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Viragen Streamlines Research Focus and Halts Further Development of OVA(TM) System |
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22 Jun 2007 |
Viragen, Inc. today announced the Company has halted its development of the OVA™ System, its avian transgenic technology being developed for the manufacture of therapeutic proteins
PLANTATION, FL, USA | June 21, 2007 | Viragen, Inc. (AMEX: “VRA”; “VRA.U”; “VRA.WS”) today announced the Company has halted its development of the OVA™ System, its avian transgenic technology being developed for the manufacture of therapeutic proteins.
In halting all further development of the OVA™ System, Viragen has notified Roslin Institute and Oxford BioMedica plc of its intent to terminate its research and license agreements, respectively.
"We have been forced to make a very difficult decision at this time to halt our avian transgenics project. While we have accomplished some truly excellent science, including more ‘firsts’ than any other group in this field, the distance between research and commercialization is simply too great, and our resources are better focused on advancing our anti-cancer therapeutics," commented Viragen's President and CEO, Charles A. Rice.
“We would like to thank the staffs at Roslin Institute and Oxford BioMedica for their work and dedication to this project. We will continue to maintain Viragen’s intellectual property portfolio associated with the OVA™ System in the event that any interested party may want to consider licensing,” added Mr. Rice.
In light of the cessation of activities relating to avian transgenics, Viragen intends to focus its resources on the marketing and regulatory activities related to Multiferon® and pre-clinical studies planned for two of Viragen’s anti-cancer product candidates: VG102, a monoclonal antibody that has the potential to target nearly all solid tumors; and VG106, an in-house developed cytokine that has been shown, in preliminary studies, to prevent proliferation of several difficult-to-treat cancers.
About Viragen, Inc.
With international operations in the U.S., Scotland and Sweden, we are a bio-pharmaceutical company engaged in the research, development, manufacture and commercialization of therapeutic proteins for the treatment of cancers and viral diseases. Our product portfolio includes: Multiferon® (multi-subtype, human alpha interferon) which is uniquely positioned in valuable niche indications, such as high-risk malignant melanoma, and other select cancers and infectious diseases; VG102, a novel monoclonal antibody that binds selectively to an antigen that is significantly over-expressed on nearly all malignant tumors; and VG106, a novel cytokine targeting difficult-to-treat cancers.
SOURCE: Viragen, Inc. |
