Techniclone to Exchange Its Development Rights
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Techniclone International Corp., a Santa Ana bio-engineering company, said last week that it has reached a final agreement with American Cyanamid Co. to exchange development and marketing rights in return for research and development funds. Techniclone refused to divulge how much it has received from American Cyanamid.
In addition, American Cyanamid last month bought 21.2 million shares of Techniclone, or about 4% of the company’s outstanding shares, Techniclone President Lon Stone said.
As part of the agreement, American Cyanamid will obtain the diagnostic and therapeutic rights related to the development and commercialization of lymphoma antibodies developed by Techniclone and its Cancer Biologics Inc. subsidiary. Also, American Cyanamid, based in Wayne, N.J., can pay an undisclosed fee in return for the first right of refusal to develop and market all of Techniclone’s leukemia series products.
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