BURNABY, BC, July 8 /PRNewswire-FirstCall/ -- Chromos Molecular Systems Inc. ("Chromos"; TSX: CHR) today announced that it has entered into a license agreement with leading contract protein manufacturer, Lonza Biologics PLC ("Lonza") of Slough, England, whereby Chromos has acquired non-exclusive rights to employ Lonza's proprietary CHOK1SV cell line in combination with Chromos' proprietary ACE System for cellular protein production applications.
Under the terms of the Agreement, Chromos will be entitled to create production-quality cell lines that combine the established attributes of Lonza's cell line with the unique qualities of its own ACE System. Chromos has the rights to use this combination to engineer production quality cell lines for third parties. In addition, Chromos will have the right to grant sub- licenses to third parties to use the combined technologies for the development of biopharmaceutical products such as recombinant proteins and monoclonal antibodies.
Chromos will pay Lonza a portion of its sub-licensing revenues as consideration for using its cell line. No further financial details have been disclosed.
The CHOK1SV cell line has been generated in compliance with GMP guidelines, thereby accelerating Chromos' ability to provide a more attractive production system to its partners for the production of biopharmaceuticals.
Chromos Molecular Systems Inc. is a public, Canadian biotechnology company leading the development of innovative therapies using a proprietary gene delivery and expression system for the production of therapeutic proteins and gene-based cell therapies. Chromos is achieving this objective with a unique mammalian chromosome technology platform from which multiple product candidates can be developed.
Chromos' technology, referred to as the ACE System, is a unique and powerful vehicle for transferring genes into cells for subsequent expression of proteins. The ACE System demonstrates a significant improvement in cell engineering technology and gene expression, namely, unparalleled speed in engineering cell lines for protein production, high-level expression of proteins and long-term stability. These features make the ACE System well suited for the production and manufacture of biopharmaceuticals and for application in gene-based cell therapies.
Risks and Uncertainties
Certain of the statements contained in this press release are forward- looking statements which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
To the extent possible, management implements strategies to reduce or mitigate the risks and uncertainties associated with the Company's operations. Operating risks include (i) the ability to successfully obtain proof of the effectiveness of the ACE System; (ii) the ability to complete and maintain corporate alliances relating to the development and commercialization of the Company's technology; (iii) the ability to obtain and enforce patent and other intellectual property protection for the Company's technology; (iv) market acceptance of the Company's technology; (v) the competitive environment and impact of technological change; (vi) the continued availability of capital to finance the Company's activities; (vii) the Company's ability to attract and retain employees to carry out its business plans and (viii) the timely development and commercialization of any technology or products that are contingent on the completion and maintenance of corporate alliances with third parties. Further details on Chromos' operating risks can be found in the Company's Annual Report to Shareholders.
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Chromos Molecular Systems Inc.