SOUTH SAN FRANCISCO, Calif., and GREENWICH, Conn., Dec. 20 /PRNewswire-
FirstCall/ -- Cell Genesys, Inc. (Nasdaq: CEGE) and GBP IP, LLC, an
affiliate of GBP Capital, the majority shareholder in privately held
Lentigen Corporation, today announced that the two companies have entered
into an asset sale agreement relating to Cell Genesys' lentiviral gene
delivery technology, commonly referred to as lentiviral vectors. Pursuant
to the agreement, Cell Genesys has received a payment of $12 million from
GBP IP, LLC in exchange for all intellectual property and previously
established licensing agreements relating to its lentiviral gene delivery
technology. Cell Genesys will retain rights to use the technology for
research and development purposes, including potential future use with
cancer immunotherapy products.
"We are pleased to have entered into this agreement with GBP IP, LLC
and Lentigen, a leader in the field of lentiviral gene delivery technology,
and wish them every success in the further development of this important
technology," stated Robert Tidwell, senior vice president of corporate
development at Cell Genesys. "This agreement reflects Cell Genesys' ongoing
commitment and ability to leverage its non-core business assets and in so
doing build shareholder value."
Over the years, Cell Genesys has successfully leveraged its non-core
business assets through strategic spin outs and outlicensing agreements. In
1996, Cell Genesys spun out its antibody technology creating Abgenix, a
company that was acquired in 2005 by Amgen for approximately $2.6 billion.
In 2001, Cell Genesys launched Ceregene, a privately held company that is
focused on developing gene therapies for neurodegenerative disorders. Cell
Genesys currently holds approximately 16 percent ownership in Ceregene. In
addition, Cell Genesys has outlicensed various non-core technologies
including other gene delivery technology and gene activation technology
resulting in over $60 million in non-dilutive financing.
"We are pleased to initiate the intellectual property portfolio of GBP
IP with this premiere set of lentiviral vector intellectual property assets
from Cell Genesys," commented GBP Capital's managing partner, Dr. Douglas
Lind. "Cell Genesys has been at the forefront of lentiviral vector
technology development. This technology shows great promise to impact the
fields of vaccine manufacturing, protein production, cell and gene therapy,
and RNA interference."
Management of the portfolio, including patent prosecution and license
management, has been assigned to Lentigen Corporation. Dr. Lind further
added, "Lentigen's technical prominence in the field and its collaborative
business strategy make it well suited to rapidly leverage the value of the
Cell Genesys portfolio." Parties with interest in further information may
contact Dr. Greg Feulner at Lentigen as noted below.
"We are delighted that Lentigen will be able to develop and
commercialize Cell Genesys' lentiviral vector IP estate," commented
Lentigen's Founder and CEO Dr. Boro Dropulic. "Lentiviral vector technology
has enormous potential as research and drug discovery tools, a
manufacturing platform for biologics, and for the development of novel
genetic therapies. We intend to develop this technology in each of these
areas in collaboration with our existing and future partners." Dr. Dropulic
further added, "With this acquisition GBP Capital continues to demonstrate
remarkable vision and commitment to the future of cell and gene therapy."
About Lentiviral Vectors
Lentiviral vectors are modified viruses that are used to transfer a
therapeutic gene into a target cell, either ex vivo or in vivo. In
preclinical studies, lentivirus vectors developed by Cell Genesys, have
demonstrated safe, efficient and long-lasting gene transfer into a variety
of human cells including both dividing and non-dividing cells such as
nerve, liver, muscle and bone marrow stem cells. Lentiviral vectors, which
are more efficient at targeting non-dividing cells than traditional
retroviral vectors, have a larger gene delivery capacity than certain other
gene delivery vectors and therefore hold the potential to be used to
deliver a wider range of therapeutic genes.
About Cell Genesys
Cell Genesys is focused on the development and commercialization of
novel biological therapies for patients with cancer. The company is
currently pursuing two clinical stage product platforms -- GVAX(TM) cancer
immunotherapies and oncolytic virus therapies. Ongoing clinical trials
include Phase 3 trials of GVAX immunotherapy for prostate cancer, Phase 2
trials of GVAX immunotherapies for pancreatic cancer and for leukemia, and
a Phase 1 trial of CG0070 oncolytic virus therapy for bladder cancer. Cell
Genesys is headquartered in South San Francisco, CA and has its principal
manufacturing operation in Hayward, CA. For additional information, please
visit the company's website at http://www.cellgenesys.com .
About Lentigen Corporation
Lentigen Corporation is a privately owned biotechnology company focused
on the development of lentiviral vectors using its proprietary gene
delivery technology for a wide range of applications in biotechnology and
medicine. Lentiviral vectors are highly adapted delivery vehicles that can
transport genes or gene silencing sequences into cells with high efficiency
and stability. Lentigen is positioning itself to become the leading company
for the development of Lentiviral vector technology. For further
information, visit http://www.lentigen.com .
About GBP Capital
GBP Capital is a Greenwich, CT based private equity firm founded in
early 2005 by David S. Wetherell, founder and former CEO of CMGI and
innovator in the technology and Internet industries. GBP Capital's mission
is to improve the human condition by providing venture funding and
assistance to the most promising early to mid-stage life science companies.
GBP targets companies with novel approaches to diagnostics, therapeutics,
and medical devices that will change the face of healthcare innovation in
the future. For additional information, please visit the company's website
at http://www.gbpcap.com .
About GBP IP, LLC
GBP IP, LLC is the privately held intellectual property affiliate of
GBP Capital.
Cell Genesys Forward-looking Statement
Statements made herein about the company, other than statements of
historical fact, including statements about the company's progress, results
and timing of clinical trials and preclinical programs and the nature of
product pipelines are forward-looking statements and are subject to a
number of uncertainties that could cause actual results to differ
materially from the statements made, including risks associated with the
success of clinical trials and research and development programs,
regulatory requirements and the regulatory approval process for clinical
trials, manufacture and commercialization of the company's products,
competitive technologies and products, patents, the need for and reliance
on partnerships with third parties, and the need for additional financings.
For information about these and other risks which may affect Cell Genesys,
please see the company's Annual Report on Form 10-K for the year ended
December 31, 2006 filed on March 1, 2007 as well as Cell Genesys' reports
on Form 10-Q and 8-K and other reports filed from time to time with the
Securities and Exchange Commission. The company assumes no obligation to
update the forward-looking information in this press release.
Contact for Cell Genesys:
Susan Ferris
Investor Relations
650-266-3200
Contact for Lentigen:
Greg Feulner, J.D., Ph.D.
Vice President of Business Development
1450 South Rolling Road
Baltimore, MD 21227
443-543-5318
greg.feulner@lentigen.com
Media Contact:
Richard Lewis Communications, Inc.
35 W. 35th St.
Suite 505
New York, NY 10001
212-827-0020
Greg Tiberend: gtiberend@rlcinc.com
Meghan Feeks: mfeeks@rlcinc.com
Contact for GBP Capital:
Douglas D. Lind, MD
Managing Partner
GBP Capital
537 Steamboat Rd., Suite 200
Greenwich, CT 06830
203-769-2348
DLind@gbpcap.com
http://www.gbpcap.com
SOURCE Cell Genesys, Inc.; GBP IP, LLC
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Related links:
http://www.cellgenesys.com
http://www.lentigen.com http://www.gbpcap.com
CONTACT:
Susan Ferris, Investor Relations of Cell
Genesys, +1-650-266-3200; or Greg Feulner, J.D., Ph.D., Vice
President of Business Development of Lentigen, +1-443-543-5318,
greg.feulner@lentigen.com; or Douglas D. Lind, MD, Managing
Partner of GBP Capital, +1-203-769-2348, DLind@gbpcap.com; or
Greg Tiberend, gtiberend@rlcinc.com, or Meghan Feeks,
mfeeks@rlcinc.com, both of Richard Lewis Communications, Inc.,
+1-212-827-0020, for Lentigen
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