Gene Delivery Joint Venture Formed
Oxford BioSciences of the UK has joined forces with W R Grace of the USA to form a joint venture in the field of gene delivery, with an investment of $7.5 million.
The new company, to be called Geniva Inc, merges with Grace's Auragen Inc subsidiary, and with certain gene delivery assets and expertise from Oxford. Geniva will focus on developing genetic vaccines and other biopharmaceuticals in the areas of infectious diseases, cancer and autoimmune disorders. Its lead product, a genetic hepatitis B vaccine, is scheduled to enter Phase I clinical trials in 1997. The firm is based in Madison, Wisconsin, USA and in Oxford, UK.
As part of the transaction, Geniva has acquired all outstanding shares of Auragen Inc and received from Oxford an exclusive royalty-free license to Oxford's unique powder injection technology for use in the field of gene delivery.
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