Caprion completes key milestone early in Oncology Discovery collaboration with Abbott
MONTREAL, Canada, March 21, 2005 - Caprion has announced achievement of a key milestone in its lung cancer research collaboration with Abbott initiated in December 2003. Abbott has accepted the final data set of proprietary tumor antigen targets, discovered by Caprion, triggering a milestone payment to Caprion. Both the delivery of these targets and acceptance by Abbott were made several months ahead of schedule.
"The achievement of this important milestone is another demonstration of the ability of Caprion's platform to deliver high quality novel targets for cancer monoclonal antibody drug development," noted Martin LeBlanc, Caprion's chief operating officer. "We have high confidence that Abbott's world-leading capabilities in oncology and antibody therapeutics make it an ideal partner to fully develop these targets."
Abbott is pursuing efforts to develop monoclonal antibody therapeutics for cancer directed to the targets using its monoclonal antibody technologies. During the course of the collaboration Caprion used its proprietary CellCarta® platform, which includes proprietary access to human tissues, cell fractionation capabilities, and quantitative proteomics technologies to identify a large number of novel protein targets over-expressed at the surface of human non-small cell lung tumor cells. Caprion may receive additional future payments upon successful achievement by Abbott of research and clinical development milestones as well as from royalties on future product sales.
About Caprion Pharmaceuticals
Caprion is a leading proteomics-based drug discovery company applying it's proprietary proteomics platform, CellCarta®, to discover and develop innovative products for the diagnosis and treatment of disease. Caprion has established therapeutic antibody discovery partnerships with Abbott in Lung Cancer, and Biogen IDEC (NASDAQ: BIIB) in Colon Cancer, and pharmaco-proteomic discovery collaborations with Wyeth (NYSE: WYE), AstraZeneca (NYSE: AZN) Merck & Co (NYSE: MRK), and Pfizer (NYSE: PFE). Caprion's partners also include IDEXX Laboratories (NASDAQ: IDXX) and Ortho-Clinical Diagnostics (NYSE:JNJ). Caprion's therapeutic antibodies for the prevention of Hemolytic Uremic Syndrome (HUS) resulting from E. coli infection are currently in Phase I clinical trials. For more on Caprion, see www.caprion.com.
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