Portfolio Press Release
AGTC and Icagen Announce Technology Transfer Agreement
Proceeds to Be Used for Advancement of Treatment for Inherited Emphysema and Development of Treatments for Genetic Ocular Diseases
AGTC and Icagen, Inc. Press Release
24 June 2010
ALACHUA, Fla. and RESEARCH TRIANGLE PARK, N.C., Jun 24, 2010 (GlobeNewswire via COMTEX) — AGTC, a privately held company, and Icagen, Inc. today announced the completion of an agreement for the purchase and sale of certain patent rights between the companies. Icagen is transferring its rights to patents relating to the ion channel gene CNGB3, which has been linked to certain disorders of the eye. Under the terms of the agreement, Icagen has assigned ownership of the patents to AGTC, which intends to use the patented technology for gene therapy as a potential treatment for Achromatopsia, a severe form of daytime blindness. Icagen has retained an exclusive license for small molecule therapeutics targeting this gene. Pursuant to the transaction, AGTC will make a $1.0 million payment to Icagen.
"AGTC has an ongoing commitment to the development of products in the field of ophthalmology," stated Sue Washer, President and CEO of AGTC. "Securing this important set of patent rights puts the Company in an excellent position to move a treatment for Achromatopsia to the clinic."
About Achromatopsia
Achromatopsia is an inherited condition that presents at birth with impaired visual acuity, lack of color discrimination and extreme light sensitivity resulting in daytime blindness. There is no specific treatment for Achromatopsia, although deep red tinted spectacles or contact lenses can reduce symptoms of light sensitivity. Approximately 22,000 patients in the US and Europe suffer from this disease. Previous research has shown promising signs of efficacy in dog models of Achromatopsia.
About AGTC
AGTC is focused on the research and development of novel therapeutics for patients with unmet medical needs utilizing AGTC's proprietary, non-pathogenic adeno-associated virus (AAV) delivery system. AGTC has demonstrated that this system can be used to deliver a normal form of a gene in both animals and humans, thus allowing their own body to produce sustained therapeutic levels of important biologics. The Company's most advanced programs in development are treatments for Alpha-1 antitrypsin deficiency, a disease causing a progressive loss of lung function, and Leber's Congenital Amaurosis, an inherited condition causing early blindness. Both utilize AGTC's proprietary AAV system and production methods. AGTC has licensed a significant portion of its intellectual property from the University of Florida where researchers originated this ground-breaking work and has received significant financing from some of the world's leading venture capital firms: InterWest Partners, Intersouth Partners and MedImmune Ventures. For more information, see www.agtc.com.
About Icagen
Icagen, Inc. is a biopharmaceutical company based in Research Triangle Park, North Carolina, focused on the discovery, development and commercialization of novel orally-administered small molecule drugs that modulate ion channel targets. Utilizing its proprietary know-how and integrated scientific and drug development capabilities, Icagen has identified multiple drug candidates that modulate ion channels. The Company is conducting research and development activities in a number of disease areas, including epilepsy, pain and inflammation. The Company has a clinical stage program in epilepsy and pain.
