PLANTATION, Fla., May 18 /PRNewswire-FirstCall/ -- Viragen, Inc.
(Amex: VRA) today announced that it has elected not to exercise an exclusive
option to license VG104, the IEP 11 peptide, from the University of Miami.
The IEP 11 peptide was being researched as a potential cancer therapeutic. In
light of Viragen's decision, the option has expired and all development
activities relating to VG104 have been discontinued.
Charles A. Rice, Viragen's President & CEO, commented, "We appreciate the
collaborative efforts of the University of Miami and their work with us over
the past few years, and we wish them well with their ongoing research. No
further funding will be committed to this project, and we will direct our
resources to our priority projects. Moving forward, as we continue in various
stages of negotiations with potential partners, we expect to implement
additional changes to rebuild Viragen."
Mr. Rice also discussed a series of potential pending milestones: "We
expect new approvals for Multiferon(R) in the coming weeks that should help to
increase our sales revenues. In our research efforts, our humanized anti-
cancer antibodies are reaching important new stages of development that could
further demonstrate their value. And our ongoing successes in avian
transgenics are expected to result in our first target antibody being
expressed in the whites of the eggs in the very near future."
About Viragen, Inc.:
Viragen researches, develops and commercializes pharmaceutical products
designed to treat a broad range of viral and malignant diseases. These
protein-based drugs include: Multiferon(R), a natural human alpha interferon,
approved for sale in various international markets; and humanized anti-cancer
monoclonal antibodies. Viragen is also pioneering Avian Transgenic
Technology, with the renowned Roslin Institute, as a biomanufacturing platform
for the large-scale, efficient and economical production of therapeutic
proteins.
For more information, please visit: http://www.Viragen.com
Viragen, Inc. Corporate Contact:
Douglas Calder, Director of Communications
Phone: (954) 233-8746; Fax: (954) 233-1414
E-mail: dcalder@viragen.com
The foregoing press announcement contains forward-looking statements that
can be identified by such terminology such as "expect," "potential,"
"suggests," "may," "should," "could" or similar expressions. Such forward-
looking statements involve known and unknown risks, uncertainties and other
factors that may cause the actual results to be materially different from any
future results, performance or achievements expressed or implied by such
statements. In particular, management's expectations regarding future
research, development and/or commercial results could be affected by, among
other things, uncertainties relating to clinical trials and product
development; availability of future financing; unexpected regulatory delays or
government regulation generally; the Company's ability to obtain or maintain
patent and other proprietary intellectual property protection; and competition
in general. Forward-looking statements speak only as to the date they are
made. The Company does not undertake to update forward-looking statements to
reflect circumstances or events that occur after the date the forward-looking
statements are made.
SOURCE Viragen, Inc.
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Related links:
http://www.viragen.com
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CONTACT:
Douglas Calder, Director of Communications of
Viragen, Inc., +1-954-233-8746, or fax, +1-954-233-1414, or
dcalder@viragen.com
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