BURNABY, BC, Jan. 9 /PRNewswire-FirstCall/ - Chromos Molecular Systems Inc. (“Chromos"; TSX: CHR), announced today that it has expanded the scope of its collaboration agreement with Pfizer. Under the expanded agreement, Chromos will use its ACE System to develop a cell line for a Pfizer therapeutic protein product candidate. The parties will also initiate a collaborative program to genetically engineer production cell lines.
“Our relationship with Pfizer has been exceptionally productive as evidenced by their expanded commitment to the ACE System”, said Alistair Duncan, President and CEO of Chromos. “We look forward to continuing to work on multiple programs with Pfizer to take advantage of the unique features and significant benefits of the ACE System for cell line engineering.”
Under the terms of the expanded agreement, Pfizer will provide funding to support the new programs. Any product candidates produced using the ACE System that Pfizer elects to develop and commercialize will be subject to the terms of Pfizer’s existing non-exclusive commercial license. Chromos and Pfizer entered into an initial collaboration agreement in December 2004. In May 2005 Pfizer took a non-exclusive license to use the ACE System for research, development and manufacturing of its products.
Chromos’ proprietary ACE System is a versatile chromosome-based gene delivery and expression platform with broad applications. The ACE System is uniquely designed to allow genetic engineering of production cell lines with multiple genes in order to improve their performance in a bioreactor and potentially reduce the cost of producing therapeutic proteins such as monoclonal antibodies.
About Chromos
Chromos employs proprietary technology to develop, manufacture and commercialize innovative biological therapies for debilitating diseases. Chromos has exclusive worldwide rights to two platform technologies, the ACE System (Artificial Chromosome Expression System) and REM (Rapid Expansion Method) technology. In the near term, Chromos will continue to commercialize the ACE System for engineering cell lines for biopharmaceutical manufacture. To date Chromos has entered into corporate partnerships with partners including Pfizer Inc., Centocor, Inc., BD (Becton, Dickinson and Company) and Cambridge Antibody Technology. In addition, the Company has strategic alliances with AppTec Laboratory Services, Inc., a leading biopharmaceutical contract manufacturer and with SAFC Biosciences, a member of the Sigma-Aldrich Group providing cell culture media development services to biopharmaceutical customers. Chromos’ acquisition of Targeted Molecules Corporation and its private placement financing are expected to close in January 2006.
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 Chromos (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 continued availability of capital to finance the Company’s activities; (ii) the Company’s limited cash position, (iii) the ability to successfully obtain proof of the effectiveness of the Company’s technology (iv) the ability to complete and maintain corporate alliances relating to the development and commercialization of the Company’s technology; (v) the ability to obtain and enforce patent and other intellectual property protection for the Company’s technology; (vi) market acceptance of the Company’s technology; (vii) the competitive environment and impact of technological change; (viii) the Company’s ability to attract and retain employees to carry out its business plans and (ix) 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 Quarterly and Annual Reports to Shareholders.
FOR FURTHER INFORMATION:
Business Development inquiries: Shafique Fidai, Ph.D. Business Director, Cell Line Engineering Tel: 604-415-7136 Email: sfidai@chromos.com
Media inquiries: Joseph Zendegui, Ph.D. Vice President, Corporate Development Tel: 604-415-7128 Email: jzendegui@chromos.com Website: www.chromos.com
Source: Chromos Molecular Systems Inc.
