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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Catco Reinsurance Opportunities Fund Limited | LSE:CAT | London | Ordinary Share | BMG1961Q3242 | ORD USD0.00013716 (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 25.00 | 14.00 | 36.00 | 25.00 | 25.00 | 25.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Unit Inv Tr, Closed-end Mgmt | 6.33M | 5.44M | 3.6440 | 6.86 | 37.33M |
RNS No 9131b CAMBRIDGE ANTIBODY TECHNOLOGY GROUP PLC 30 March 1999 For Further Information Contact: Cambridge Antibody Technology Group plc Tel: +44 (0) 1763 263233 Dr David Chiswell, Chief Executive Officer John Aston, Finance Director HCC.De Facto Tel: +44 (0) 171 496 3300 City/Financial, Nicola How Trade/Science, Andrew Worsfold Wyeth-Ayerst Laboratories Douglas Petkus Tel: +1 610 971 4980 CAMBRIDGE ANTIBODY TECHNOLOGY & WYETH-AYERST LABORATORIES FORM MAJOR ALLIANCE Wyeth-Ayerst signs broad deal to harness CAT's technologies for target validation and therapeutic product development Melbourn, UK and Cambridge, Mass: Cambridge Antibody Technology Group plc ("CAT")(LSE : CAT), and the research division of Wyeth-Ayerst Laboratories - Wyeth-Ayerst Research, (NYSE : AHP), today announced that they have entered into an agreement for the broad application of CAT's functional genomics and antibody engineering expertise to the discovery and development of new therapeutics based on targets identified by Wyeth-Ayerst. Summing up the alliance Dr Steven C. Clark, Senior Vice President, Discovery Research, Wyeth-Ayerst Research, commented: "CAT has developed powerful technologies both to enhance and accelerate the selection of drug targets and to develop fully human antibody therapeutics. This agreement will help Wyeth-Ayerst more efficiently mine the wealth of information generated by our research programmes and expand our portfolio of antibody therapeutics." Dr. David Chiswell, Chief Executive Officer at CAT, said: "The alliance with Wyeth-Ayerst, a world leader in biopharmaceutical research, provides CAT with outstanding potential targets and complementary target validation technologies to help fuel our antibody product pipeline as well as generating near-term revenue. It is a major endorsement of the capabilities we have established in functional genomics over the past two years, and of our antibody engineering expertise." The agreement with Wyeth-Ayerst comprises a research collaboration, a product collaboration and a library licence option. Under the terms of the research collaboration, Wyeth-Ayerst has agreed to pay CAT $4 million per annum in research funding for up to four years, for CAT to apply its proprietary ProAb and ProxiMol functional genomics technologies to potential protein targets based on gene sequence information provided by Wyeth, together with other research work. In conjunction with this collaboration, CAT will establish its bioinformatics software, CONT1NUITYTM, at Wyeth's research facilities in the U.S., to facilitate Wyeth's access to the large amounts of data supplied by CAT. Wyeth-Ayerst has options to develop antibody products derived from the research collaboration; CAT receives license fees, clinical milestone fees and royalties in respect of these products. Under the product collaboration, Wyeth-Ayerst and CAT will validate and develop product candidates directed at novel proprietary Wyeth targets as well as targets contributed by CAT, with the goal of developing a broad portfolio of human antibody-based drug candidates. Each company has the opportunity to select candidates for further development from this pool. The companies will share equally the target and product validation costs. For those product candidates developed by Wyeth, CAT will receive license fees, clinical milestone fees and royalties. For those products developed by CAT, Wyeth-Ayerst will receive license fees, clinical milestone fees and royalties and limited rights to partner the programme after Phase II clinical trials. CAT has also granted Wyeth-Ayerst multi-site options to license CAT's phage library technology with associated product development options. The total of research funding, potential library licence fees and potential fees and milestones from the product collaboration is approximately $70 million. In addition there are potential fees and milestones on product development options under the research collaboration and library licence option. Notes to editors 1. Wyeth-Ayerst Laboratories, a division of American Home Products (NYSE: AHP), is a major research-oriented pharmaceutical company with leading products in the area of women's health care, cardiovascular disease therapies, central nervous system drugs, anti-inflammatory agents, vaccines, and generic pharmaceuticals. The statements in this press release that are not historical facts are forward-looking statements that involve risks and uncertainties including, without limitation, risks associated with the inherent uncertainty of pharmaceutical research, product development and commercialization, and the impact of competitive products and patents. Risks and uncertainties also include those detailed from time to time in AHPs periodic reports filed with the Securities and Exchange Commission including Quarterly Reports on Form10-Q and Annual reports on Form 10-K and Form 20-F. Actual results may differ from the forward looking statements. 2. CAT is a UK biotechnology company using its proprietary technologies in fully human monoclonal antibodies for drug discovery and drug development. Based in Melbourn, 10 miles south of Cambridge, England, CAT currently employs over 140 people. In March 1997, CAT completed its initial public offering and listing on the London Stock Exchange, raising approximately #41 million. CAT has a world-leading platform technology for rapidly isolating fully human monoclonal antibodies using phage display systems. CAT has an extensive phage display antibody library, currently incorporating around 100 billion distinct antibodies. This library forms the basis for the company's strategy to develop a portfolio of clinical development programmes and for discovering new drug leads using functional genomics. The first two antibody products it developed started clinical trials in 1997, in inflammation and fibrosis. CAT has a number of license and collaborative agreements in place with pharmaceutical and biotechnology companies including: Eli Lilly, Pfizer, BASF Pharma, Genentech, ICOS Corporation, Genetics Institute/BASF Pharma and Mitsubishi Chemical. 3. ProAb is CAT's approach to functional genomics using the antibody library as a tool to build a database of information on where a protein is made, where it ends up and whether it has any connection with important diseases. Proteins implicated with disease can then be the principle targets of antibody and small molecule drugs. ProAb has been developed to a level where CAT can analyse data on approximately 1000 potential drug targets per month. ProxiMol is a proprietary method for identifying molecules in close proximity to a potential drug target, providing important information related to target validation and new target discovery. ProAb and ProxiMol, along with bioinformatics software CONT1NUITYTM provide powerful, high throughput and complementary tools for selecting the most promising targets for drug discovery. END MSCALLLTVLIAFAA
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