MEDIA RELEASE
BRESAGEN ENTERS U.S. MARKET WITH KEY
CELL THERAPY ACQUISITION.
PLANS NASDAQ LISTING
Tuesday 29 August 2000
Listed Australian biotechnology company BresaGen Limited (ASX: BGN) today announced the signing of a letter of intent to acquire CytoGenesis, Incorporated, a US-based biotechnology company, through the issue of seven million new BresaGen shares and two million options.
BresaGen is now planning a NASDAQ listing.
This acquisition will result in two of the world's leading researchers in cell therapeutics joining forces; Dr Steve Stice of the University of Georgia and Professor Peter Rathjen, scientific director of BresaGen's Cell Therapy Program. The new team aims to develop more effective cell-based treatments for Parkinson's disease and other neurological diseases and disorders.
BresaGen Managing Director and CEO Dr John Smeaton said: "This moves us significantly closer to our goal of finding a cure for Parkinson's disease."
CytoGenesis is a biotechnology company whose mission is to improve the treatment of Parkinson's disease utilizing cell therapy in combination with proprietary cell delivery and imaging systems. CytoGenesis' founders have many years of experience in medical diagnostics and therapeutics, materials technology, and manufacturing of high-technology medical device products. Key founders include Dr Stice, a pioneer in therapeutic cloning technologies and Dr Mike Moseley of Stanford University. Imaging specialist Dr John Kucharczyk and CytoGenesis' Chairman Rudy Mazzocchi will join the BresaGen Board.
Both companies have had a common goal of developing advanced cell therapy products. The initial goal is to treat Parkinson's disease. Dr Smeaton said: "This product will necessarily involve techniques for producing new cellular implants and precisely delivering them to the patient. The acquisition of CytoGenesis means all the skills required are available to us. We now have a defined and accelerated path to human trials and commercialization, using optimized cells, optimized delivery and optimized imaging, which has the potential to add tremendous value to BresaGen."
CytoGenesis' Chairman, Rudy Mazzocchi, said: "Together with BresaGen's proprietary approaches to the treatment of neurological diseases, especially Parkinson's disease, and our expertise in the treatment of Parkinson's disease, the combined companies are positioned to become the industry leader worldwide."
Cell therapy is the use of healthy cells to replace diseased, non-functional cells. The therapy is widely considered to be one of the major directions in the future of medicine with direct applications for the treatment of Parkinson's disease, stroke and later other neurodegenerative diseases. The incidence of Parkinson's disease is increasing with the aging of the population and current therapies offer no long-term treatment for the disease. The market for an effective new treatment of Parkinson's disease alone has been estimated to be in excess of US$1 billion per year.
Targeted, image-guided therapy being developed by CytoGenesis has been well received in the US managed health care market because it emphasizes cost-effective approaches to long-term disease management. It promises to improve therapeutic efficacy, shorten hospital stay, reduce surgical costs, and shorten postoperative rehabilitation.
BresaGen and CytoGenesis have 18 patent filings with the initial focus on treatment of severe, currently incurable, neurological diseases and disorders. Subsequently, the technology will be applied to diseases beyond the central nervous system. CytoGenesis has established exclusive technology licensing arrangements with seven major North American Universities.
BresaGen is represented in Australia by Jonathan Buckley at Intersuisse Corporate and its US corporate advisor Mark R. Saunders at GTH Capital. Mark Saunders commented: "This merger continues BresaGen's excellent record of developing strategic alliances globally, which have included Nextran, a division of Baxter International, Incorporated (NYSE: BAX), Alza Corporation (NYSE: AZA), the University of Adelaide and the Hanson Center for Cancer Research. BresaGen's shareholder register includes American Home Products and Commonwealth Bank of Australia (Hambro-Grantham Investments Limited) and ANZ Managed Investments Limited."
The transaction is subject to definitive documentation, due diligence, execution of certain key contracts on terms satisfactory to BresaGen and approval of shareholders for the purpose of listing rule 7.1 in relation to the issue of shares and options to CytoGenesis shareholders. An explanatory statement will be provided to shareholders in due course. The company expects the acquisition to be ratified at a shareholders' meeting in mid-October.
About BresaGen
BresaGen is an innovative biopharmaceutical company committed to the discovery and commercial development of products derived from gene technologies. The Company's mission has been to develop and deliver innovative cell-based therapy and biopharmaceuticals for myeloid leukemia, breast cancer and allergic disease.
BresaGen has announced a Phase II clinical trial for its revolutionary anti-cancer drug E21R and also recently demonstrated an ability to control the differentiation of embryonic stem cells. The company has a good mix of products at various stages of research, development, clinical trials and sales.
For additional information, please visit BresaGen's web site at http://www.bresagen.com.au.
Contact:
Australia
Dr John Smeaton, Managing Director, BresaGen Limited, + 61-8-8234-2660,
jsmeaton@bresagen.com.au
Jonathan Buckley, Director, Intersuisse Corporate, +61-3-9629-8380,
jpbuckley@intersuisse.com.au
United States
Anne McBride, Chairman, The Anne McBride Company, 1 212 983-1702,
amcb@annemcbride.com
Mark R. Saunders, Executive Vice President, GTH Capital, 1 212 801-9377
saundersm@gthcapital.com
FORWARD LOOKING STATEMENTS WITH RESPECT TO THE COMPANY'S BUSINESS, FINANCIAL CONDITION AND RESULTS OF OPERATIONS, IN THIS RELEASE ARE SUBJECT TO RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE CONTEMPLATED IN SUCH FORWARD LOOKING STATEMENTS, INCLUDING, BUT NOT LIMITED TO, PRODUCT DEMAND, PRICING, MARKET ACCEPTANCE, CHANGING ECONOMIC CONDITIONS, RISKS IN PRODUCT AND TECHNOLOGY DEVELOPMENT, THE EFFECT OF THE COMPANY'S ACCOUNTING POLICIES AS WELL AS CERTAIN OTHER RISK FACTORS .
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Gruß
Fluffy
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