|
|
Article: BRISTOL-MYERS SQUIBB TAKES EQUITY POSITION IN IXSYS -- WILL FUND THREE-YEAR R&D PROGRAM
- Article from:
- PR Newswire
- Article date:
- June 30, 1993
CopyrightCOPYRIGHT 1993 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
SAN DIEGO and PRINCETON, N.J., June 30 /PRNewswire/ -- Ixsys, Inc. and Bristol-Myers Squibb Pharmaceutical Group announced today that the two companies have signed an agreement in which Bristol-Myers Squibb will take an equity position in Ixsys and fund a three-year research and development collaboration focusing on the use of monoclonal antibodies for treating solid tumors.
The total agreement will provide Ixsys with more than $10 million in funding and gives Bristol-Myers Squibb a slightly more than 9 percent equity interest in Ixsys. An initial payment of $6 million has been received from Bristol-Myers Squibb, according to Michael J. Hanifin, vice president of Business ...