OXFORD
BIOMEDICA
Oxford Biomedica: Acquisition of Novel Technology for Nerve
Regeneration and Issue of Shares
Oxford,
UK -5 February 2001: Oxford BioMedica ("BioMedica"
or the "Company") announced today that it has signed an agreement
with King's College, London that gives BioMedica exclusive
use of a proprietary gene, RARb2,
associated with nerve regeneration. The gene's function was
identified by Professor Malcolm Maden's research team at King's
College London.
The combination
of the gene and BioMedica's LentiVector® gene
delivery system could lead to a product for nerve repair in
spinal injury and in neuropathies associated with diseases
such as diabetes and vascular disorders. No products exist
for these conditions at present and so there is considerable
commercial potential.
The RARb2
gene is normally inactive in adults. Professor Maden's group
has demonstrated that by reactivating the gene in adult nerve
cells it can restore the ability of nerve cells to grow after
injury. A key part of a strategy to turn this into a therapeutic
product requires the use of BioMedica's LentiVector®
technology to deliver the gene to neurones in areas of the
body where damage has occurred. This synergistic combination
opens up an exciting new approach to the treatment of nerve
damage.
In addition
the technology acquired from King's College can be used in
combination with BioMedica's SmartomicsT gene discovery technology
to identify new genes associated with nerve regeneration.
The results from this work may form the focus of future product
development programmes. The King's group will take part in
the analysis and development of such genes.
Oxford
BioMedica has made an initial payment of £180,000 under this
agreement. Subject to the achievement of specified milestones,
BioMedica may make further payments in the future, including
royalties on the sale of products that use the RARb2
gene.
Under
a separate agreement also signed today, King's College has
made an equity investment in Oxford BioMedica, subscribing
for a total of 204,360 ordinary shares of 1p each at 73.4
pence per share.
Commenting
on these agreements Alan Kingsman, Chief Executive of BioMedica
said:
"We are delighted to have established a collaboration with
Kings College and to welcome the College to our shareholder
list. Professor Maden is a world leader in developmental neurobiology
and the juxtaposition of his group and our neurobiology team
promises to be very powerful. The combination of our technologies
opens up some very exciting commercial opportunities and sits
well with BioMedica's increasing activity in the field of
neurological diseases and conditions." |
