$2.6m Investment Made in ImmGenics Pharmaceuticals
Intl. Biotechnology Trust PLC
16 May 2000
For more information please contact:
Jeremy Curnock Cook, Director Katja Stout
International Biotechnology Trust plc HCC.De Facto Group plc
Tel: + 44 (0) 20 7634 2881 Tel: + 44 (0) 20 7496 3300
E-mail: tanneke.zeeuw@ramasset.co.uk E-mail: k.stout@hccdf.co.uk
IBT Makes Third Investment in Canada and in Antibody-Based Therapeutics
IBT Invests $2.6 Million in ImmGenics Pharmaceuticals, Inc.
Monday, May 15, 2000 London, UK... International Biotechnology Trust (LSE:
IBT), announced today that it has invested a total of CAN$3.9 million in
ImmGenics Pharmaceuticals Inc., (US$2.6 million) in a Vancouver-based
biotechnology company. ImmGenics develops and intends to commercialise
antibody-based therapeutic and diagnostic products for the treatment and
diagnosis of a wide variety of diseases including infectious diseases, cancer
and inflammatory and autoimmune disorders.
IBT invested CAN$3 million (US$2 million) alongside Nomura in the CAN$9 million
(US$6 million) private placement of preferred stock, as well as purchasing
shares worth a further US$0.59 million. Dr. Jennifer Hamilton, a member of the
bioscience unit at Rothschilds responsible for managing IBT, will join the Board
of Directors.
Commenting on the new investment, Jeremy Curnock Cook, Director of IBT said:
'This is IBT's third investment in Canada, which has proved to be an excellent
source of innovative biotechnology companies. In addition, valuations in
Canadian companies tend to be lower than for their US peers. This is also IBT's
third investment in an antibody-based therapeutics company, a hot niche in the
sector which has proved a successful arena for IBT in the past.'
'ImmGenics fits well with IBT's investment strategy, which is to invest in
potentially under-funded companies with the prospect of successful product
commercialisation,' he added.
Dr. Kevin B. Leslie, President and CEO of ImmGenics, stated 'I am extremely
pleased with the results of this financing, and the prestigious investors that
we have attracted, namely IBT and Nomura. This equity financing will help us to
fuel our pipeline of antibody-based therapeutics and to expand our operations in
order to enable the closing for further co-development alliances with large
partners.'
'I am also pleased to announce that Dr. Jennifer Hamilton and John Richard, a
former Senior Vice President of Business Development at Genome Therapeutics
Corporation have joined our Board of Directors,' continued Leslie, 'We are
looking forward to benefiting from Dr. Hamilton's and Mr. Richard's considerable
business, financial and management expertise.'
This is IBT's fifth investment in this financial year, as the company continues
to reinvest gains realised from some recent divestments. IBT's latest
divestment was from Cubist Pharmaceuticals, which achieved an uplift on cost of
investment of 346.32% and a return on investment of 84.3% per annum.
Further information on IBT at www.internationalbiotrust.com
Issued by International Biotechnology Trust plc and approved by Rothschild Asset
Management, which is regulated by IMRO. As IBT invests in the biotechnology
sector, investments in IBT should be regarded both as long term and as carrying
a high level of financial risk. Accordingly share value may fall as well as rise
and investors may not get back the amount invested.
Notes to editors
1. International Biotechnology Trust plc
www.internationalbiotrust.com
International Biotechnology Trust PLC (IBT) was launched to take advantage of
the investment opportunities arising in mid-stage life science companies, with
emphasis on investing a larger amount in relatively fewer companies, and
involving a close working relationship with investee companies through the
provision of strategic management support and sector expertise.
International Biotechnology Trust - Key Data
* Founded in 1994
* £232.5 million net asset value at 10 May 2000
* Listed on London Stock Exchange (LSE.L)
* Invests primarily in mid-stage biotechnology companies
* Investment criteria
- sound technology platform
- under-resourced
- good prospects for commercialisation
* Further financing may be invested where appropriate
* Strategic support and management development provided
* 20 core investments (including ImmGenics)
3 in Canada, 13 in US, 3 in UK, 1 in Germany
ImmGenics Pharmaceuticals, Inc.
ImmGenics Pharmaceuticals Inc. is a Vancouver-based biotechnology company that
develops and intends to commercialise antibody-based therapeutic and diagnostic
products for the treatment and diagnosis of a wide variety of diseases,
including infectious diseases, cancer and inflammatory and autoimmune disorders.
ImmGenics' proprietary 'SLAM Technology' provides a very rapid and efficient
route to examine in detail the immune repertoire by examining very large
numbers of immune cells using microplate-based rapid throughput methods to
select very rare single immune cells making antibodies with the desired
customized combination of highly specific activity/function, high potency and
very high affinity (picomolar). The genetic information is copied to allow the
manufacture of recombinant monoclonal copies of those antibodies as candidate
therapeutic or diagnostic products. The turn-around time to the expression of
very high affinity recombinant monoclonal antibodies with the desired
customized characteristics is typically around fourteen days.
SLAM Technology provides a particularly powerful route for generating fully
human antibodies against infectious disease targets, and for generating high
affinity antibodies with rare functional characteristics to targets against
which it may be difficult to generate products using conventional monoclonal
technologies.
In November 1998, ImmGenics entered into a co-development alliance with Corixa
Corporation, a Seattle-based gene discovery company to co-develop antibody-based
therapeutic and diagnostic products against Corixa's proprietary targets in the
areas of cancer and infectious disease. Corixa has invested CAN$4.5 million in
ImmGenics, in addition to providing an immediate revenue stream through
additional R&D payments. Later revenues will flow to ImmGenics as milestone
payments and royalties on product sales. In September, 1999, ImmGenics entered
into a co-development agreement with Genzyme Corporation to utilize ImmGenics'
SLAM technology to develop a high affinity biotherapeutic monoclonal antibody
to an undisclosed antigen target
For further information, please visit the company's website at
www.immgenics.com.
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