T CELL SCIENCES AND AB ASTRA SIGN AGREEMENT IN PRINCIPLE FOR JOINT DEVELOPMENT OF THERAPEUTIC PRODUCTS
T CELL SCIENCES AND AB ASTRA SIGN AGREEMENT IN PRINCIPLE
FOR JOINT DEVELOPMENT OF THERAPEUTIC PRODUCTS
CAMBRIDGE, Mass., Nov. 6 /PRNewswire/ -- T Cell Sciences, Inc. (NASDAQ: TCEL), today announced an agreement in principle with AB Astra covering a comprehensive program for the joint development and worldwide marketing of therapeutic products resulting from T Cell Sciences' proprietary T cell antigen receptor (TCAR) technology. Revenues from Astra to T Cell Sciences, pursuant to milestones and options, will amount to approximately $15 million over approximately 24 months. Further investment by Astra pursuant to options could amount to an additional $17 million or more, according to the agreement in principle. T Cell Sciences will be the sole supplier of the products.
Astra is a $2 billion worldwide pharmaceutical company headquartered in Sodertalje, Sweden.
The products to be developed exclusively and jointly with Astra are monoclonal antibodies and protein-derived immunomodulators that may have efficacy in treating autoimmune diseases such as rheumatoid arthritis, multiple sclerosis, crohn's disease and sarcoidosis, and T cell cancers. Immunomodulators are recombinantly produced proteins identical to certain T cell antigen receptor regions on T cells. T Cell Sciences' and Astra's goal is to use these antibody and immunomodulator products to activate the immune system to eliminate specific T cells implicated as causal agents in autoimmune diseases.
Under the terms of the final agreement being negotiated, the initial phase of the program, estimated to cost $15 million, will encompass the preclinical development, already under way at T Cell Sciences, and preliminary clinical development of four specific products for treating autoimmune diseases and T cell cancers. If safety and efficacy of the initially developed products are established in humans, the second phase of the program will begin and Astra will have exclusive rights to these products and any additional TCAR therapeutic products provided that it makes a series of payments to T Cell Sciences on a specified time schedule.
Located in Cambridge, Mass., T Cell Sciences, Inc., is utilizing proprietary T cell receptor and soluble receptor technology to develop pharmaceutical products to treat heart disease, inflammatory diseases, autoimmune diseases and cancer. T Cell Diagnostics, Inc., a subsidiary of T Cell Sciences, develops, manufactures, and markets products for monitoring immune system disorders.
/CONTACT: James D. Grant, chairman and CEO, or Susan Primrose of T Cell Sciences, 617-621-1400; or Fredric Spar of Kekst and Company, 212-593-2655, for T Cell Sciences/
(TCEL) CO: T Cell Sciences, Inc.; AB Astra ST: Massachusetts IN: MTC SU: JVN GK -- NY019 -- 1572 11/06/91 10:01 EST