SAN DIEGO and SAN FRANCISCO, Feb. 21 /PRNewswire-FirstCall/ -- Biosite(R)
Incorporated (Nasdaq: BSTE) and Five Prime Therapeutics, Inc. have entered
into a collaboration for the evaluation of disease targets for potential
commercialization of diagnostic and therapeutic products.
Under the collaboration, FivePrime will provide Biosite access to selected
functional disease targets for use in developing diagnostics. In exchange,
Biosite will provide FivePrime with Omniclonal(R) antibodies for selected
targets to accelerate FivePrime's therapeutic research efforts. Biosite's
proprietary antibody development process generates highly diverse libraries of
Omniclonal antibodies with high affinity and low cross-reactivity.
"FivePrime's comprehensive protein discovery program is providing a wealth
of valuable therapeutic and diagnostic candidates. This collaboration is a
strategic win for both companies. It expands Biosite's portfolio of novel
diagnostic targets and provides high quality antibodies to accelerate
development of FivePrime's therapeutic pipeline," commented Gail Maderis,
FivePrime's president and chief executive officer.
"Biosite's discovery efforts are focused on developing a broad and diverse
portfolio of novel diagnostics for diseases that lack rapid, accurate
diagnostic methods," said Gunars Valkirs, Ph.D., senior vice president Biosite
Discovery. "FivePrime is a recognized industry leader in the discovery of
novel targets, so we are pleased to begin this collaboration."
The financial terms of the agreement were not disclosed.
About FivePrime
FivePrime is a privately held protein therapeutics discovery and
development company located in San Francisco's Mission Bay. Its proprietary
discovery platform allows the rapid screening of the complete set of secreted
proteins and their receptors in medically relevant, cell-based assays to
identify new biotherapeutics. FivePrime is applying its high throughput
biologics discovery system first in the areas of oncology, diabetes,
immunology and regenerative medicine. Additional information on FivePrime can
be found at http://www.fiveprime.com.
About Biosite Incorporated
Biosite Incorporated is a leading bio-medical company commercializing
proteomics discoveries for the advancement of medical diagnosis. The Company's
products contribute to improvements in medical care by aiding physicians in
the diagnosis of critical diseases and health conditions. Biosite's Triage(R)
rapid diagnostics are used in approximately 50 percent of U.S. hospitals and
in more than 50 international markets. 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 to Biosite and FivePrime, Biosite's ability to generate
antibody libraries of selected targets and evaluate the diagnostic utility of
the targets. 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, 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, as amended, Quarterly Report on Form 10-Q, 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), Omniclonal(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. FivePrime(TM) is a registered trademark of
Five Prime Therapeutics, Inc.
SOURCE Biosite Incorporated
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Related links:
http://www.biosite.com
http://www.fiveprime.com
Company News On-Call:
http://www.prnewswire.com/comp/116737.html
CONTACT:
Nadine Padilla, VP, Corporate & Investor
Relations, +1-858-805-2820, npadilla@biosite.com, or Nicole
Beckstrand, Public Relations Manager, +1-858-805-2803,
nbeckstrand@biosite.com, both of Biosite Incorporated; or
Jennifer Pratt, Director, Operations and Administration of Five
Prime Therapeutics, Inc., +1-415-365-5663,
jennifer.pratt@fiveprime.com
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