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APPLIED BIOTECHNOLOGY HAS RAISED OVER $15 MIL. IN PRIVATE FINANCINGS

Executive Summary

APPLIED BIOTECHNOLOGY HAS RAISED OVER $15 MIL. IN PRIVATE FINANCINGS to support the start-up biotech company's vaccine and oncogene research. In a Sept. 17 press release, Applied bioTechnology announced the completion of a $6 mil. private offering -- the company's third since its inception in 1984. Applied bioTechnology's vaccine strategy is to develop recombinant DNA-derived products using the vaccinia virus as a vector. The firm said it is focusing its human vaccine development efforts on AIDS, leprosy and tuberculosis. Applied bioTechnology is also developing a number of vaccines with veterinary applications. In the cancer area, DuPont has invested $4 mil. in a 50-50 joint venture with Applied bioTechnology called Oncogenetics Partners. The joint venture, established in June 1984, is looking to commercialize research in cancer diagnostics, reagents, and therapeutics pioneered by Applied bioTechnology founder Robert Weinberg, PhD, Massachusetts Institute of Technology and the Whitehead Institute. The lead product of the joint venture is an oncogene probe licensed to DuPont for use in detecting breast cancer. Applied bioTechnology has also established commercial links with Mitsubishi to "market certain Applied bioTechnology products in the Far East" and with the Battelle Memorial Institute to develop poultry vaccines. The company's management team is headed by President and Chief Exec Steven Peltzman, who joined the company in 1984. Peltzman was formerly with Millipore where he last served as director of that company's medical products division. Applied bioTechnology's VP-product development is Dennis Panicali, PhD, co-inventor of the vaccinia vector technology being used by the company to develop genetically engineered vaccines. Applied bioTechnology was founded by six scientists: the company's chairman, Allan Jacobson, PhD, University of Massachusetts Medical School; Robert Singer, PhD, University of Massachusetts Medical School; Charles Lane, PhD, now with a venture capital firm in London; Applied bioTechnology Director of Long-Term Research Bryan Roberts, PhD; Michael Rosbash, PhD, Brandeis University; and Weinberg. Jacobson, Rosbash, Singer and Weinberg still serve part time in a scientific advisory capacity. Roberts is the only founder working full time at Applied bioTechnology. The company currently employs a staff of 44, including 36 scientists (13 PhDs).

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