AUTOGEN LIMITED 2003-03-17 ASX-SIGNAL-G
HOMEX - Melbourne
+++++++++++++++++++++++++
TWO OF AUTOGEN'S DIABETES AND OBESITY GENES FAST-TRACKED TO DRUG
DEVELOPMENT
Australian biotechnology company Autogen Limited (ASX: AGT) is
pleased to announce the signing of two new commercialisation and
licensing deals with its European pharmaceutical partner Merck-Sante
for genes associated with obesity and diabetes.
The deals mean that two of Autogen's genes, AGT 203 for diabetes and
AGT 121 for obesity, are proving so promising that Merck-Sante is
fast-tracking their development.
Merck-Sante will continue with further characterisation of both genes
using both Autogen's eXpress Technology Platform and its own
resources and technologies in Europe.
Merck-Sante's commitment to the genes as drug targets for obesity and
diabetes moves Autogen steps closer to significant earnings. The
deals confirm that Autogen will receive 5-7% royalty on sales if
these genes lead to therapeutics to be sold in the multi-billion
dollar diabetes and obesity markets.
The signing of the commercialisation and licensing deals follows
Merck-Sante's recent milestone payment of Euro762,245 (A$1,390,378) to
Autogen in recognition of the AGT203 discovery.
The new deals enhance Autogens international reputation as a strong
biotech partner for pharmaceutical companies, according to Autogen's
Business Development Director Dr James Campbell.
"Autogen now has four commercialisation and licensing agreements with
Merck-Sante - two each for obesity (Beacon and AGT 121) and diabetes
(Tanis and AGT 203). These 'most likely' drug candidates are
underpinned by a significant portfolio of intellectual property, with
49 diabetes and obesity-related genes in different stages of patent
protection".
Professor Greg Collier, CEO of Autogen added that "Merck-Sante's
decision to exercise its option to license further discoveries from
Autogen's expanding intellectual property portfolio confirms the high
quality of leads that our discovery and validation laboratories are
providing to our pharmaceutical partners."
It is further good news for the company which has dramatically
improved its performance and bottom line in the past 8 months. "We
have a new management team that is firmly committed to delivering on
specific targets, and creating sustainable shareholder value,"
Professor Collier said.
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