Oncogene Science Inc. announced today that it has extendedand expanded its collaborative research and developmentagreement with American Home Products Corp. The companiesare now moving to preclinical development with a promisinglead candidate discovered through Oncogene's drug-screeningprogram.
The two companies originally announced a four-yearagreement in January 1992 under which Oncogene ofUniondale, N.Y., used its rapid screening method to identifypromising compounds for gene transcription therapy. Thecollaboration targeted diabetes, immune system modulators,asthma and osteoporosis.
The collaborators have discovered a promising diabetescandidate, Oncogene's vice president of finance, Robert VanNostrand, told BioWorld. While AHP has responsibility for thedevelopment of drugs under the agreement, Oncogene willwork with the company and continue in its drug-screeningefforts, he said.
AHP's investment in the collaboration, while not disclosed, hasbeen expanded, Van Nostrand said. The four-year agreementhas been extended another three years, he added, noting thatits terms allow it to be renewed indefinitely.
-- Karl A. Thiel Business Editor
(c) 1997 American Health Consultants. All rights reserved.