Wednesday, Jun 29, 1983
South San Francisco, Calif. -- June 29, 1983 --Genentech Clinical Partners II announced today that it successfully completed the private placement of $34 million of partnership interests.
The partnership will be managed by its general partner, Genentech Development Corporation, a wholly-owned subsidiary of Genentech, Inc.
The partnership will conduct a research and development program to perform human clinical testing and development of tissue-type plasminogen activator (t-PA). The partnership has contracted with Genentech, Inc. for the performance of this program, which is intended to lead to the Food and Drug Administration's approval of the manufacture and marketing of t-PA in the United States.
T-PA is a potent and highly specific blood-clot-dissolving agent. Human clinical evaluation is expected to begin later this year for the treatment of cardiovascular disorders, including heart attacks and blood-clots in the lungs and legs.
"We believe R&D partnerships are an effective and appropriate manner to fund the significant costs associated with pharmaceutical product development, particularly for a product like t-PA, where costly clinical testing is required prior to FDA marketing approval," said Fred A. Middleton, Genentech's chief financial officer.
Byth Eastman Paine Webber Incorporated managed the private placement of the partnership interests.
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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