|
20 August 1999
Genesis Research and Development Corporation announced today that Japanese pharmaceutical company Zenyaku Kogyo has agreed to purchase limited rights to Genesis' psoriasis vaccine, PVAC. The agreement, brokered by Genesis' development partner for PVAC, Corixa Corporation in Seattle, provides Japan-based Zenyaku Kogyo with exclusive rights to PVAC's multi-year license, research and development in Japan. Genesis and Corixa retain exclusive rights for the rest of the world. Genesis will receive license fees, research funding and milestone payments based on successful clinical and commercial progress, as well as a royalty stream on future product sales. Further financial details have not been disclosed by either party. "Zenyaku Kogyo is the first party outside of the development partners to make a commitment to PVAC on the strength of its commercial potential," said Genesis CEO Dr Jim Watson. "The agreement meets future costs of PVAC's development, allowing Genesis to retain a higher proportion of PVAC royalties for our shareholders downstream. We are seeking further deals of this nature." "The confidence shown by our partners gives Genesis a strong foundation to achieve further rapid growth and internationally-recognised scientific milestones, as well as being a landmark achievement for New Zealand's burgeoning biotech industry," said Dr Watson. "This agreement with Zenyaku Kogyo is another milestone for us as we continue to seek out strategic regional partners to develop and distribute our products and technologies worlwide," said Mark McDade, President and Chief Operating Officer at Corixa. "Zenyaku Kogyo is a rapidly growing Japanese pharmaceutical company with a firm commitment to biopharmaceutical products. We therefore believe this will be an effective partnership aimed at launching PVAC in Japan." About PVAC Psoriasis is one of the most common skin disorders, afflicting an estimated 100 million people worldwide. The disease is characterised by chronic inflammatory lesions with red, scaling plaques and is believed to be an immune disorder caused by those white blood cells known as T cells. "About 3% of the world's people suffer from psoriasis and a third of those have the disorder so severely that it significantly impairs their quality of life," said Dr Watson. "We've secured the patent for a therapeutic vaccine, PVAC, and our clinical trial is yielding very positive results." The therapeutic product for psoriasis, known as PVAC, has been developed by Genesis from Mycobacterium vaccae. PVAC is currently in Phase I/II trials in the Philippines. Approximately 20 moderate to severe psoriatic patients have been treated to date with two injections of PVAC. More than half of the patients showed significant and prolonged improvement to the treatment and for some patients, complete remission has occurred. Genesis and Corixa hope to complete the filing of an IND application in the United States to begin a initial Phase II randomised-placebo-controlled trial, by the end of 1999. About Genesis Genesis is a biotechnology company based in Auckland, New Zealand. It has genomic programmes in human health, forestry and agriculture. Genesis works with partners in these fields to exploit its gene technology. Partnerships have been used to fund research to effectively develop potential products. As well as the PVAC collaboration, Genesis also has an asthma therapeutic in early clinical trials in Wellington, and has built extensive gene technology for use in forestry. About Corixa Corixa is a Seattle-based biopharmaceutical company committed to treating and preventing diseases by understanding and directing the immune system. Corixa applies its expertise in immunology and its proprietary technology platforms to the discovery and development of vaccine and other antigen-based products. The company partners with innovative developers and marketers of pharmaceuticals and diagnostic products to make its products available to patients around the world. Corixa was founded in 1994 and is headquartered in Seattle, Washington. For more information, please visit Corixa's website at www.corixa.com. About Zenyaku Kogyo Since 1950, Zenyaku Kogyo has researched, developed and marketed pharmaceutical products, specialising in over the counter offerings. Based in Japan, Zenyaku Kogyo is a leading pharmaceutical company in that country. More information from: Dr J.D. Watson, Chief Executive, Genesis Research & Development Corporation (09) 373 5600, j.watson@genesis.co.nz Allan Botica, Botica Conroy and Associates, (09) 303 3862, allanb@bca.co.nz |