MediGene AG divests Oncolytic Herpes Simplex Viruses (oHSV) program to Catherex, Inc.
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MediGene AG / MediGene AG divests Oncolytic Herpes Simplex Viruses (oHSV) program to Catherex, Inc. processed and transmitted by Hugin AS. The issuer is solely responsible for the content of this announcement.
Corporate focusing continues
MediGene to receive a 40% stake in Catherex
Martinsried/Munich, April 13, 2010. The biotech company MediGene AG (Frankfurt,
Prime Standard, TecDAX) announces that MediGene, Inc., its wholly owned
subsidiary, has assigned its development program of oncolytic (cancer killing)
herpes simplex viruses (oHSV), to Catherex, Inc., a private US company located
in Philadelphia, Pennsylvania. In return, MediGene receives a 40% stake in
Catherex, making MediGene the main shareholder of this newly founded company.
MediGene will support the future development of the oHSV technology by
appointing two persons to the Supervisory Board of Catherex. In addition, should
the NV1020 project be further developed by Catherex, MediGene would be entitled
to further stock options or a one-off payment. Furthermore, should Catherex
grant licenses for defined rights within the oHSV program to certain third
parties, MediGene would be eligible to receive further payments. With immediate
effect, no further expenses for the oHSV program will accrue to MediGene and by
out-licensing this program, MediGene AG continues its strategic refocusing to
increasingly concentrate on the field of oncology with a near-term emphasis on
EndoTAG((TM)).
MediGene has been developing oncolytic viruses for the treatment of various
types of cancer, generating promising results in clinical trials in cancer
patients. Specifically, MediGene presented positive results obtained in a phase
I/II trial testing NV1020 in patients with colorectal carcinoma that had
metastasized to the liver at the ASCO GI conference, and in a phase I/II trial
testing G207 in patients with glioma at the 2009 ASCO Annual Meeting.
Dr. Uwe Michaelis, Vice President, Project Leader Strategic Investments of
MediGene AG, commented: "We are delighted to know that the promising oHSV
program is in good hands. As the main shareholder of Catherex, we fully support
the company on its future road, and we will be able to directly participate in
the success of its development. At the same time, licensing of this program
represents an important step towards MediGene's focusing on our core
activities."
Michael Christini, Chief Executive Officer of Catherex added: "Catherex is
dedicated to the rapid and successful development of the oHSV program in a broad
range of cancer indications. Our business team and founders represent the
leading industry and scientific experts in this field and it is our objective to
aggressively exploit the full potential of this technology. We have initiated
private equity fundraising efforts with the expectation that multiple clinical
programs will commence fully in 2011."
Based on positive clinical data obtained with the drug candidate EndoTAG(TM)-1
for the treatment of pancreatic cancer, MediGene decided to focus its business
activities. In this regard, MediGene had already sold the European licenses for
the dermatological drug Oracea(®) to the pharmaceutical company Galderma
Laboratories, Inc. and spun off the platform technology with monoclonal T-cell
receptors (mTCR) into Immunocore Ltd. The AAVLP technology and the immunology
product RhuDex(®) are also out-licensing candidates.
This press release contains forward-looking statements representing the opinion
of MediGene as of the date of this release. The actual results achieved by
MediGene may differ significantly from the forward-looking statements made
herein. MediGene is not bound to update any of these forward-looking statements.
MediGene and EndoTAG(TM)-1 are registered trademarks of MediGene AG,. Oracea(®
)is a registered trademark of CollaGenex Pharmaceuticals, Inc. RhuDex(®) is a
trademark of MediGene Ltd. These trademarks may be owned or licensed in select
locations only.
- ends -
MediGene AG is a publicly listed (Frankfurt, Prime Standard: MDG, TecDax)
biotechnology company located in Martinsried/Munich, Germany, with subsidiaries
in Oxford, UK and San Diego, USA. MediGene is the first German biotech company
to have drugs on the market which are distributed by partner companies. It has
several drug candidates in clinical development and possesses innovative
platform technologies. MediGene focuses on clinical research and development of
novel drugs with focus on oncology.
Contact MediGene AG
Email: investor(at)medigene.com
Fax: ++49 - 89 - 85 65 - 2920
Julia Hofmann / Dr. Nadja Wolf, Public Relations, Tel.: ++49 - 89 - 85 65 - 3324
Dr. Georg Dönges, Investor Relations, Tel.: ++49 - 89 - 85 65 - 2946
Contact Catherex, Inc.
Michael Christini, President and CEO
Email: catherex(at)gmail.com
Phone: +1 703 786 3790
[HUG#1402858]
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MediGene AG
Lochhamer Strasse 11 Martinsried / München Germany
Listed: Freiverkehr in Börse Stuttgart,
Freiverkehr in Hanseatische Wertpapierbörse zu Hamburg,
Freiverkehr in Börse Düsseldorf,
Freiverkehr in Bayerische Börse München,
Freiverkehr in Niedersächsische Börse zu Hannover,
Prime Standard in Frankfurter Wertpapierbörse,
Regulierter Markt in Frankfurter Wertpapierbörse;
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Datum: 13.04.2010 - 02:31 Uhr
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News-ID 1012778
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