For Drug Discovery
WEST BRIDGEWATER, Mass., Aug. 24 /PRNewswire/ -- Boston Biomedica Inc. (Nasdaq: BBII) and the University of North Carolina at Chapel Hill (UNC) announced today that they have been issued a fourth U.S. patent (No. 5,726,204) covering compounds that inhibit HIV replication. Boston Biomedica also announced the appointment of Graham Paul Allaway, Ph.D., to serve as Vice President for Drug Discovery. In this newly created position, Dr. Allaway will be responsible for overseeing the entire drug-discovery program at Boston Biomedica.
Boston Biomedica has exclusive worldwide rights to three families of anti- HIV compounds as a result of its collaboration with one of the world's foremost natural products chemists, Dr. K. H. Lee, Kenan Professor of Medicinal Chemistry and Director of the Natural Products Laboratory at UNC. Several compounds have exhibited therapeutic indices in in vitro assay systems significantly in excess of those recorded for AZT under comparable test conditions. In addition, under its Sponsored Research Agreement (SRA) with UNC, Boston Biomedica has a first option to any new anti-HIV compounds or derivatives developed in the course of the BBI-sponsored research in Dr. Lee's group. In a press release in February 1998, three other patents resulting from this program were announced.
"The addition of Dr. Allaway to oversee our drug-discovery opportunities is the next step in optimizing the value of these compounds for our stockholders," said Richard T. Schumacher, founder and CEO of Boston Biomedica. "We are encouraged by the results of the compounds already under license to Boston Biomedica, and now, under the direction and leadership of Dr. Allaway, we expect to expand and intensify our look at additional growth opportunities for our drug-discovery program, such as strategic alliances, sub-licenses, and spin-offs."
Boston Biomedica supports research in drug discovery at UNC to find and develop compounds from natural products (primarily plant derivatives) that inhibit HIV replication in an in vitro assay system. Dr. Lee is also working to purify and characterize these compounds, and to make synthetic derivatives that are more soluble, less toxic, less expensive, more readily available or have other enhanced anti-HIV properties.
"I have reviewed the data generated by BBI and UNC under the SRA," said Dr. Allaway. "I am not only excited about the opportunities that lay ahead, but I am also extremely pleased to be offered the opportunity to collaborate with Dr. K.H. Lee and his group at Chapel Hill."
Dr. Allaway comes to Boston Biomedica with 16 years of research and
development experience, including eight years as senior manager in the
biopharmaceutical industry. From 1990 through 1997, Dr. Allaway served as
associate scientific director, head of the Therapeutic Development Group, and
senior investigator for Progenics Pharmaceuticals, Inc. At Progenics, Dr.
Allaway directed the pre-clinical and early-phase clinical development for two
protein-based therapeutics for HIV infection. Since 1997, Dr. Allaway has
served as chief executive officer for Manchester Biotech Ltd., where he
assessed bioscience programs for potential commercial development in a wide
range of therapeutic areas including wound healing, anti-fungals, CNS
disorders, and asthma.
Boston Biomedica Inc. is a worldwide manufacturer and provider of proprietary quality control products for use with IVD test kits for the detection, analysis and monitoring of infectious diseases, including AIDS, Hepatitis, Lyme Disease and ToRCH. The Company's Accurun(TM) product line is used by clinical and research laboratories, blood banks, and IVD manufacturers to help ensure the accuracy of infectious disease test results through the routine monitoring of test performance. The Company also manufactures diagnostic test kit components and laboratory instrumentation, and provides specialty laboratory testing and contract research services.
This release may include forward-looking statements that may or may not
materialize. There can be no assurance that additional anti-HIV compounds
will be discovered in the course of the sponsored research; that any
discovered compounds will be developed for commercial use; or that the
Sponsored Research Agreement will continue past 1999. Additional information
and risk factors that could potentially affect Boston Biomedica's financial
results may be found in the Company's filings with the Securities and Exchange
Commission (SEC).
SOURCE Boston Biomedica Inc.
Web site: http: //www.bbii.com
CONTACT: Richard T. Schumacher, Pres./CEO or Kevin W. Quinlan, CFO of Boston Biomedica, Inc., 508-580-1900, or Jon Siegal or Maribel Lopez of Ronald Trahan Associates, Inc., 617-332-0101
