Last checked at 21 Sep 2007 09:54
PROTEOME SCIENCES plc PRESS RELEASE Intronn Inc. 21 September 2007. Proteome Sciences plc ("Proteome Sciences") today announcesthat VIRxSYS Corporation has acquired the core technology and assets of IntronnInc. (a company in which Proteome Sciences retains a 43 percent shareholding)in exchange for the issuance of preference stock in VIRxSYS.VIRxSYS is a private US biotechnology company founded in 1998 developing genetherapies for HIV and genetic disorders using a lentiviral vector deliveryplatform. VIRxSYS's initial focus was directed towards HIV and geneticdiseases. Intronn brings advanced pre-clinical programmes in haemophilia anddyslipidemia that integrate extremely well and should significantly acceleratethe programmes recently established by VIRxSYS in the same areas and with theability to use SMaRTTM across a broad range of other disease applications.VIRxSYS lead application, VRX496 (a CD4 T cell treatment against HIV),successfully completed Phase I trials in November 2006 and has now moved on toPhase II trials. VRX496 continues to be the only lentiviral vector currentlyadministered in human ethical trials approved by the US Food & DrugAdministration. Both companies recognise the considerable synergy between thetwo technologies, with SMaRTTM providing a strong pipeline of RNA productsthrough the VIRxSYS lentiviral vector delivery platform.By combining the two technologies in an all stock transaction, both companieswill participate directly from the considerable upside potential of thecombined platforms and remove duplication of costs and effort. Financial termshave not been disclosed.
Proteome Sciences will keep shareholders appraised of significant developments at VIRxSYS, in particular, news relating to the Phase II clinical trials. Further details can be found in the press release at www.virxsys.com.
Ends Proteome Sciences plc
Christopher Pearce, Chief Executive Officer James Malthouse, Finance Director Email: christopher.pearce@proteomics.com
Email:
james.malthouse@proteomics.com
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