Cambridge Biotech Corp. said Thursday said that it formed ajoint venture with two privately held Nebraska-basedbiotechnology companies, BioNebraska and R&C EnterprisesInc., to develop and test new therapies for osteoporosis. Termsof the venture were not disclosed.
The Worcester, Mass., company also said it reached a definitiveagreement on its previously announced agreement to acquire a15 percent stake in ImmuCell Corp. of Portland, Maine for$600,000. Under the agreement first announced on June 23,CBC has a two-year option to acquire a majority interest inImmuCell.
The BioNebraska/R&C joint venture will likely initially target atherapeutic application of human growth hormone releasingfactor (GRF) to treat acute osteoporosis, Cambridge Bio said.
R&C Enterprises developed the therapy but needed a largersupply of GRF to conduct clinical trials, Cambridge Bio said.BioNebraska, which developed proprietary technologies forlow-cost production of recombinant GRF, entered into acollaboration last year with R&C.
Cambridge Bio said it will provide initial funding and evaluatecombining the osteoporosis therapies with its drug deliverytechnology. The company's stock (NASDAQ:CBCX) closedThursday at $6.25 a share, down 25 cents.
(c) 1997 American Health Consultants. All rights reserved.