FOR IMMEDIATE RELEASE
Valentis Licenses GeneSwitch® Gene Regulation Technology to Medigene A.G.
BURLINGAME, Calif., May 20 /PRNewswire-FirstCall/ -- Valentis, Inc.
(Nasdaq:
VLTS) today announced that it has granted a non-exclusive
license to Medigene, AG (OTC Bulletin Board: MGDEF) for the Company's
GeneSwitch® gene regulation technology. The non-exclusive license is for
research purposes and involves an up-front payment and annual maintenance
fees. This is the sixth such license Valentis has granted to major
pharmaceutical or biotechnology companies since February 2001. Valentis
maintains rights to clinical applications of the GeneSwitch® technology.
The GeneSwitch® gene regulation 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.
"We believe the GeneSwitch® technology offers significant advantages in
regulating genes in mammalian systems, aiding the target validation process,"
stated Johanna Holldack, Chief Operating Officer of Medigene. "Our evaluation
of the GeneSwitch® technology indicates that it will allow Medigene to
precisely control when and where genes are activated, adding another tool to
our integrated technology platform for gene function and drug target
discovery."
"Licenses of the GeneSwitch® technology such as this to Medigene,
continue to further validate the utility of the GeneSwitch system in
controlling gene expression and assisting in the identification and functional
characterization of selected genes," stated Gregory M. McKee, Valentis' Senior
Director of Business Development. "As pharmaceutical and biologic product
development companies drive to create value from the vast quantities of
genomics data generated over the past several years, the GeneSwitch® system
is becoming a valuable tool in target validation." The GeneSwitch® system
is available to the research community through Invitrogen Corporation (Nasdaq: IVGN).
Valentis also is currently developing the GeneSwitch® system as a
component of its EpoSwitch™ GeneMedicine™ product to allow control of
erythropoietin protein production from an injected gene by an orally
administered drug. Further technical and licensing information on the
GeneSwitch® technology can be found at http://www.geneswitch.com.
Valentis is Converting Genomic Discoveries into Medicines™ . The
Company has three product platforms for the development of novel therapeutics:
the GeneMedicine™ , GeneSwitch® and OptiPEG™ platforms. The Del-1
GeneMedicine™ therapeutic is the lead product for the GeneMedicine™
platform of non-viral gene delivery technologies. Del-1 is an angiogenesis
gene that is being developed for peripheral arterial disease and ischemic
heart disease. The EpoSwitch™ therapeutic for anemia is the lead product
for the GeneSwitch® platform. The EpoSwitch™ product is being developed
to allow control of erythropoietin protein production from an injected gene by
an orally administered drug. The OptiPEG™ platform, consisting of
proprietary PEGylation technologies, potentially allows for improved dosing of
biopharmaceuticals. OptiPEG™ is being developed through licensing to
partners. Additional information is available at http://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-based therapeutics 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 company's operations and business environments. These are
described more fully in the Valentis Annual Report on Form 10-K for the period
ended June 30, 2001 and Quarterly Report on Form 10-Q for the period ended
March 31, 2002, each as filed with the Securities and Exchange Commission.
CONTACT: Robin Terasaki, Corp. Communications 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.
