Monday, Jan 14, 1985
South San Francisco, Calif. -- January 14, 1985 --For your information, Genentech Clinical Partners III has successfully completed the final closing of the private placement of $33.2 million of partnership interests. The total of $33.2 million raised for the development of tumor necrosis factor (TNF) includes an initial closing of $30.7 million previously announced on January 2, 1985.
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 TNF. The partnership has contracted with Genentech, Inc. for the performance of this program, which is intended to lead to the Food and Drug Administration¹s approval.
Genentech is a leading biotechnology company, focusing on the development, manufacture and marketing of pharmaceuticals produced by recombinant DNA technology.
# # #