BERKELEY HEIGHTS, NJ, September 28, 2000
- Genta Incorporated (Nasdaq:
GNTA
) today announced completion of its second out-licensing agreement
for antisense patents to Oasis Biosciences, Inc., San Diego, CA.
The non-exclusive license agreement includes upfront payments in
cash and royalties on product sales. Fundamental claims in this
patent portfolio involve methods, compositions, and processes for
in vitro and in vivo inhibition of protein synthesis by antisense
oligonucleotides. Issued claims in the portfolio are exceptionally
broad and enabling for most pharmaceutical uses, as well as many
diagnostic applications. Genta retains rights to the patents for
its own use, as well as an exclusive right to grant unrestricted
sublicenses to other users.
"This license represents the second transaction of this type for
Genta. We expect to notify other companies who we believe will
benefit from obtaining a similar license. This strategy will both
accelerate the adoption of antisense technology for clinical uses,
as well as enable Genta to share in profits related to these new
ventures," said Mr. Thomas Burger, Vice President, Corporate
Development. "The early priority date and exceptionally broad
claims in these patents will be used to aggressively extend our
position in this field."
Jurgen Schrenk, President and CEO of Oasis Biopharmaceuticals
commented: "We feel the license to these patents is essential to
practice Oasis"s proprietary technology for high - throughput
target validation, and will also allow us to commercialize its
results for the research market as appropriate. We are pleased with
the rapid completion of our negotiations and look forward to the
continuation of our mutually rewarding collaboration with
Genta."
