Somatix Therapy Corp. announced that it will collaborate withthe California Parkinson's Foundation to conduct research forits neural diseases program. The cooperative preclinical studieswill be done in the foundation's facilities in San Jose, Calif.
Somatix (NASDAQ:SOMA) of Alameda, Calif., will have theexclusive rights to any inventions resulting from thecollaboration.
"We believe that the Foundation's extensive clinical andresearch experience, coupled with Somatix's expertise in genetherapy and neural transplantation, will provide a strong basisfor research leading to therapeutic treatments [forParkinson's]," said David Carter, president and chief executiveofficer of Somatix. "Somatix has already begun studies to assessthe efficacy of gene therapy for Parkinson's disease, and we seethis collaboation as a natural step in the development of a genetherapy product."
Somatix has 13.1 million shares outstanding, and $30 millionin cash at the end of the first quarter 1993, according to JulieWood, the firm's director of corporate communications.Somatix'S stock closed Friday at $6.88 a share, down 50 cents.
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