LEXINGTON, MA, June 5, 2000
- Genta Incorporated (Nasdaq:
GNTA
) and Molecular Biosystems Inc., (MBI) San Diego, CA (OTCBB: MBIO)
announced the licensing of a broad portfolio of patents and
technology that relate to antisense for therapeutic and diagnostic
applications. The agreement includes grants of both exclusive and
non-exclusive rights to Genta from MBI on a royalty-free basis in
return for cash and shares of Genta common stock.
The patent and technology portfolio relates to work conducted by
MBI scientists, which spans almost two decades of research.
Fundamental claims in the key foreign and domestic patents are very
broad and relate to methods, compositions, and processes for in
vitro and in vivo inhibition of protein synthesis by antisense
oligonucleotides, some of which are covered in U.S. patent number
5,919,619 (issued 7/6/99) and 5,023,243 (issued 7/11/91),
respectively. Patent 5,919,619 covers the use of oligonucleotides
in the down-regulation of any gene in cells in vitro. Both patents
have very early priority in the field of antisense technology and
derive from a parent application filed in 1981.
"As a world leader in applications of antisense in oncology,
Genta already has an extremely strong intellectual property
position," commented Dr. Raymond P. Warrell, Jr., Genta"s President
and CEO, who went on to note: "The issued claims in this patent
portfolio are exceptionally broad and enabling for most clinical
uses, as well as many diagnostic applications. Having obtained an
exclusive right to grant unrestricted sublicenses to these patents,
we are interested in rapidly expanding antisense technology to
other companies that are working in this area."
Mr. Bobba Venkatadri, President and Chief Executive Officer of
Molecular Biosystems, Inc., stated: "MBI has formally committed to
a different research and development path. Accordingly, we sought
to monetize the assets covered by this agreement on behalf of our
shareholders. We are greatly pleased that this technology can be
developed by our partner in this agreement."
