FOR IMMEDIATE RELEASE
Valentis Enters Cross License Agreement With Genzyme
BURLINGAME, Calif., Jan. 9 /PRNewswire-FirstCall/ -- Valentis, Inc.
(Nasdaq:
VLTS) today announced that it has entered a non-exclusive cross
license agreement with Genzyme Corporation in which Genzyme receives rights to
Valentis' GeneSwitch® gene regulation technology for research use and
Valentis receives certain rights to Genzyme's plasmid DNA manufacturing
technology.
Valentis' GeneSwitch® system allows researchers to control the level and
duration of expression of selected genes by oral administration of a small
molecule drug. Genzyme plans to use the GeneSwitch® technology for its
internal product research.
Genzyme's manufacturing technology (U.S. Patent No. 5,837,529) allows
Valentis to improve the yield of scaled-up production of plasmid DNA. The
technology is useful for Valentis' internal manufacturing requirements and
also for commercial manufacturing through the pAlliance™, Valentis'
manufacturing collaboration with Qiagen and DSM Biologics. Plasmids are
circular segments of DNA that contain a therapeutic gene and components that
regulate its expression. Valentis' lipid and polymer delivery systems
facilitate the delivery of the plasmid DNA into target cells.
"The cross license with Genzyme is the fifth license of the GeneSwitch®
technology to pharmaceutical and biotechnology companies for internal research
efforts that we have completed in 2001," stated Gregory M. McKee, Valentis'
Senior Director of Business Development. "In addition, this agreement
provides an option for Genzyme to license the GeneSwitch® technology for
potential use in selected gene therapy products."
Valentis is currently developing the GeneSwitch® system as a component
of a regulated erythropoietin gene product.
Valentis converts genomic discoveries into medicines. The Company applies
its proprietary synthetic, lipid and polymer, gene delivery, gene regulation,
and PEGylation technologies to create novel therapeutic products in the fields
of cardiovascular disease, oncology, hematology, and infectious diseases.
Enabled by its expertise in preclinical research and development, clinical
development, and manufacturing, Valentis has created a broad product portfolio
designed to improve the safety, efficacy and dosing characteristics of genes,
proteins, peptides, antibodies, viruses and liposomes. Additional information
about Valentis can be found at http://www.valentis.com. Technical and licensing
information on the GeneSwitch® technology can be found at
http://www.geneswitch.com.
Genzyme Corp. is a biotechnology company that develops and markets
innovative products and services for unmet medical needs.
Statements in this press release that are not strictly historical are
"forward looking" statements as defined in the Private Securities Litigation
Reform Act of 1995. The words "believes," "expects," "intends,"
"anticipates," variations of such words, and similar expressions identify
forward-looking statements, but their absence does not mean that the statement
is not forward-looking. These statements are not guarantees of future
performance and are subject to certain risks, uncertainties and assumptions
that are difficult to predict. Factors that could affect Valentis' actual
results include the need for additional capital, the early stage of product
development, uncertainties related to clinical trials, and uncertainties
related to patent position. There can be no assurance that Valentis will be
able to develop commercially viable gene medicines or PEGylated
biopharmaceuticals, that any of the company's programs will be partnered with
pharmaceutical partners, that necessary regulatory approvals will be obtained,
or that any clinical trial will be successful. Actual results may differ from
those projected in forward-looking statements due to risks and uncertainties
that exist in the companies' operations and business environments. These are
described more fully in the Valentis Annual Report on Form 10-K for the period
ended June 30, 2000 and Quarterly Report on Form 10-Q for the period ended
September 30, 2001, each as filed with the Securities and Exchange Commission.
CONTACT: Bennet Weintraub, CFO, VP Finance of Valentis, Inc.,
+1-650-697-1900 ext. 214, or bweintraub@valentis.com; or media,
Doug Tsao of SmallCaps Online Group LLC, +1-212-554-4158, or
dtsao@scogroup.com; or investors, Stephanie Diaz of Burns
McClellan, Inc., +1-415-352-6262, or sdiaz@sf.burnsmc.com
