Licenses Proprietary Target From Incyte; Selects 50 Others
for Potential Development
SAN DIEGO, Feb. 7 /PRNewswire/ -- Biosite(R) Incorporated (Nasdaq: BSTE),
a leading research-based provider of novel, rapid medical diagnostics,
announced today it has exercised a semi-exclusive license for research and
diagnostic purposes to a proprietary target, and has received an exclusive
option to obtain licenses for 50 other diagnostic targets, under its
collaboration and license agreement with Incyte Corporation. Under the
agreement, Biosite is permitted to use the additional 50 target proteins, and
antibodies that bind to those proteins, for research purposes. If Biosite
exercises its option with respect to a target, Biosite will also receive a
license for diagnostic purposes for that target. Incyte has received upfront
fees, and may receive additional milestones and royalties should Biosite
develop and commercialize diagnostic products using any of these diagnostic
targets.
"Biosite Discovery has initiated several new projects this year, from
abdominal pain and sepsis to improvements in Biosite's cardiovascular
products. Collaborations that enable access to unique and proprietary targets
are important to sustaining a pipeline of potentially high-value products,"
said Gunars Valkirs, senior vice president Biosite Discovery.
Under the agreement, Biosite has selected certain Incyte targets and will
use Biosite's proprietary marker mining process to evaluate diagnostic utility
and explore interrelations among multiple targets. Targets validated as
diagnostic markers will then be assessed for commercialization potential.
About Biosite(R) Incorporated
A leader in the drive to advance diagnosis, Biosite Incorporated is a
research-based company dedicated to the discovery and development of novel
protein-based diagnostic tests that improve a physician's ability to diagnose
debilitating and life-threatening diseases. Through combined expertise in
diagnostic discovery and commercialization, the Company is able to access
potential markers of disease, identify proteins with high diagnostic utility,
develop and commercialize products and educate the medical community about new
diagnostic approaches, thereby benefiting patients. Biosite's Triage(R) rapid
diagnostics are used in approximately 50 percent of U.S. hospitals and in over
50 international countries for toxicology screening and diagnosis of
infectious and cardiovascular disease. Information on Biosite can be found at
http://www.biosite.com.
Except for the historical information presented herein, matters discussed
in this press release are forward-looking statements that involve risks and
uncertainties that could cause actual results to differ materially from any
future results, performance or achievements expressed or implied by such
statements. Statements that are not historical facts, including but not
limited to statements that are preceded by, followed by, or that include the
words "will;" "believes;" "should;" "intends;" "anticipates;" "plans;"
"expects;" "estimates" or similar statements are forward-looking statements.
Forward-looking statements include statements about the potential benefits of
the collaboration and license agreement between Biosite and Incyte, Biosite's
ability to evaluate the diagnostic utility of the targets, Biosite's ability
to develop and commercialize potential products based on selected targets and
Biosite's ability to identify markers or panels of markers for its product
development pipeline. Risks that should be considered include risks and
uncertainties regarding the discovery and product development process
generally, risks associated with the introduction of competitive products from
companies with greater capital and resources, uncertainties around the
proprietary nature of the targets subject to the collaboration, expansion or
development of a direct sales effort in domestic and international markets,
and risks and expenses associated with litigation, contract disputes, patent
conflicts, product recalls, manufacturing constraints, backlog, delays or
inefficiencies, shipment problems, seasonal customer demand, the timing of
significant orders, changes in reimbursement policies, regulatory changes,
competitive pressures on average selling prices, and the other risks detailed
in Biosite's most recent Annual Report on Form 10-K and other SEC filings.
Biosite disclaims, any intent or obligation to update these forward-looking
statements. Copies of Biosite's public disclosure filings are available from
its investor relations department.
Biosite(R), Triage(R) and New Dimensions in Diagnosis(R) are registered
trademarks of Biosite Incorporated. The Company's logo is a trademark of
Biosite Incorporated.
SOURCE Biosite Incorporated
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Related links:
http://www.biosite.com
Company News On-Call:
http://www.prnewswire.com/comp/116737.html
CONTACT:
Nadine Padilla, VP, Corporate & Investor
Relations of Biosite Incorporated, +1-858-455-4808, ext. 3187,
npadilla@biosite.com
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