CytoDyn Acquires Advanced Influenza Technologies, Inc. From UTEK Corporation
SANTA FE, N.M. & TAMPA, Fla.--(BUSINESS WIRE)--July 21, 2006--CytoDyn, Inc. (OTCBB:CYDY - News), a development stage biotechnology company, and UTEK Corporation (AMEX:UTK - News; LSE-AIM:UTK), a specialty finance company focused on technology transfer, announced today that CytoDyn has acquired Advanced Influenza Technologies, Inc. (AIT), a wholly owned subsidiary of UTEK, in a stock transaction. AIT holds the license for a DNA-based Influenza vaccine candidate developed at the University of Massachusetts Medical School in Worcester, MA.
"Years of effort have been expended developing DNA-based vaccine technology at UMass Medical School," said James McNamara, Ph.D., Executive Director of the Office of Technology Management at the University of Massachusetts Medical School. He added, "We hope to see that work successfully commercialized, through this licensing agreement so that the public may benefit."
"UTEK is pleased to consummate this technology transfer with CytoDyn, Inc. and we look forward to continuing our efforts to identify additional technology acquisition opportunities for its consideration," said Jeffrey D. Bleil, Ph.D., Chief Technology Officer of UTEK Corporation.
About CytoDyn, Inc.
CytoDyn, Inc. is a company focused on developing products to treat and to prevent serious human diseases. CytoDyn, Inc. is a Colorado corporation with its home office in Santa Fe, NM. The company's shares are traded on the Over The Counter Bulletin Board under the symbol CYDY. "Cytolin" and "CytoDyn" (as used to identify a particular class of products) are the registered trademarks of CytoDyn, Inc. Our graphic logo is the registered mark of CytoDyn, Inc. CytoDyn does not endorse any representations made by any other party or entity regarding the technology in question including, without limitation, CytoDyn does not endorse any claims made about the potential safety or efficacy of any products that might arise from such technology. For more information regarding CytoDyn, Inc., please visit its website at http://www.cytodyn.com.
About The University of Massachusetts Medical School
The University of Massachusetts Medical School, one of the fastest growing academic health centers in the country, has built a reputation as a world-class research institution, consistently producing noteworthy advances in clinical and basic research. The Medical School attracts more than $174 million in research funding annually, 80 percent of which comes from federal funding sources. The University of Massachusetts is the academic partner of UMass Memorial Health Care, the largest health care provider in Central Massachusetts. For more information about The University of Massachusetts Medical School, please visit its website at http://www.umassmed.edu.
About UTEK Corporation
UTEK® is a specialty finance company focused on technology transfer. UTEK enables companies to acquire innovative technologies from universities and research laboratories worldwide. UTEK facilitates the identification and then finances the acquisition of external technologies for clients in exchange for their equity securities. This unique process is called U2B®. In addition to its U2B® service, UTEK offers companies the tools to search, analyze and manage university intellectual properties. UTEK is a business development company with operations in the United States, United Kingdom and Israel. For more information about UTEK, please visit its website at http://www.utekcorp.com.
Certain matters discussed in this press release are "forward-looking statements." These forward-looking statements can generally be identified as such because the context of the statement will include words, such as UTEK or CytoDyn, Inc. "expects," "should," "believes," "anticipates" or words of similar import. Similarly, statements that describe UTEK's or CytoDyn, Inc.'s future plans, objectives or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties, including the financial performance of UTEK or CytoDyn, Inc., as appropriate, and the valuation of UTEK's investment portfolio, which could cause actual results to differ materially from those currently anticipated. Although UTEK and CytoDyn, Inc. believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, they cannot give any assurance that their expectations will be attained. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating any forward-looking statements. Certain factors could cause results and conditions to differ materially from those projected in these forward-looking statements, and some of these factors are discussed below. These factors are not exhaustive. New factors, risks and uncertainties may emerge from time to time that may affect the forward-looking statements made herein. These forward-looking statements are only made as of the date of this press release and both UTEK and CytoDyn, Inc. do not undertake any obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
UTEK's operating results could fluctuate significantly due to a number of factors. These factors include the small number of transactions that are completed each quarter, the value of individual transactions, the timing of the recognition and the magnitude of unrealized gains and losses, UTEK's dependence on the performance of companies in its portfolio, the possibility that advances in technology could render the technologies it has transferred obsolete, the loss of technology licenses by companies in its portfolio, the degree to which it encounters competition in its markets, the volatility of the stock market and the volatility of the valuations of the companies it has invested in as it relates to its realized and unrealized gains and losses, the concentration of investments in a small number of companies, as well as other general economic conditions. As a result of these and other factors, current results may not be indicative of UTEK's future performance. For more information on UTEK and for a more complete discussion of the risks pertaining to an investment in UTEK, please refer to UTEK's filings with the Securities and Exchange Commission.
Contact: UTEK Corporation, Tampa Tania Bernier (USA), 813-754-4330 x 223 or
Consulting for Strategic Growth 1 Stan Wunderlich, 800-625-2236 or
Bankside Consultants (UK) Steve Liebmann or Simon Bloomfield, + 44 (0) 20-7367-8883 or
CytoDyn Corinne Allen, 505-988-5520 or
The University of Massachusetts Medical School Michael Cohen, 508-856-2000 or 508-868-4778
Source: UTEK Corporation