DeveloGen and Andromeda Complete Asset Purchase Agreement for the DiaPep277® Program

(PresseBox) ( Göttingen, )
DeveloGen Israel Limited ("DeveloGen"), a wholly owned subsidiary of DeveloGen AG, and Andromeda Biotech Ltd. ("Andromeda"), a newly formed wholly owned subsidiary of Clal Biotechnology Industries Ltd. ("CBI"), today announced that DeveloGen and Andromeda have completed the final agreement for an asset purchase agreement for DeveloGen's DiaPep277® program for the treatment of type 1 diabetes.

Under the terms of the agreement and as previously announced on April 17th, 2007, DeveloGen will transfer the rights in DiaPep277 to Andromeda in return for royalties upon commercialisation of DiaPep277 products and further monetary considerations.

"We are particularly impressed with the Andromeda management and its commitment to seeing this program through clinical development," said Carsten Dehning, Chief Financial Officer of DeveloGen. Shlomo Dagan (PhD), Chief Executive Officer of Andromeda added: "We are very much looking forward to working closely together with all parties involved in the ongoing clinical studies including the investigators and key leaders in the field. We are confident that the experienced clinical team with high worldwide reputation established by Andromeda, will lead this program to a successful completion and to marketing approval, thus making the drug available to the many patients suffering from type 1 diabetes."
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