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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Reliance Gen. | LSE:GMX | London | Ordinary Share | GB00B1MM9925 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.55 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:9772H GeneMedix PLC 26 February 2003 GENEMEDIX PLC Binding Heads of Terms signed with Antibioticos for the development and manufacture of a range of biopharmaceuticals February 25th 2003 - Antibioticos Group and GeneMedix plc (LSE:GMX) today announce the signing of binding Heads of Terms for a collaboration in which Antibioticos Group of Milan, Italy, provides GeneMedix with exclusive access to the cell lines and manufacturing methods for Interferon-beta, Granulocyte Colony Stimulating Factor (G-CSF) and recombinant Growth Hormone (rhGH). In addition, the parties have entered into a Joint Venture to construct a bacterial fermentation facility, to be based in Spain, that will have the capability to produce GeneMedix's portfolio of bulk microbial therapeutic proteins, to international GMP standards. The global market for the three new products exceeds 4 billion US dollars, and we have already started discussions with a number of potential marketing partners for these proteins. Antibioticos and GeneMedix have entered into a 75% / 25% Joint Venture and will be constructing a state-of-the-art bacterial fermentation facility in Spain at a total investment of Euro25m over the next two years. This will be used for the contract manufacture of GeneMedix's bulk Interferon-alpha, as well as the manufacture and supply of bulk G-CSF and rhGH. Plant design has been largely completed and construction will commence in mid 2003. GeneMedix will satisfy its 25% contribution to the total capital of the Joint Venture, totalling Euro6.25m, by a issuing loans to the Joint Venture that are payable in equal instalments from mid 2003 to early 2005. We shall also be issuing loan notes, convertible into between 24 and 32 million Ordinary GeneMedix shares in late 2003 and 2004, plus pay agreed royalties on sales. The bulk protein will be supplied on an exclusive basis to GeneMedix, who will be responsible for the secondary manufacture, regulatory submissions and distribution of finished product, which it will do in conjunction with marketing partners. Paul Edwards, GeneMedix' Chief Executive Officer, commented, "It has always been the Company's stated objective to acquire additional proteins that would be complementary to our existing portfolio of products. We believe that the collaboration with Antibioticos provides GeneMedix with a new manufacturing base and additional key therapeutic proteins to our product pipeline targeted at the European market. The addition of these products takes our portfolio to 9 biogenerics. We believe that this will create real value for our shareholders, through the continued strengthening of our operational base and by providing the potential for further sustainable growth for the Company." Carlo Frau, Antibioticos's Chief Executive Officer, commented, "This deal represents our continued commitment to the production of higher value pharmaceutical products. We believe that this collaboration with GeneMedix offers us the opportunity to create real value in the field of generic biopharmaceuticals." 26th February 2003 ENQUIRIES: GeneMedix plc Tel: 01638 663 320 Paul Edwards, Chief Executive Officer College Hill Tel: 020 7457 2020 Nicholas Nelson Clare Warren Notes The Antibioticos Group is a worldwide market leader in the development and production of intermediates for the pharmaceutical industry. Interferon-beta is widely used for the treatment of the "relapsing, remitting" form of Multiple Sclerosis. This type is characterized by alternating acute episodes and partial or complete recovery. Interferon-beta is produced using mammalian fermentation and market leaders include Biogen, Serono and Schering AG. GeneMedix will use its expertise in process development of mammalian cultures to produce an industrial scale process from the cell lines acquired. Granulocyte Colony Stimulating Factor (G-CSF) is a potent stimulator of bone marrow cells, especially those of neutrophil lineage, and may in future be marketed alongside Neustim (GeneMedix's GM-CSF product). It is widely used in chemotherapy induced neutropenia caused by cancer treatment.. The world-wide market is currently dominated by Amgen (filgrastim) and Chugai (lenograstim). Recombinant Human Growth Hormone (rhGH) is used primarily for the treatment of short stature in children. Pharmacia, Lilly, Novo Nordisk and Serono are the main players in this market. In addition, Serono have an approval in the USA, under Orphan Drug status rules, for treatment of wasting in AIDs patients. This information is provided by RNS The company news service from the London Stock Exchange END AGRBELLLXLBXBBZ
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