HARRIER TO ESTABLISH PHARMACEUTICAL JOINT VENTURE WITH AMERICAN DIAGNOSTICA INC.
LOS ANGELES, March 10 /PRNewswire/ -- Harrier, Inc. today announced that it had signed a preliminary agreement with American Diagnostica Inc. (ADI), Greenwich, Conn., under which an exclusive worldwide manufacturing and marketing license to its proprietary biochemical technologies would be transferred to a new joint venture partnership to be 60 percent owned by Harrier and 40 percent by ADI. ADI is a privately held producer of specialty products used in hospitals and clinics in the U.S. and internationally for the diagnosis of clotting and bleeding disorders, the determination of heart attack risk and the study of blood function problems. The company is also engaged in anti-cancer drug development and discovery research, maintaining collaborative agreements with approximately 10 universities and clinics worldwide. Harrier's biochemical technologies include new synthetic processes which permit drugs to be inexpensively glycosylated, i.e. their physical and biological properties modified and possibly enhanced through the addition of a carbohydrate (sugar) attachment to their molecular structures. In return for its 40 percent interest, ADI agrees to fund the partnership's research budget, estimated at $800,000 over the next 12-18 months, to glycosylate and test 10 or more identified compounds with the intention of filing two new drug applications during this period. The research budget will include chemistry development, patent maintenance and new filings, research grants and all employees and consultants on the project. In addition, ADI agrees to pay Harrier a 3 percent royalty on gross sales of any compounds glycosylated with its processes, up to a maximum of $500,000 to be prepaid at a rate of $5000 per month with the balance due if and when the partnership successfully completes an initial equity financing. Further, ADI will transfer to the joint venture two of its drug projects currently under development. One of these projects involves an anti-metastatic agent based on the urokinase receptor and the other is directed to the treatment of sickle cell disease. The use of the Harrier glycosylation process is planned for the synthesis of the sickle cell drug. All development activity of the partnership will be conducted at ADI's existing facility in Greenwich, under its President and Chief Executive Officer Richard Hart, who will assume the managing directorship of the joint venture upon the closing of a definitive agreement. -0- 3/10/93 /CONTACT: Kevin DeVito, president and CEO of Harrier, Inc., 310-376-7721/
CO: Harrier, Inc.; American Diagnostica Inc. ST: California, Connecticut IN: MTC SU: JVN
WB-AH -- NY019 -- 4873 03/10/93 10:26 EST
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|Date:||Mar 10, 1993|
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