Celera Grants License to Bayer Schering Pharma for Cancer-Related Targets
FOR IMMEDIATE RELEASE
ALAMEDA, CA - June 29, 2009
Celera Corporation (NASDAQ:CRA) today announced an exclusive license agreement with Bayer Schering Pharma AG, providing Bayer Schering Pharma with access to five cancer-related targets for therapeutic development and in-vivo diagnostic imaging. These therapeutic targets are over-expressed on the surface of several different tumor cell types and were identified using Celera's proteomics discovery platform.
Under the terms of the agreement, Bayer Schering Pharma will pay Celera a one-time fee for the exclusive access to the five targets. Additional payments are due upon achievement of certain development and commercial milestones. Further, upon commercialization of a product Celera is entitled to royalties based on net sales of a product. Celera retains in vitro diagnostic rights, and it will be able to develop and commercialize related companion in-vitro diagnostics that are specific to therapeutic candidates arising from Bayer Schering Pharma’s program.
“This agreement combines the strength of our novel proteomics target discovery platform with Bayer Schering Pharma’s expertise in research and development,” said Steve Ruben, Ph.D., vice president of proteomic research at Celera. “We believe this new relationship with Bayer Schering Pharma allows us the flexibility to advance part of our broad pipeline of validated targets for additional future value.”
“This agreement allows us to expand our existing research portfolio in the area of cancer-related targets,” said Khusru Asadullah, MD, Head of Target Discovery at Bayer Schering Pharma. “We look forward to exploring the full potential of these promising target candidates with regard to therapeutic interference for anti-tumor therapy as well as in in-vivo diagnostic imaging.”
Celera iis a healthcare business delivering personalized disease management through a combination of products and services incorporating proprietary discoveries. Berkeley HeartLab, a subsidiary of Celera, offers services to predict cardiovascular disease risk and improve patient management. Celera also commercializes a wide range of molecular diagnostic products through Abbott and has licensed other relevant diagnostic technologies developed to provide personalized disease management in cancer and liver diseases. Information about Celera Corporation, including reports and other information filed by the company with the Securities and Exchange Commission, is available at http://www.celera.com.
Certain statements in this press release are forward-looking. These may be identified by the use of forward-looking words or phrases such as “believe,” “expect,” “will,” “should,” “anticipate,” “may,” “could,” and “intend,” among others. These forward-looking statements are based on Celera’s current expectations. The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for such forward-looking statements. In order to comply with the terms of the safe harbor, Celera notes that a variety of factors could cause actual results and experience to differ materially from the anticipated results or other expectations expressed in such forward-looking statements. The risks and uncertainties that may affect the operations, performance, development, and results of our business include, but are not limited to, the risks and uncertainties that: (1) the cell surface proteins discovered by Celera may not be suitable targets for therapeutics; (2) the risk that Celera will not receive milestone or royalty payments under the agreement; (3) the risk that products developed under this license agreement, if any, will not advance as anticipated, or may not receive required regulatory clearances or approvals; and (4) the uncertainty that any products developed under this license agreement will be accepted and adopted by the market, including the risk that that these products will not be competitive with products offered by other companies, or that users will not be entitled to receive adequate reimbursement for these products from third party payors such as private insurance companies and government insurance plans. The foregoing list sets forth some, but not all, of the factors that could affect Celera's ability to achieve results described in any forward-looking statements. For additional information about the risks and uncertainties that Celera faces and a discussion of its financial statements and footnotes, see documents filed by Celera with the SEC, including its transition report on Form 10-KT and all subsequent periodic reports. All information in this press release is as of the date of the release, and Celera does not undertake any duty to update this information, including any forward-looking statements, unless required by law.
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