Introgen Strengthens Cash Position, Sells Shares in Silence Therapeutics plc
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Today, Introgen Therapeutics, Inc. (NASDAQ:INGN) announced it sold
approximately 7,478,000 shares of Silence Therapeutics plc. (LSE:SLN)
for net proceeds to Introgen of approximately $7,549,000.
Introgen’s Chairman and CEO David G. Nance
stated, "The sale of our position in Silence
Therapeutics represents an attractive return on our investment and
provides Introgen with additional cash to deploy its development
programs. Introgen’s program with Silence to
investigate applications of Introgen’s
delivery technologies for RNAi use is not affected by the stock sale.” About Introgen Therapeutics, Inc.
Introgen Therapeutics, Inc. is a biopharmaceutical company focused on
the development, manufacturing and commercialization of targeted tumor
suppressors, a new class of therapies for the treatment of cancer.
Introgen’s technology delivers targeted
molecular therapies that increase production of normal cancer-fighting
proteins and cytokines. The Company is developing a proprietary pipeline
of product candidates utilizing molecular biomarkers to identify
patients most likely to benefit from its therapies which target central
cancer-causing mechanisms. ADVEXIN®, its lead
product candidate, targets the p53 tumor suppressor and p53 regulatory
pathway, which is associated with over 50 percent of all tumors. The
Company plans to complete regulatory filings in both the United States
and in Europe in the first half of 2008.
Statements in this release that are not strictly historical may be "forward-looking”
statements, including those relating to Introgen’s
successful closing of the sale of shares in Silence Therapeutics plc.
The actual results may differ from those described in this release due
to risks and uncertainties that exist in Introgen’s
operations and business environment, including Introgen’s
stage of product development and the limited experience in the
development of gene-based drugs in general, dependence upon proprietary
technology and the current competitive environment, history of operating
losses and accumulated deficits, reliance on collaborative
relationships, and uncertainties related to clinical trials, the safety
and efficacy of Introgen’s product
candidates, the ability to obtain the appropriate regulatory approvals,
Introgen’s patent protection and market
acceptance, as well as other risks detailed from time to time in Introgen’s
filings with the Securities and Exchange Commission including its
filings on Form 10-K and Form 10-Q. Introgen undertakes no obligation to
publicly release the results of any revisions to any forward-looking
statements that reflect events or circumstances arising after the date
hereof.
Editor's Note: For more information on Introgen Therapeutics, or for a
menu of archived press releases, please visit Introgen’s
Website at: www.introgen.com.
