Friday, Apr 29, 1983
South San Francisco, Calif. -- April 29, 1983 --Genetech, Inc. is planning to form a new limited partnership to sponsor a research and development program to conduct human clinical testing and development of tissue-type plasminogen activator (t-PA), a blood-clot-dissolving agent.
The proposed funding would be arranged through a private placement of approximately $32 million of limited partnership interests to qualified investors.
Genentech announced the initial cloning and expression of t-PA in July 1982. Subsequent development has progressed at an unusual pace through laboratory and animal testing. "It is now near the stage of human clinical testing as a treatment for heart attack and other cardiovascular diseases," according to Fred A. Middleton, chief financial officer.
"We believe R&D partnerships are an effective and appropriate manner to underwrite the significant costs associated with pharmaceutical product development, particularly for a product like t-PA, where costly clinical testing is required prior to FDA approval," Middleton said.
Genentech, Inc. is a leader in the development, manufacture and marketing of recombinant DNA products for pharmaceutical, agricultural and industrial chemicals markets.
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CONDENSED CONSOLIDATED INCOME STATEMENTS
(in thousands, except per share amounts)
|First Quarter Ended March 31||1983||1982|