From: ussw@digital.net (USSW)
Subject: Oncogene Science, Inc. Licenses Library of Drug Development
Compounds From the Dow Chemical Company
UNIONDALE, N.Y. , March 18 /PRNewswire/ -- Oncogene Science Inc</a> , a
leading pharmaceutical discovery company, announced today that it has signed
an exclusive worldwide license with The Dow Chemical Co</a> giving Oncogene
Science rights to use more than 140,000 compounds for screening and
potential development of small molecule drugs. The library of compounds
from Dow enables Oncogene Science to further extend its current large
portfolio of compounds, and increases the Company's chances of identifying
target compounds for the treatment of a wide range of diseases including
cancer, infectious diseases, diabetes, cardiovascular and neurological
disorders. Compounds will be screened against drug targets in Oncogene
Science's proprietary and collaborative programs. Resulting candidates for
clinical development will be optimized using the Company's platform of
discovery technologies, including in-vitro and live-cell-based assays and
combinatorial chemistry. Under the terms of this license, Oncogene Science
will own rights to most of the drugs developed from the compound library
from Dow.
<p>
"Large, diverse libraries of compounds for high throughput screening are a
critical component of our drug discovery technology platform," stated Gary E.
Frashier, Chief Executive Officer of Oncogene Science, Inc. "Exclusive access
to The Dow Chemical Company's compound library is a significant resource for
our drug discovery programs, and an important addition to the extensive
library of compounds and natural products we now own."
<p>
Under terms of the agreement, Dow will receive approximately
350,000 shares of Oncogene Science common stock, utilizing stock Oncogene
Science recently repurchased from Becton Dickinson.
<p>
"Oncogene Science's expertise in high throughput drug discovery screening
and their alliances with leading pharmaceutical companies provide the ideal
vehicle for Dow's compound library to provide value to the pharmaceutical
industry," said Fred P. Corson, Vice President and Director of Research and
Development, The Dow Chemical Company.
<p>
Oncogene Science, Inc. is a leading pharmaceutical discovery company
applying a platform of proprietary, broadly enabling technologies to drive a
substantial pipeline of novel, small molecule drug candidates into clinical
development. Oncogene Science conducts multiple drug discovery and
development programs targeting major human diseases independently and in
co-ventures and collaborations with major pharmaceutical companies.
<p>
The Dow Chemical Company is a $20 billion global operation with
significant business activity in chemicals, plastics, agricultural products
and consumer specialties. Dow's expertise in biotechnology has been
out-licensed and used for programs in industrial enzymes, agricultural, and
pharmaceutical applications.
<p>
Additional information on Oncogene Science, Inc. is available on the World
Wide Web at: http://www.oncogene.com.SOURCE Oncogene Science, Inc.
Madeline Boscoe
Advocacy Coordinator
Women's Health Clinic
419 Graham Ave, Winnipeg, Mb. R3C 0M3
Phone 204-947-2422 ext. 122 Fax 204-943-3844
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