DISCONTINUES LICENSING AGREEMENT
Seeks New Partners For ABS-103 Neurological Compound
New York, November 9, 2001 American Biogenetic
Sciences, Inc. (ABS) (NASDAQ:MABA) today announced
that it will reacquire, from Abbott Laboratories,
the license rights for ABS neurological compound
ABS-103 designed for the treatment of epilepsy, bipolar
mania (affective illness) and the prevention
of migraine headache.
are committed to identifying new global partners that
will bring ABS-103 to market, ABS president
and chief operating officer, Josef C. Schoell said,
We have enjoyed our relationship with Abbott,
and understand their decision to discontinue the license.
recent award of U.S. Patent No. 6,268,396 as an improved
method for treating and preventing migraine headaches
and affective illness extends the ABS-103 related
patent protection to 2019. Migraine headaches afflict
more than 20 million people in the United States alone,
with treatment costs exceeding $1 billion annually.
currently are in discussions with prospective global
partners for a range of ABS technologies, which will
now include ABS-103, said Mr. Schoell. We
are confident that we can reach agreements with partners
whose research and marketing strategies would benefit
from the addition of these therapeutics. Our goal
is to structure agreements that will benefit our shareholders
and most important, the millions of patients who need
to see these drugs reach the market quickly.
Biogenetic Sciences, Inc., based in Copiague, NY,
researches and develops diagnostic tests for cardiopulmonary
conditions and infectious diseases, as well as new
treatments for neurological disorders, including epilepsy,
migraine, mania, and Alzheimers disease.
in this release that are not strictly historical are
forward-looking statements within the
meaning of the Private Securities Litigation Reform
Act of 1995 and should be considered as subject to
various risks and uncertainties (including risks related
to successful licensing, development and marketing
of ABS-103 and other products and technologies) that
could cause actual results to differ materially from
those anticipated. For further details and a discussion
of these risks and uncertainties, see the companys
Securities and Exchange Commission filings including
its annual report or 10-K form.
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