Abraxis BioScience (ABBI) Acquires Intellectual Property Rights for Technologies Designed to Discover New Drug Candidates from Buck Institute

August 6, 2007 8:07 AM EDT

Abraxis BioScience, Inc. (NASDAQ: ABBI) announced an agreement with the Buck Institute for Age Research that provides Abraxis with the exclusive worldwide intellectual property rights for technologies designed to generate novel therapeutics and identify new drug discovery targets.

Financial terms were not disclosed.

Included in the licensed technologies are a novel immunotherapeutic/anti-cancer compound (T9) and highly sensitive cell-based assay systems for the discovery of additional immune-modulating drugs. T9 is a highly potent bi-functional molecule with the ability to kill cancer cells and to activate the immune response to recognize cancer cells in a manner analogous to childhood vaccination.

This licensing agreement also includes a proprietary discovery platform designed to discover new chemical entities that remediate the signaling activities of the tumor suppressor p53 in p53-dysfunctional cancer cells.

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