For Immediate Release: May 30, 2005
Burnaby, British Columbia, Canada: – Chromos Molecular Systems Inc. (“Chromos”; TSX: CHR) announced today that it has entered into a non-exclusive commercial license agreement with Pfizer Inc. (“Pfizer”) under which Pfizer will have the right to use the ACE System to develop cell lines for research, development and manufacturing of Pfizer products.
“We are pleased by Pfizer’s decision to license the ACE System,” said Alistair Duncan, President and CEO of Chromos. “In addition, the agreement provides us with an immediate cash infusion and demonstrates that we are executing our strategy of building the revenue stream from our cell line engineering business. Pfizer has been a very supportive partner during the collaboration and has demonstrated why they are viewed as a partner of choice in the pharmaceutical industry. We look forward to expanding our relationship.”
Under the terms of the license agreement Pfizer will have the right to use the ACE System internally to engineer cell lines for product research, development and manufacturing. This license agreement is an expansion of the collaborative agreement announced on December 16, 2004, under which Chromos is using the ACE System to engineer cell lines to express a Pfizer protein. Pfizer will continue to support this on-going work. The financial details of the license agreement were not disclosed.
Chromos’ proprietary ACE System is a versatile chromosome-based cellular engineering system with broad applications. Chromos has developed the ACE System to rapidly generate high-expressing manufacturing cell lines for production of recombinant proteins, including monoclonal antibodies. Among the unique features of the ACE System is that it allows “auditioning” of several cell lines for optimal product yields and quality in a short time. Chromos has several partners in its cell line engineering business in addition to Pfizer, including Centocor/Johnson & Johnson and Cambridge Antibody Technology.
Chromos is a cellular engineering and therapeutics company creating value through engineering production quality cell lines for the manufacture of biopharmaceuticals and developing innovative biological therapies for debilitating diseases. Chromos is achieving these objectives with its ACE System (Artificial Chromosome Expression) and REM (Rapid Expansion Method) technologies. In the near term, Chromos will focus on continued commercialization of the ACE System for engineering cell lines.
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.
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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
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