Jan 17, 2002
Genzyme Corp. announced today that
it has established Peptimmune Inc. as a wholly-owned subsidiary. Genzyme
will provide initial capitalization of Peptimmune by purchasing $5.5 million
in shares of preferred stock. The new company will focus on developing
specific immunotherapies for treating autoimmune and allergic diseases.
The transaction is intended to accelerate
the progress of Peptimmune's research programs by creating a framework
in which they can receive optimal focus and funding. Genzyme acquired Peptimmune
in 1999 and has made significant advances in the discovery and development
of lead products in Peptimmnune's core areas of focus. Several products
are anticipated to enter clinical trials in the next two years for diseases
such as pemphigus vulgaris, rheumatoid arthritis and multiple sclerosis.
Peptimmune's programs had been allocated
to Genzyme General , whose product pipeline has expanded significantly
in the last year with the acquisitions of GelTex Pharmaceuticals Inc. and
Novazyme Pharmaceuticals Inc.
"Our success in building Genzyme
General's pipeline and advancing products into later stages of development
required us to find a way to provide the appropriate level of support and
attention for the Peptimmune programs," said Henri A. Termeer, chairman
and chief executive officer of Genzyme Corp. "Peptimmune's well-defined
portfolio of programs, its infrastructure and its entrepreneurial culture
made this a logical decision. We have created an environment in which a
number of promising programs can move forward more quickly."
Peptimmune will be led by an experienced
group of senior executives, including Robert Carpenter who will serve as
company president and chairman of Peptimmune's board of directors. Mr.
Carpenter is the former chairman of GelTex Pharmaceuticals and a longtime
Genzyme board member. James Rasmussen and Timothy Harris of Genzyme will
serve as chief scientific officer and chief operating officer, respectively.
The Peptimmune board of directors will also include David McLachlan and
Alan Walts of Genzyme.
Peptimmune's therapies are focused
on treating autoimmune and allergic disorders by intervening in the body's
immune response processes. Current approaches to treating these diseases
typically involve non-specific immunosuppression, an approach associated
with severe side effects. Peptimmune's products are designed to arrest
disease progression in a targeted way by neutralizing disease-causing immune
cells only.
Peptimmune's lead product candidate
is a peptide-based vaccine being developed for the treatment of pemphigus
vulgaris, a genetic disorder characterized by severe and potentially fatal
blistering of the skin and mucous membranes. Peptimmune's vaccine is designed
to block the autoimmune response that occurs in patients with pemphigus
vulgaris. Genzyme has secured the right of first offer to participate in
the commercialization of this product.
Beyond its work in pemphigus vulgaris,
Peptimmune is developing small- molecule inhibitors of the enzyme Cathespin
S for the treatment of rheumatoid arthritis. Peptimmune also has earlier
stage research programs focused on treatments for multiple sclerosis and
diabetes. Peptimmune has assembled a strong intellectual property portfolio
and built close collaborative relationships with key researchers at Harvard
University, the Dana Farber Cancer Institute, Harvard Medical School, and
the Brigham and Women's Hospital.
Genzyme General develops and markets
therapeutic products and diagnostic products and services. Genzyme General
has five therapeutic products on the market and a strong pipeline of therapeutic
products in development focused on the treatment of genetic disorders and
other chronic debilitating diseases with well-defined patient populations.
Genzyme General is a division of the biotechnology company Genzyme Corporation.
This press release contains forward-looking
statements, including without limitation statements about: product development
plans and the anticipated timing of clinical trials; and the anticipated
benefits of the formation of Peptimmune as a subsidiary. Actual results
may materially differ due to numerous factors, including: the results of
pre-clinical and clinical studies; the timing and content of submissions
to and decisions made by regulatory authorities; the actual efficacy and
safety of Peptimmune's products; the ability to manufacture sufficient
quantities of products for development activities and to do so in a timely
manner; and the risks and uncertainties described in reports filed by Genzyme
with the Securities and Exchange Commission under the Securities Exchange
Act of 1934, as amended, including without limitation Exhibit 99.2 to Genzyme's
2000 Annual Report on Form 10-K, as amended. Genzyme General Division common
stock is a series of common stock of Genzyme Corporation. Therefore, holders
of Genzyme General Division common stock are subject to all of the risks
and uncertainties described in the aforementioned reports.
Genzyme(R) is a registered trademark
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Genzyme's press releases and other
company information are available at http://www.genzyme.com/
and by calling Genzyme's investor information line at 1-800- 905-4369 within
the United States or 703-797-1866 outside the United States.
Contact: Media: Bo Piela, +1-617-252-7785,
or Investor: Sally Curley, +1- 617-591-7140, both of Genzyme
Website: http://www.genzyme.com/
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