HARRIER SPONSORS PHARMACEUTICAL RESEARCH PROJECT AT U. OF MICHIGAN; ENTERS SEPARATE AGREEMENT TO FUND BIOCHEMICAL DEVELOPMENT ACTIVITY
HARRIER SPONSORS PHARMACEUTICAL RESEARCH PROJECT AT U. OF MICHIGAN;
ENTERS SEPARATE AGREEMENT TO FUND BIOCHEMICAL DEVELOPMENT ACTIVITY
LOS ANGELES, Nov. 12 /PRNewswire/ -- Harrier, Inc. (NASDAQ: HARE), today announced that it had entered into a two-year research agreement with the University of Michigan under which the institution's Department of Chemistry would explore the company's proprietary Klemke Method(TM), determine its mechanism and examine its general applicability in the glycosylation of a number of chemical products and pharmaceuticals.
Glycosylation, a chemical reaction by which a carbohydrate is attached to an organic molecule, is a subject of intense current interest among practicing organic and medicinal chemists. According to the company, the Klemke Method is a process by which such a reaction is produced more mildly, effectively and at lower cost than currently available processes.
In the event that patent applications are made involving products developed jointly with or solely by employees of the university, the agreement calls for Harrier to be granted, at its option, an exclusive or non-exclusive royalty-bearing license.
In a separate agreement, Harrier and the Techno-Bio subsidiary of SECOM Co., Ltd., of Tokyo entered into a joint research and development contract relating to Harrier's biochemical product line. According to Harrier, the cooperative effort will further the development of Harrier's Tumosterone pharmaceutical as an anti-cancer drug, develop new applications for the Klemke Method, obtain patent protection and execute licenses to third parties with respect to current and future products that result from the application of this technology. The agreement calls for Techno-Bio to fund current R&D programs under way at the University of Michigan and the Cancer Therapy and Research Center in San Antonio, Texas, and to finance patent costs and a certain portion of Harrier's R&D overhead expenditures in return for a sharing of future royalty income.
SECOM Co., Ltd., is a diversified multinational company which, by virtue of its purchase of Harrier's convertible preferred shares approximately two years ago, is a large stockholder of the company. Harrier, Inc., is primarily engaged in the development and commercialization of unique technologies in the health and environmental fields.
/CONTACT: Kevin DeVito, VP-U.S. operations of Harrier, 213-376-7721/
(HARE) CO: Harrier, Inc.; SECOM Co., Ltd. ST: California, Michigan IN: MTC CHM SU: GK-CK -- NY026 -- 3371 11/12/91 10:32 EST