DeveloGen and Andromeda, a newly formed wholly-owned subsidiary of Clal Biotechnology Industries, Complete Asset Purchase Agreement for the DiaPep277® Program

6/14/2007, 8:45 AM (Source: GlobeNewswire)



Goettingen, Germany / Tel-Aviv, Israel - June 14th, 2007: DeveloGen
Israel Limited ("DeveloGen"), a wholly owned subsidiary of DeveloGen
AG, and Andromeda Biotech Ltd. ("Andromeda"), a newly formed wholly
owned subsidiary of Clal Biotechnology Industries Ltd. ("CBI"), today
announced that DeveloGen and Andromeda have completed the final
agreement for an asset purchase agreement for DeveloGen's DiaPep277®
program for the treatment of type 1 diabetes.

Under the terms of the agreement and as previously announced on April
17th, 2007, DeveloGen will transfer the rights in DiaPep277 to
Andromeda in return for royalties upon commercialisation of DiaPep277
products and further monetary considerations.

"We are particularly impressed with the Andromeda management and its
commitment to seeing this program through clinical development," said
Carsten Dehning, Chief Financial Officer of DeveloGen. Shlomo Dagan
(PhD), Chief Executive Officer of Andromeda added: "We are very much
looking forward to working closely together with all parties involved
in the ongoing clinical studies including the investigators and key
leaders in the field. We are confident that the experienced clinical
team with high worldwide reputation established by Andromeda, will
lead this program to a successful completion and to marketing
approval, thus making the drug available to the many patients
suffering from type 1 diabetes."

For further information please contact:


DeveloGen AG Andromeda Biotech Ltd.
Shlomo Dagan
Carsten Dehning Chief Executive Officer
Chief Financial Officer Kyriat Weizman 16
Marie-Curie-Str. 7 Rehovot 76326, Israel
37079 Goettingen, Germany Phone: +972 8 938 777 7
Phone: +49 551 50558 525 Email:
Email: info@develogen.com shlomo@andromedabio.com


About DiaPep277 and Type 1 Diabetes
DiaPep277, is a synthetic peptide immunomodulator, which is being
developed exclusively by Andromeda for the treatment of type 1
diabetes. The product is currently in phase III clinical development
in a global study being carried out in Europe, South Africa and
Israel. In patients with type 1 diabetes the immune system destroys
the insulin-producing beta-cells of the pancreas, resulting in
diminished and eventually non-existent insulin production and a
life-long dependence on exogenous insulin therapy. To date there is
no safe and effective way of stopping the immune destruction and
curing the disease.

DeveloGen
DeveloGen AG is a biopharmaceutical company engaged in the discovery
and development of novel therapeutics for the treatment of metabolic
and endocrine disorders. The Company's most advanced drug candidate
Somatoprim, a potentially best-in-class somatostatin analogue for the
treatment of acromegaly and diabetic retinopathy, is in preparations
for phase I clinical studies. In addition, DeveloGen has a deep and
highly complementary discovery pipeline including a small molecule
program based on a novel and proprietary target to address insulin
resistance (type 2 diabetes) and a growth factor targeting beta-cell
regeneration (type 1 and type 2 diabetes). DeveloGen is based in
Goettingen, Germany. For more information on DeveloGen, please visit
www.develogen.com.

Clal Biotechnology Industries
Clal Biotechnology Industries Ltd. (www.cbi.co.il) ("CBI") is a
publicly traded investment company (TASE:CBI) mainly held by Clal
Industries and Investments Ltd and Teva Pharmaceuticals Industries
Ltd.. Founded in 1993, CBI is the leading Israeli investor in the
area of life science and is focused on identifying and building
biotechnology companies with proprietary biopharmaceutical solutions
for unmet clinical needs, a clinical proof of concept and large
potential markets. Portfolio companies include: D-Pharm, Mediwound,
CureTech, Compugen (Nasdaq:CGEN), NST, Polyheal, IDM (Nasdaq:IDMI),
Andromeda, BioCancell (TASE:BICL) and Biokine.


Copyright GlobeNewswire, Inc. 2016. All rights reserved.
You can register yourself on the website to receive press releases directly via e-mail to your own e-mail account.