EXHIBIT 99.1
[TARGETED GENETICS LOGO]
Contact:
Targeted Genetics Corporation
Stephanie Seiler, Ph.D.
Director, Communications
(206) 52l-7823
TARGETED GENETICS ESTABLISHES PARTNERSHIP VALUED AT UP TO
$80 MILLION FOR HEMOPHILIA GENE THERAPY WITH AMERICAN
HOME PRODUCTS
-Agreement aligns leaders in hemophilia therapies and gene delivery
technologies-
Seattle, WA--November 9, 2000--Targeted Genetics Corporation (Nasdaq: TGEN)
today announced that it has entered into a collaboration to develop gene therapy
products for the treatment of hemophilia with Genetics Institute, the biotech
research division of Wyeth-Ayerst, a division of American Home Products
Corporation (NYSE; AHP). Hemophilia is a hereditary bleeding disorder caused by
the absence or severe deficiency of protein factors essential for proper blood
clotting.
Under the terms of the agreement, Targeted Genetics has agreed to utilize its
expertise in adeno-associated virus (AAV) vector technology to deliver a gene
encoding a functional factor VIII protein for hemophilia A and, potentially, a
factor IX protein for hemophilia B. Genetics Institute, the first company to
develop recombinant factor VIII and recombinant factor IX proteins, has agreed
to provide important expertise and to manage the clinical trials and related
regulatory filings required for product approval and marketing.
Genetics Institute has agreed to pay Targeted Genetics $5 million in up-front
payments, up to $15 million for development of the factor VIII product over
the next three years and, subject to the achievement of specified objectives,
development and commercialization milestones. Genetics Institute also will have
an option to collaborate on the development of AAV delivery of the gene encoding
factor IX to treat hemophilia B which, if developed, would trigger additional
payments to Targeted Genetics.
Wyeth/Genetics Institute will retain global marketing rights for any products
resulting from the alliance.
Genetics Institute also has agreed to loan Targeted Genetics, upon Targeted
Genetics' request, up to $10 million to finance manufacturing facility
expansions. In addition, under a supply agreement, Genetics Institute has agreed
to pay Targeted Genetics to manufacture product for clinical trials and, upon
approval, for commercial use according to a sales-based formula. The total value
of the deal to Targeted Genetics, excluding the costs of clinical trials,
regulatory filings and clinical and commercial manufacturing payments, could
reach $80 million.
Partnership Aligns Industry Leaders
"If successful, gene therapy would be a major medical milestone in the treatment
of hemophilia, allowing people with hemophilia to live without the significant
problems associated with frequent spontaneous bleeding episodes," said H.
Stewart Parker, President and Chief Executive Officer of Targeted Genetics. "We
believe that Genetics Institute is the leader in the development of recombinant
versions of factor VIII and factor IX, products that have enabled hemophilia
patients TO control their bleeding without the fear of viral-transmission
associated with plasma-derived factor concentrates."
"Moreover, under the terms of the agreement, Genetics Institute will bring
rights to intellectual property related to both the factor VIII and IX genes
that we believe will be important in commercializing hemophilia gene therapy
products. Combining our leadership in the development and manufacturing of AAV-
based product candidates with their expertise in developing and marketing
products to the hemophilia communities will create a powerful engine with which
to drive the development of gene therapy for the treatment of hemophilia. We
look forward to a long and productive collaboration," Ms. Parker continued.
Wyeth/Genetics Institute officials expressed equal optimism for the
collaboration. "Gene therapy holds the promise of a cure for people with
hemophilia, a medical breakthrough that the hemophilia community has been
anxiously awaiting and one that we are committed to developing," said L. Patrick
Gage, Ph.D., President, Wyeth-Ayerst research. "After evaluating a number of
potential partners, it became clear that Targeted Genetics has the best and most
extensive experience and infrastructure related to the research, development and
manufacturing of AAV-based products. As the first company to bring AAV into
human clinical trials, they have important regulatory and clinical experience in
this field. Moreover, they have developed a robust and scalable AAV vector
manufacturing process, which will be necessary to manufacture product in a
cost-effective and reliable manner"
Targeted Genetics Corporation develops gene therapy products for the treatment
of acquired and inherited diseases. The Company has lead clinical product
development programs targeting cystic fibrosis and cancer, and a promising
preclinical pipeline of product candidates focused on hemophilia A, arthritis,
cancer, cardiovascular disease and
AIDS prophylaxis. The Company has a broad platform of gene delivery technologies
and, through its wholly owned subsidiary, CellExSys, a promising body of
technology for cellular therapy. For more information about Targeted Genetics
Corporation please visit the Company's web site at
http://www.targetedgenetics.com.
- -------------------------------
NOTE: This release contains forward-looking statements that are subject to
certain risks and uncertainties that could cause actual results to differ
materially from those projected. The words "believes," "expects," "Mends,"
"anticipates," and similar expressions identify forward-looking statements, but
their absence does not mean that the statement is not forward-looking. These
statements are not guarantees of future performance. A number of factors could
affect the Company's actual results including the risk factors described in the
Company's latest Quarterly Report on Form I O-Q filed with the SEC. You should
not place an undue reliance on these forward-looking statements, which speak
only as of the dote of this release. The Company undertakes no obligation to
update publicly any forward-looking statements to reflect new information,
events or curcumstances after the date of this release.
###