DeveloGen and Andromeda Complete Asset Purchase Agreement for the DiaPep277® Program
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."
DeveloGen AG is a biopharmaceutical company engaged in the discovery and development of novel therapeutics for the treatment of metabolic disorders. The Company's most advanced drug candidate DiaPep277® is currently in phase III clinical trials and targets type 1 diabetes in adult and juvenile patients. Further Diapep277 is being explored in a phase II clinical trial for Latent Autoimmune Diabetes in Adults (LADA) patients. Additionally, DeveloGen has a highly complimentary discovery pipeline focused on small molecule inhibitors acting as a novel class of insulin sensitizers targeting type 2 diabetes as well as beta-cell regeneration growth factors for the potential treatment of type 1 and type 2 diabetes. DeveloGen is headquartered in Goettingen, Germany with manufacturing operations in Rehovot, Israel. For more information on DeveloGen, please visit our website at www.develogen.com.
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