in a number of clinical settings, including the prevention and treatment of blood clotting in sepsis and shock. Corvas and Centocor scientists will work closely to exploit the potential of this drug and to translate future Corvas discoveries into Centocor products." Centocor, Inc. based in Malvern, develops, manufactures, and markets diagnostic and therapeutic products for human health care. The company's products are based on monoclonal antibody technology and are intended for use in infectious, cardiovascular and autoimmune disease and cancer. Corvas International, Inc. is a privately held, development-stage firm based in San Diego and in Gent, Belgium, whose mission is to design and develop novel pharmaceuticals to prevent and treat thrombosis and related vascular diseases using medicinal chemistry, protein engineering, computer-aided drug design and immunochemistry. -0- 11/18/91 R /CONTACT: Charles C. Cabot III, 215-889-4456, or Richard M. Koenig, 215-651-6122, both of Centocor/ (CNTO) CO: Centocor, Inc.; Corvas International, Inc. ST: Pennsylvania IN: MTC SU: JS -- PH018 -- 4582 11/18/91 15:49 EST
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|Date:||Nov 18, 1991|
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