Diversa Achieves Milestone Under XOMA Antibody Agreement
For Generation of High-Affinity Antibody Product Candidate
SAN DIEGO and BERKELEY, Calif., June 1 /PRNewswire-FirstCall/ -- Diversa
Corporation (NASDAQ:DVSA) and XOMA Ltd. (NASDAQ:XOMA) today announced the
achievement of a milestone under their therapeutic antibody generation and
optimization and license agreement for the successful generation of an antibody
that binds with sub-picomolar affinity to an undisclosed XOMA target. The
milestone achievement will result in an undisclosed payment to Diversa.
"This milestone further demonstrates Diversa's ability to generate high-quality
antibody product candidates through its technologies," said Jay M. Short,
Ph.D., president and chief executive officer of Diversa Corporation. "We are
also pleased to report this therapeutic antibody candidate has shown an
affinity that is rare and far exceeds the original design goals." "This accomplishment highlights the ability of our two companies to work
together to rapidly generate a superior antibody that has shown exceptional
potency," said John L. Castello, XOMA's chairman, president and chief executive
officer. "We believe this therapeutic antibody candidate has the potential to
be an important addition to our pipeline and has great potential as a
commercially attractive product for the treatment of autoimmune-inflammatory
diseases." Under the terms of the agreement announced in January 2004, Diversa utilizes
its proprietary evolution technologies to generate and optimize therapeutic
antibodies against targets identified by XOMA, and is entitled to receive
undisclosed payments for the achievement of certain milestones as well as
royalties on future sales.
About Diversa Diversa Corporation is a leader in applying proprietary genomic technologies
for the rapid discovery and optimization of novel protein-based products. The
Company is directing its integrated portfolio of technologies to the discovery,
evolution, and production of commercially valuable molecules with agricultural,
chemical, industrial, and pharmaceutical applications. Diversa has established
alliances and joint ventures with market leaders, such as Bayer Animal Health,
Cargill Health and Food Technologies, DuPont Bio-Based Materials,
GlaxoSmithKline, Medarex, Merck, and XOMA. In addition, the Company has formed
a broad strategic relationship with Syngenta AG, a world-leading agribusiness
company. Diversa has commercialized products both independently and in
collaboration with strategic partners and licensees. Additional information is
available at Diversa's website: http://www.diversa.com/.
About XOMA XOMA develops for commercialization antibody and other protein-based
biopharmaceuticals to treat cancer, immune disorders and infectious diseases. The Company pipeline includes proprietary products along with collaborative
product development programs with Chiron Corporation, Millennium
Pharmaceuticals, Inc., and Aphton Corporation. The Company also has a royalty
interest in RAPTIVA(R), a product marketed worldwide that was developed under a
collaboration arrangement with Genentech, Inc. For more information about
XOMA's product pipeline and antibody product development capabilities and
technologies, please visit XOMA's website at http://www.xoma.com/.
Diversa Forward-Looking Statement Statements in this press release that are not strictly historical are
"forward-looking" and involve a high degree of risk and uncertainty. These
include statements related to the ability of Diversa and XOMA to generate or
optimize antibodies under their agreement, the therapeutic and commercial
potential of any antibodies that are developed, and the ability for Diversa to
realize future milestone and royalty payments under the agreement with XOMA,
all of which are prospective. Such statements are only predictions, and the
actual events or results may differ materially from those projected in such
forward-looking statements. Factors that could cause or contribute to
differences include, but are not limited to, risks involved with Diversa's new
and uncertain technologies, risks associated with Diversa's dependence on
patents and proprietary rights, risks associated with Diversa's protection and
enforcement of its patents and proprietary rights, Diversa's dependence on XOMA
in connection with its agreement with XOMA and otherwise on its existing
collaborations, the ability of XOMA to commercialize products, Diversa's
ability to commercialize products, risks associated with delays in obtaining
regulatory approval for Diversa's products, the development or availability of
competitive products or technologies, and the future ability of Diversa to
enter into and/or maintain collaboration and joint venture agreements,
including the strategic relationship with XOMA. Certain of these factors and
others are more fully described in Diversa's filings with the Securities and
Exchange Commission, including, but not limited to, Diversa's Annual Report on
Form 10-K for the year ended December 31, 2004. These forward-looking
statements speak only as of the date hereof. Diversa expressly disclaims any
intent or obligation to update these forward-looking statements.
XOMA Forward-Looking Statement Certain statements contained herein concerning current collaborations and
product development or that otherwise relate to future periods are
forward-looking statements within the meaning of Section 27A of the Securities
Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These
statements are based on assumptions that may not prove accurate. Actual results
could differ materially from those anticipated due to certain risks inherent in
the biotechnology industry and for companies engaged in the development of new
products in a regulated market. These risks, including those related to the
results of discovery research, pre-clinical testing, the timing or results of
pending and future clinical trials (including the design and progress of
clinical trials; safety and efficacy of the products being tested; action,
inaction or delay by the FDA, European or other regulators or their advisory
bodies; and analysis or interpretation by, or submission to, these entities or
others of scientific data), changes in the status of the existing collaborative
relationships, the ability of collaborators and other partners to meet their
obligations, market demand for products, scale up and marketing capabilities,
competition, uncertainties regarding the status of biotechnology patents,
uncertainties as to the cost of protecting intellectual property and risks
associated with XOMA's status as a Bermuda company, are described in more
detail in the Company's most recent annual report on Form 10-K and in other SEC
filings. Consider such risks carefully in considering XOMA's prospects.
Diversa Contact:
Martin Sabarsky
Diversa Corporation
Corporate Development and Investor Relations
(858) 526-5166 XOMA Contacts:
Deb McManus, APR
Media Relations
(510) 204-7200 Ellen M. Martin
Investor Relations
Kureczka/Martin Associates
(510) 832-2044
DATASOURCE: Diversa Corporation CONTACT: Martin Sabarsky, Corporate Development and Investor Relations of Diversa Corporation, +1-858-526-5166; or Deb McManus, APR, Media Relations, +1-510-204-7200, or Ellen M. Martin, Investor Relations of Kureczka/Martin Associates, +1-510-832-2044, both for XOMA Web site: http://www.diversa.com/ http://www.xoma.com/
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