FOR
IMMEDIATE RELEASE
Valentis
Licenses GeneSwitch® Technology to
American Home Products for Functional
Genomics Research
February 14, 2001 Burlingame, CA — Valentis, Inc. (NASDAQ:
VLTS)
today announced that it has granted a
non-exclusive license of the Company's
GeneSwitch®
gene regulation technology to Wyeth-Ayerst
Laboratories, the pharmaceutical division of
American Home Products Corporation (NYSE:
AHP). The
GeneSwitch®
system allows researchers to control the
level and duration of selected genes in
transgenic animals and cell cultures, aiding
in the identification and characterization
of a gene's function.
Valentis is currently developing the
GeneSwitch® system as a
component of a regulated erythropoietin gene
medicine that it expects to take into human
clinical testing.
The
non-exclusive license is for research
purposes only and consists of an up-front
payment and annual maintenance fees.
No financial terms were disclosed.
Valentis maintains all rights to
clinical gene therapy applications of the
GeneSwitch® technology.
"GeneSwitch
technology will enable and enhance our
efforts to mine the human genome for novel
drug discovery targets," states Dr.
Charles W. Richard, Assistant Vice President
of Genomics for Wyeth-Ayerst Research, the
research unit of Wyeth-Ayerst.
"In
deciding to license the GeneSwitch®
technology to pharmaceutical companies,
Valentis has identified another business
opportunity for its broad technology
portfolio," stated Michael P. Fons,
Valentis' Director of Business
Development.
"The GeneSwitch®
system was initially made available to the
academic research community through a
license to Invitrogen.
The license to Wyeth Ayerst
represents the first commercial license of
this technology to a major pharmaceutical
company.
We
expect to conclude a number of similar
licenses over the next year."
Further
technical and licensing information on the
GeneSwitch® technology can be found at www.geneswitch.com.
Valentis,
Inc. is a leader in the field of
biopharmaceutical delivery.
The Company develops a broad array of
products, proprietary technologies and
intellectual property and applies its
preclinical and early clinical development
expertise to create novel therapeutics and
improved versions of existing marketed
biopharmaceuticals.
Valentis' core technologies include
multiple gene delivery and gene expression systems and
PEGylation technologies designed to improve
the safety, efficacy and dosing
characteristics of genes, proteins,
peptides, peptidomimetics, antibodies,
replicating and non replicating viruses and
liposomes.
The Company focuses
its research and development efforts in
several therapeutic areas including
cardiovascular disorders, oncology,
hematology and immunology.
These
technologies are covered by a broad patent
portfolio that includes issued U.S. and
European claims.
Valentis' commercial strategy is to
enter into corporate collaborations for
full-scale clinical development and
marketing and sales of products.
Together, Valentis and its wholly
owned subsidiary PolyMASC
Pharmaceuticals, currently have
corporate collaborations with Roche
Holdings, Eli Lilly, Glaxo Wellcome,
Boehringer Ingelheim, Heska Corporation,
Eurogene, Transkaryotic Therapies, Onyx
Pharmaceuticals, Viragen and Bayer
International, and a manufacturing
partnership (the pAlliance) with DSM
Biologics and Qiagen N.V.
Additional information about Valentis
can be found at www.valentis.com.
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 the forward-looking statement
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, 2000, each as filed with the
Securities and Exchange Commission.
