Sandoz Ups Stake In SyStemix Inc

Switzerland's Sandoz AG has said it will invest $80 million in the Palo Alto, US-based biotechnology company SyStemix Inc, and thus increase its holding to 71.6% on a fully-diluted basis, from the current maximum of 60% as a result of the 1991 acquisition agreement.

SyStemix' president and chief executive John Schwartz said he believes this financing will enable the company's shareholders and investors to benefit from the successful clinical trial and commercial developments expected over the coming years, offers it a solid financial base for its core programs, provides additional funding for clinical trials in the USA and Europe and advances its R&D efforts. SyStemix currently holds US and foreign patents related to cellular therapy, including the composition and separation of human hematopoietic stem cell, the parent cell of all human blood cells.