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Geron Corporation (GERN) And Exeter Life Sciences, Inc. Form Joint Venture For Licensing Animal Cloning Technologies


10/19/2005 5:13:13 PM

MENLO PARK, Calif. & PHOENIX--(BUSINESS WIRE)--April 6, 2005--Geron Corporation (Nasdaq:GERN) and Exeter Life Sciences, Inc. announced today the formation of stART Licensing, Inc., a new company that will manage and license a broad portfolio of intellectual property rights related to animal reproductive technologies. This unique portfolio includes the foundational nuclear transfer cloning technology that was developed at the Roslin Institute for the cloning of Dolly the sheep. Through the creation of the stART Licensing joint venture the leading intellectual property for animal cloning, including the full breadth of rights under the Roslin technology, will be combined under one roof. Geron is contributing patent rights to stART, including rights to the Roslin technology and patents to related developments arising from animal cloning work that Geron funded at the Roslin Institute. Exeter is contributing rights acquired from PPL Therapeutics, Inc. to use the Roslin technology for producing proteins in milk of animals, as well as rights to other cloning technologies, including chromatin transfer, a technology developed at the University of Massachusetts. Exeter will provide initial capital for the company's operations, as well as management services. Geron and Exeter will hold 49.9% and 50.1% stakes in stART, respectively. In addition, Geron will receive up-front cash and milestone payments. Geron and Exeter will receive distributions of profits from stART proportionate to their equity interests.

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