EGeen International and Prediction Sciences sign deal to study pharmacogenomics of treatment for depression
Redwood City, CA, and San Diego, CA. - July 24, 2002 EGeen International and Prediction Sciences announced today the signing of an agreement to collaborate on the study and discovery of genetic variants responsible for variable patient response to citalopram (Celexa™), a major anti-depressant of the SSRI family. The companies expect to collaborate on studies involving other antidepressants in the future. EGeen International will receive milestone payments and royalties on future product sales. Further details of the agreement were not disclosed. "EGeen is building a major pharmacogenetic capability uniquely empowered by its network of medical professionals and the ethical-legal structure set up in Estonia to ensure data confidentiality. We are extremely pleased with this deal as an early recognition of our progress and we are very excited to be working together with Prediction Sciences", said Kalev Kask, PhD, CEO of EGeen International. Prediction Sciences will use its proprietary bioinformatic algorithms to associate patient chart information and SNP profiles with outcome of treatment. The developed product is intended to be used in the clinic as a predictive indicator of a patient's likelihood to respond to treatment with citalopram. "With the extensive patient database of EGeen and our bioinformatic capabilities at Prediction Sciences, we believe this agreement marks the beginning of a productive and profitable relationship. We expect to continue to work with EGeen on projects in the future in order to continue to develop our predictive capabilities in the realm of psychotropics", said Chris Herold, Ph.D., Director of the CNS Diagnostics Group at Prediction Sciences. About EGeen International Corporation EGeen International, incorporated last year in the United States, is a privately held emerging biotechnology company focused on drug and diagnostic target discovery, and personalized medicine applications. EGeen has exclusive commercial rights to information from the Estonian Gene Bank. The Estonian Gene Bank project is a major national effort sponsored by the Estonian Government with the objective of gathering medical information and samples from a significant portion of the population. EGeen will utilize this comprehensive database for drug and diagnostic target discovery and personalized medicine applications. The Company is in the process of establishing biopharmaceutical and pharmacogenetic collaborations with partners seeking to validate drug target candidates and genetic drug profiles. More information about the Company can be found at http://www.egeeninc.com About Prediction Sciences Prediction Sciences, LLC, a privately owned company based in San Diego, CA, is focussed on developing and applying bioinformatic technology to the analysis of genetic variation and patient chart-derived information for the prediction of response to medication. Both internally and through academic collaborations at UCSD and Duke University, the Company is in the process of developing products for the prediction of response to ACE inhibitors, antidepressants, and treatments for bipolar disorder. More information about the Company can be found at http://www.predict.net About Estonia The Northern European country of Estonia offers a genetically heterogeneous population of 1.4 million people whose DNA appropriately represents Westerners. The government of Estonia has created a unique legal and ethical environment that will enable EGeen International to develop information and resources of high economic and medical value. This press release contains forward-looking statements that are subject to risks and uncertainties, which could cause actual results to differ materially. In particular, statements regarding the negotiations with the potential investors or corporate partners are subject to risks, including the possibility that no definitive agreement will be reached with partners, or that any of proposed closing conditions to the transaction will not be satisfied. EGeen International Corporation Prediction Sciences, LLC |