MERIDEN, Conn., Jan. 9 /PRNewswire/ -- Protein Sciences Corporation
announced today that it closed a $6 million financing with three investors,
Diamyd Medical AB (OMX: DIAMB) of Sweden ("Diamyd"), Pacific Rim Ventures Co.,
Ltd. of Japan and a family fund. This brings the total amount raised in the
past 18 months to approximately $9 million, all of which is now represented by
Series F Notes that will become equity by the end of 2006.
In a separate but related event, PSC signed a contract relating to
Diamyd's lead product, a therapeutic diabetes vaccine called "Diamyd(TM)."
PSC will prepare and file an Investigational New Drug Application with the
U.S. Food & Drug Administration (FDA) for the vaccine and will manufacture
clinical materials, including product suitable for Phase III human clinical
trials.
Daniel D. Adams, President and CEO said, "We are extremely pleased with
these two events. The funds raised earlier allowed us to conduct a highly
successful Phase II/III field trial of FluBlOk(TM), our patented, recombinant
influenza vaccine, which resulted in FDA granting our vaccine 'accelerated
approval' status. We believe the new funds are sufficient to allow us to take
advantage of that status and secure market approval for FluBlOk in less than
two years." He added, "By structuring the financing so that all previous debt
converted into Series F Notes, we insure that we will be debt-free not later
than the end of this year."
Commenting on the Diamyd contract, Mr. Adams said, "We developed a very
close relationship with Diamyd over several years and have great respect for
their people and science. We are excited about their diabetes vaccine and
look forward to using our combined technologies and expertise to help bring
the product to market as quickly as possible. He added, "Our relationship
with Diamyd is characteristic of our future strategic direction, pursuant to
which we intend to get more involved in customers' products that we believe
are likely to be successful."
Protein Sciences (PSC) is a biotechnology company based in Meriden,
Connecticut, USA. Its business is utilizing recombinant DNA technology to
develop and manufacture modern protein-based vaccines, diagnostics and
therapeutics. A recently completed Phase II/III field trial of FluBlOk
achieved 100% protection against both circulating and drifted strains of
influenza and a more than 54% reduction in influenza-like illness (as defined
by the U.S. CDC) compared to placebo. As a result, the FDA has advised that
FluBlOk is eligible for "accelerated approval" status, which allows a company
to secure market approval prior to performing pivotal clinical end point
studies. FDA previously advised PSC that its patented expresSF+(R) insect
cell line is acceptable for vaccine manufacturing. FluBlOk also has
demonstrated significant potential in human clinical trials as a vaccine
against avian influenza and the ability to protect 100% of vaccinated chickens
in a challenge study involving a lethal avian influenza virus. PSC has a
broad portfolio of patented products in development including a second
patented influenza vaccine, recombinant neuraminidase, that has completed
Phase II(b) human clinical trials, a SARS vaccine that is scheduled to enter
the clinic in 2006, a novel adjuvant and several vaccines and therapeutics
being developed with customers. PSC distributes its products and services in
Japan through Nosan Corporation.
SOURCE Protein Sciences Corporation
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Related links:
http://www.proteinsciences.com
CONTACT:
Daniel Adams of Protein Sciences,
+1-203-686-0800 ext. 306
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