Navigation Links
Protein Sciences Announces Termination of Deal to Sell to Emergent BioSolutions
Date:7/29/2008

- PSC terminates sale due to Emergent's breaches

- PSC BLA for FluBlok remains on track with the FDA

- PSC awaiting decision on BARDA contract award

MERIDEN, Conn., July 29 /PRNewswire/ -- Protein Sciences Corporation ("PSC") announced today that the sale of its business under an Asset Purchase Agreement between PSC and Emergent BioSolutions, Inc. (NYSE: EBS) and its affiliate (collectively "Emergent") has been terminated by PSC due to breaches by Emergent. PSC cited multiple breaches by Emergent including disclosure and mischaracterization of PSC's material confidential information obtained from PSC during due diligence and Emergent's failure to fulfill its obligation to provide adequate funding to PSC.

Daniel D. Adams, President and CEO, said, "Emergent's blatant disregard for its contractual commitments is shocking. They continue to try to damage PSC with inappropriate and unauthorized contact to our customers and collaborators and appear to have launched an effort to disrupt the approval process for our BLA for FluBlok(R). Fortunately, we have loyal customers, collaborators and shareholders that remain very supportive of PSC and our management team."

In other developments, PSC announced that the FDA's inspection of PSC's facility and operations in connection with its Biologics License Application (BLA) for FluBlok was completed in mid-July. Manon Cox, PSC's Chief Operating Officer, noted, "We were well prepared for the FDA inspection of our manufacturing facility and are satisfied with the nature of the preliminary comments that we received from the FDA. We remain on track for a decision on our BLA by mid-October, 2008 under the FDA's accelerated approval pathway." PSC also announced that it reached an important milestone related to FluBlok when it successfully produced the vaccine necessary to combat each of the three strains that will make up the influenza vaccine for the 2008-2009 flu season.

PSC also announced that it submitted a proposal for federal funding for a contract to develop recombinant seasonal and pandemic influenza vaccines from the Department of Health and Human Services (BARDA). Negotiations over the contract have been ongoing and a decision may be reached by BARDA within the next few weeks. PSC has requested funding for, among other things, additional clinical trials to support pediatric and pandemic formulations of FluBlok; purchase of equipment for large scale manufacturing; and process and manufacturing facility validation as specified in the Request for Proposal issued by BARDA in 2007. If the contract is awarded, PSC expects that the work and funding will be spread over a five-year period.

About PSC. PSC is a privately held biotechnology company that uses proprietary recombinant DNA technology to manufacture human and animal vaccines, therapeutics and diagnostics. Our lead product is a human seasonal flu vaccine -- FluBlok(R). Our underlying technology is a viable alternative production platform to the egg-based production methods that currently dominate vaccine production and our 2007 revenues were in excess of $6,000,000, primarily from our GeneXpress and research antigen business.


'/>"/>
SOURCE Protein Sciences Corporation
Copyright©2008 PR Newswire.
All rights reserved

Related biology technology :

1. Vermillion and Collaborators Discover Protein Biomarker Associated with Peripheral Artery Disease
2. China-Biotics, Inc. Launches Shining Probiotics Protein Powder
3. When proteins, antibodies and other biological molecules kiss, a new kind of biosensor can tell
4. When proteins, antibodies and other biological molecules kiss, a new kind of biosensor can tell
5. New Data Presented on Immunocytokine Fusion Protein Further Supports Broad Anti-Cancer Potential Of Peregrines Anti-PS Technology Platform
6. Baxter Adds Recombinant Protein to Specialty Therapeutics Portfolio
7. Decision Biomarkers Awarded U.S. Patent for Protein Array Surface Chemistry
8. STALLERGENES and Protein eXpert Enter Into a Partnership for Producing Mites Recombinant Allergens
9. Alfacell Announces ONCONASE(R) Purchase and Supply Agreement with Scientific Protein Laboratories
10. Decision Biomarkers Launches System for Faster, Easier Quantification of Protein Biomarkers
11. Immune system protein starves staph bacteria
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/23/2016)... ... June 23, 2016 , ... Mosio, a leader in ... Trials Patient Recruitment and Retention Tips.” Partnering with experienced clinical research professionals, Mosio ... practical tips, tools, and strategies for clinical researchers. , “The landscape of how ...
(Date:6/23/2016)... June 23, 2016   Boston Biomedical , ... compounds designed to target cancer stemness pathways, announced ... granted Orphan Drug Designation from the U.S. Food ... gastric cancer, including gastroesophageal junction (GEJ) cancer. Napabucasin ... to inhibit cancer stemness pathways by targeting STAT3, ...
(Date:6/23/2016)... , June 23, 2016 A person commits a ... crime scene to track the criminal down. An ... Food and Drug Administration (FDA) uses DNA evidence to track ... Sound far-fetched? It,s not. The FDA has increasingly ... support investigations of foodborne illnesses. Put as simply as possible, ...
(Date:6/23/2016)... , ... June 23, 2016 , ... ... YM (Yeast and Mold) microbial test has received AOAC Research Institute approval 061601. ... microbial tests introduced last year,” stated Bob Salter, Vice President of Regulatory and ...
Breaking Biology Technology:
(Date:5/12/2016)... WearablesResearch.com , a brand of Troubadour Research & ... Q1 wave of its quarterly wearables survey. A particular ... a program where they would receive discounts for sharing ... "We were surprised to see that so many ... CEO of Troubadour Research, "primarily because there are segments ...
(Date:4/28/2016)... 2016 First quarter 2016:   ... with the first quarter of 2015 The gross margin ... (loss: 18.8) and the operating margin was 40% (-13) ... Cash flow from operations was SEK 249.9 M (21.2) , ... unchanged, SEK 7,000-8,500 M. The operating margin for 2016 ...
(Date:4/15/2016)... April 15, 2016  A new partnership announced ... accurate underwriting decisions in a fraction of the ... priced and high-value life insurance policies to consumers ... With Force Diagnostics, rapid testing (A1C, Cotinine ... readings (blood pressure, weight, pulse, BMI, and activity ...
Breaking Biology News(10 mins):