CAMBRIDGE, Mass., Aug. 11 /PRNewswire-FirstCall/ -- Transkaryotic
Therapies, Inc. (Nasdaq: TKTX) today announced that it has retaken from Wyeth
Pharmaceuticals (formerly Genetics Institute) its Factor VIII gene therapy
rights in Europe. In addition to regaining its European rights, TKT received a
$500,000 termination fee. This payment will be recognized as license and
research revenue in the third quarter of 2003.
TKT's non-viral, ex vivo gene therapy system genetically modifies a
patient's own cells to produce and deliver proteins within the body for
extended periods of time. In 2002, TKT completed a Phase I clinical trial of
its Factor VIII gene therapy product in 12 patients with severe hemophilia A.
On June 7, 2001, The New England Journal of Medicine published data from this
study that suggested the treatment was well-tolerated. In addition, the
article reported that several patients experienced decreased bleeding and used
reduced amounts of externally administered Factor VIII. TKT's gene therapy
system has also been used in a Phase I clinical trial using the human growth
hormone gene, and could potentially be used with a wide array of genes.
"We are delighted to have our rights back so we can progress with our
search for a new partner," said Michael Astrue, President and Chief Executive
Officer of TKT. "We are eager to accelerate discussions with pharmaceutical
companies and major biotechnology companies who could take this important
program forward."
About TKT
TKT is a biopharmaceutical company developing therapeutics for the
treatment of rare genetic diseases caused by protein deficiencies. The company
currently markets one product, Replagal(TM) (agalsidase alfa) for the
treatment of Fabry disease in the European Union and certain other countries.
TKT is headquartered in Cambridge, Massachusetts and has a majority-owned
subsidiary in Sweden, TKT Europe-5S AB, which is responsible for European
sales and marketing activities of Replagal. Additional information on TKT is
available on the company's website at http://www.tktx.com.
This press release contains forward-looking statements that involve a
number of risks and uncertainties including statements regarding TKT's Factor
VIII gene therapy, as well as statements containing the words "believes,"
"anticipates," "plans," "expects," "estimates," "intends," "should," "could,"
"will," "may," and similar expressions. There are a number of important
factors that could cause the company's actual results to differ materially
from those indicated by such forward-looking including, whether TKT will
successfully out-license its gene therapy technology, and other factors set
forth under the caption "Certain Factors That May Affect Future Results" in
the company's Quarterly Report on Form 10-Q for the quarter ended March 31,
2003, which is on file with the Securities and Exchange Commission and are
incorporated herein by reference. While the Company may elect to update
forward-looking statements at some point in the future, the Company
specifically disclaims any obligation to do so, even if its expectations
change.
Replagal(TM) is a trademark of Transkaryotic Therapies, Inc.
Investor and Media Contact:
Justine Koenigsberg
Director, Corporate Communications
(617) 349-0271
Business Development Contact:
Kerry Flynn
Senior Director, Business Development
(617) 503-0377
SOURCE Transkaryotic Therapies, Inc.
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Related links:
http://www.tktx.com
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CONTACT:
Justine Koenigsberg, Director, Corporate
Communications, +1- 617-349-0271; or Business Development
Contact, Kerry Flynn, Senior Director, Business Development,
+1-617-503-0377, both of Transkaryotic Therapies, Inc.
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