Wednesday, Jan 2, 1985
South San Francisco, Calif. -- January 2, 1985 --Genentech Clinical Partners III announced today that it successfully completed the private placement of $30.7 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 tumor necrosis factor (TNF). 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 TNF in the United States.
TNF is a biological agent that shows promise as an anticancer therapy. It is a protein normally produced in minuscule quantities by the body's immune system, as a part of the body's defense against disease. Human clinical evaluation is expected to begin in the second half of 1985.
PaineWebber Incorporated managed the private placement of the partnership interests.
Genentech, Inc. is a leading biotechnology company, focusing on the development, manufacture and marketing of pharmaceuticals produced by recombinant DNA technology.
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