EUGENE, Ore. -- (April 15, 2008) -- MitoSciences Inc. and the University of Oregon today announced the completion of an exclusive commercial license for a suite of biotechnology innovations.
The agreement centers on a portfolio of monoclonal antibodies used by researchers, drug companies, and clinicians around the world to study disorders such as diabetes, Parkinson's disease, Alzheimer's disease, cancer, and variety of debilitating genetic disorders.
Under the agreement the University of Oregon will receive royalties on patent-related sales, plus fixed quarterly cash payments totalling $4.6 million over 10 years.
Along with the antibody hybridomas and other biological assets, the university will also transfer to MitoSciences several commercial distribution agreements through which the UO previously delivered antibodies to life-science researchers. MitoSciences will have exclusive commercialization rights for the complete portfolio of transferred biological assets, plus an exclusive license under several university patents that cover the use of monoclonal antibodies that recognize mitochondrial antigens.
"This agreement provides MitoSciences with critical access to essential technology," said Jean-Paul Audette, President of MitoSciences, "and in conjunction with other agreements that we have recently announced or soon will announce, which establish valuable new distribution and co-development partnerships, allows MitoSciences to maintain our focus on developing the industry-leading mitochondrial research tools for which we are known, and which we hope will have tremendous benefits for the diagnosis and treatment of diseases with metabolic etiologies."
The UO monoclonal antibodies covered in the agreement help to provide insights into the health and function of mitochondria, the microscopic energy factories that power human and animal cells. Creation of these antibodies resulted from a longstanding scientific collaboration between Dr. Roderick Capaldi, an internationally-recognized researcher at the UO's Institute of Molecular Biology, and Dr. Michael Marusich, director of the UO's Monoclonal Antibody Facility.
"At its core, this agreement with MitoSciences is a testament to the keen scientific insight, innovative spirit and perseverance of Rod, Mike, and their coworkers,” said Don Gerhart, associate vice president for research and innovation at the University of Oregon.
In 2003 Marusich and Capaldi created MitoSciences, a private company focused on developing tools for drug discovery, in-vitro diagnostics and life-science research. MitoSciences has since expanded and now employs more than 20 employees at its site in UO's Riverfront Research Park.
"MitoSciences is a great example of how scientific research at the University of Oregon can spin out innovative new ventures that contribute to our community," said Rich Linton, UO's vice president for research. “Through private-sector connections such as these, the University of Oregon can maintain its focus on basic research while simultaneously ensuring that our institution makes the fruits of federally sponsored research available to the private sector for the development of innovative products and services that strengthen Oregon’s economy and deliver benefit to our citizens.”
About MitoSciences Inc.
MitoSciences is a developer and manufacturer of monoclonal antibodies and immunoassays for use in understanding mitochondrial function and metabolism. MitoSciences' products are used by pharmaceutical companies, clinical laboratories and basic researchers to unlock the role of metabolic enzymes in disease, drug therapy, and drug toxicology. With an emphasis on developing assays that can measure multiple parameters in a single sample, MitoSciences is supporting the rapidly growing fields of systems biology and personalized medicine.
About the University of Oregon
The University of Oregon is a world-class teaching and research institution and Oregon's flagship public university. The UO is a member of the Association of American Universities (AAU), an organization made up of 62 of the leading public and private research institutions in the United States and Canada. Membership in the AAU is by invitation only. The University of Oregon is one of only two AAU members in the Pacific Northwest.
Media contacts: Jim Barlow, director of science and research communications, Office of Public and Media Relations, University of Oregon, 541-346-3481, email@example.com; Jean-Paul Audette, president of MitoSciences Inc., 541-284-1800, firstname.lastname@example.org
Links: MitoSciences Inc.: http://www.mitosciences.com/; UO Institute of Molecular Biology: http://www.molbio.uoregon.edu/