Human Genome Sciences Completes Transaction Establishing CoGenesys as an Independent Company
News Jun 13, 2006
Human Genome Sciences, Inc. has announced that it has completed the transaction establishing its CoGenesys division as an independent company that will focus on the early development of selected gene-based product opportunities and the monetization of certain HGS intellectual property and technology assets.
In a separate press release, CoGenesys announced the completion of a $55 million Series A financing.
"Through this transaction, HGS will realize value from certain intellectual property assets and early-stage product opportunities that we do not plan to develop internally," said H. Thomas Watkins, President and Chief Executive Officer, Human Genome Sciences.
"HGS will benefit in future years from its right to share in CoGenesys revenues and from its equity interest."
"HGS will maintain its focus on progress toward the commercialization of our lead products, Albuferon for hepatitis C and LymphoStat-B for lupus, both of which are expected to enter Phase 3 clinical trials before the end of 2006."
As genome editing technologies advance toward clinical therapies, they are raising hopes of a completely new way to treat disease. However, challenges need to be addressed before potential treatments can be widely used in patients. To tackle these challenges, the National Institutes of Health has launched the Somatic Cell Genome Editing program, which has awarded multiple grants including more than $3.6 million to assess the safety of genome editing in human cells and tissues.