Genesis signs Immunex joint venture

By Phil Boeyen, ShareChat Business News Editor

Thursday 7th February 2002

Auckland-based biotech Genesis (NZSE: GEN) has taken its relationship with Nasdaq-listed Immunex a step further by signing a three-year joint research & development agreement.

The new collaboration agreement covers proprietary molecules, and also details molecular biology and other research services that the companies will provide to each other.

"This agreement allows the two companies to collaborate on specific drug candidates and provides Genesis with the opportunity to partner with a recognized expert in the drug development arena," says Genesis MD, Dr Jim Watson.

"Both companies have identified promising drug candidates for commercial development."

Doug Williams from Immunex says the two companies have a longstanding relationship and the new agreement will allow rapid progress on preclinical research with selected molecules.

"Our two companies share a common commitment to developing drugs for immune system disorders. The unique databases developed by Genesis for Immunex provide a range of interesting opportunities for our drug development programs which complement Genesis' genomics capability."

Genesis and Immunex have already been working on a biologic screening programme, looking at new classes of genes that may have commercial potential in the treatment of skin diseases and autoimmune diseases.

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