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HUMAN GENOME SCIENCES FORMED TO DEVELOP NEW THERAPEUTICS FROM BASIC RESEARCH ON THE HUMAN GENOME

 HUMAN GENOME SCIENCES FORMED TO DEVELOP NEW THERAPEUTICS
 FROM BASIC RESEARCH ON THE HUMAN GENOME
 AND MAKES A $70 MILLION GRANT
 TO THE INSTITUTE FOR GENOMIC RESEARCH
 EDISON, N.J., July 7 /PRNewswire/ -- Human Genome Sciences, Inc. (HGS) announced today a $70 million ten-year grant to The Institute for Genomic Research. The objective of the Institute will be to accelerate the elucidation of gene structure and function as a basic research tool in order to develop new methods of diagnosing and treating genetic disease. J. Craig Venter will be chairman of the board, president and chief executive officer of the new Institute. Venter was formerly senior scientist at the National Institutes of Health where he played a leading role in the human genome program.
 Human Genome Sciences, Inc.'s mission will be to foster the development of health care products from the basic research of the Institute. HGS will form a drug discovery research and development facility that will collaborate with the Institute, scientists and pharmaceutical companies around the world in an attempt to accelerate the development of new methods of diagnosing and treating genetic disease.
 HGS was founded by HealthCare Investment Corporation (HIC), the largest venture capital fund in the world devoted exclusively to private health care investments. Its chairman and founder, Wallace H. Steinberg, was formerly a research and marketing executive with a 21- year career at Johnson & Johnson. The president of HealthCare Investment Corporation is James H. Cavanaugh, formerly president of SmithKline & French Laboratories-U.S. and deputy chief of the White House Staff under President Gerald Ford.
 HealthCare Investment Corporation has a long history of funding basic research in leading edge health care sciences. HIC primarily creates and manages high science health care companies with strong emphasis in genetics, immunology and transplant medicine.
 The initial board of directors of Human Genome Sciences include Wallace H. Steinberg, chairman of board; James H. Cavanaugh; Harold R. Werner, formerly director of New Ventures for Johnson & Johnson; and Donald D. Johnston, formerly a member of the executive committee of Johnson & Johnson. No affiliation exists between Johnson & Johnson and either HIC or HGS.
 Steinberg, chairman of HIC said, "In the next 12 months Human Genome Sciences will choose a president, additional directors and a scientific staff. Our commitment to HGS is consistent with HIC's philosophy to finance basic research in important health care fields with particular emphasis in genetics. The discoveries of the Institute for Genomic Research can act as the Rosetta Stone for medicine and launch a new era where it becomes possible to actually diagnose the causal nature of disease and provide more fundamental treatment."
 Human Genome Sciences, Inc. will be based in Montgomery County, Md. near the Institute. It has committed to the Institute that it will ensure that all scientific data is freely disseminated to international scientists and institutions and that it will collaborate with pharmaceutical and biotechnology companies.
 -0- 7/6/92
 /CONTACT: J. Craig Venter of Human Genome Sciences, 301-496-8800, or Phil Fried of Dilenschneider Group, 212-922-0900, for Human Genome Sciences/ CO: Human Genome Sciences, Inc.; The Institute for Genomic Research ST: New Jersey, Maryland IN: MTC SU:


KD-OS -- NY053 -- 6740 07/06/92 16:34 EDT
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Publication:PR Newswire
Date:Jul 6, 1992
Words:531
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