Cell Genesys Announces Sale of Lentiviral Gene Delivery Technology for $12 Million
News Dec 24, 2007
Cell Genesys, Inc. has announced that the two companies have entered into an asset sale agreement relating to Cell Genesys' lentiviral gene delivery technology, commonly referred to as lentiviral vectors.
Pursuant to the agreement, Cell Genesys has received a payment of $12 million from GBP IP, LLC in exchange for all intellectual property and previously established licensing agreements relating to its lentiviral gene delivery technology.
Cell Genesys will retain rights to use the technology for research and development purposes, including potential future use with cancer immunotherapy products.
"We are pleased to have entered into this agreement with GBP IP, LLC and Lentigen, a leader in the field of lentiviral gene delivery technology, and wish them every success in the further development of this important technology," stated Robert Tidwell, senior vice president of corporate development at Cell Genesys.
"This agreement reflects Cell Genesys' ongoing commitment and ability to leverage its non-core business assets and in so doing build shareholder value," Tidwell added.