Corning to Use Cell Lines for Assay Development, Biomarker Identification
and ADME/Tox Applications
LINCOLN, R.I., Oct. 10 /PRNewswire-FirstCall/ -- MultiCell Technologies, Inc. (OTC Bulletin Board: MCET), entered into a worldwide exclusive license and technology purchase agreement with Corning Incorporated of Corning, NY concerning the Company's Fa2N-4 immortalized adult human liver cell lines.
Corning paid MultiCell a license fee, and has agreed to purchase certain inventory and equipment related to MultiCell's Fa2N-4 cell line business, hire certain MultiCell scientific personnel, and pay for access to MultiCell's laboratories during transfer of the Fa2N-4 cell lines to Corning.
MultiCell will retain and continue to support all of its existing licensees, including Pfizer, Bristol-Myers Squibb, and Eisai. MultiCell retains the right to use the Fa2N-4 cells for use in applications not related to drug discovery or ADME/Tox assays. MultiCell also retains rights to use the Fa2N-4 cell lines and other cell lines to further develop its Sybiol(R) liver assist device, to produce therapeutic proteins using the Company's BioFactories(TM) technology, to identify drug targets and for other applications related to the Company's internal drug development programs.
"We are pleased to partner with Corning in the drug discovery assay tools, ADME/Tox and biomarker segments. MultiCell's focus is on using our therapeutic antibody and Toll-like receptor (TLR) technologies to develop new drug candidates, and to advance our lead drug candidate, MCT-125, for the treatment of primary MS-related fatigue," said Jerry Newmin, Chairman of the Board of MultiCell Technologies.
The foregoing events are further described in a Current Report on Form 8-K that Multicell Technologies filed on October 10, 2007 with the Securities and Exchange Commission.
About MultiCell Technologies, Inc.
MultiCell Technologies, Inc. is a biopha
|SOURCE MultiCell Technologies, Inc.|
Copyright©2007 PR Newswire.
All rights reserved