Oncogene Science Inc. said Monday it has completed itsacquisition of Applied bioTechnology Inc.'s cancer business for2.2 million shares of Oncogene common stock.
Oncogene will use the acquired cancer technology in acollaborative program with Becton Dickinson Inc. to developand market cancer diagnostics. The Uniondale, N.Y., companyalso said Monday it had formally entered into the agreementwith Becton.
Oncogene stock (NASDAQ:ONCS) closed Monday at $5.63, down13 cents.
The program with Becton will develop cancer diagnosticsbased on oncogenes and anti-oncogenes (tumor suppressorgenes), which can be linked to specific cancers.
Oncogene will be primary funder for a one-year start-upperiod, with the companies sharing equally the cost of thediscovery phase and preclinical research and development.Becton will fund clinical development and testing.
Immunoassays to be developed are a neu oncogene diagnosticfor breast and ovarian cancers; a p53 anti-oncogene diagnosticfor lung, breast and colon cancers; an EGF(R) oncogenediagnostic for breast cancer; and a ras oncogene diagnostic forlung, colon and pancreatic cancers.
Much of Oncogene's early research in cancer diagnostics wasperformed under a collaborative program with Becton that ranfrom September 1984 through December 1989.
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