UTEK Corporation and CytoDyn, Inc. Complete Technology Transfer
TAMPA, Fla. & SANTA FE, N.M. & BOSTON--(BUSINESS WIRE)--Feb 5, 2007 - UTEK Corporation (AMEX:UTK) (LSE-AIM:UTK), a specialty finance company focused on technology transfer, and CytoDyn, Inc. (Pink Sheets:CYDY), a development stage biotechnology company, today announced CytoDyn has acquired Advanced Genetic Technologies, Inc., a wholly owned subsidiary of UTEK, in a stock transaction.Advanced Genetic Technologies, Inc. holds the exclusive worldwide licenses for monoclonal antibodies TS1-18 and TS1-22 and non-exclusive rights to the bacterial plasmid 8630. These technologies were developed by Dr. Timothy Springer, Senior Investigator at The CBR Institute for Biomedical Research (CBRI), an affiliate of Harvard Medical School. CytoDyn, Inc. intends to use these antibodies, for targeted immune therapy for HIV/AIDS, as a potential solution to help address the problem of multidrug resistant strains of HIV. The bacterial plasmid is envisioned as a potential diagnostic and screening tool for HIV/AIDS immunotherapies.
In light of the need for more effective HIV/AIDS therapeutics, both CytoDyn and CBRI have agreed to waive certain royalty provisions to ensure that this therapeutic is widely and freely available in Africa where it is needed most.
"We are very enthusiastic about working with CytoDyn, Inc. as they help to develop and commercialize this immune therapy for HIV/AIDS," said Ryan Dietz, who heads the Office of Technology Development at CBRI. "This is a good example of the important translational research conducted at CBRI."
"CytoDyn is very pleased to have acquired these technologies," said Allen D. Allen, Chief Executive Officer of CytoDyn. "Our hope is that these clones will be used for the improved version of Cytolin(R), our targeted immune therapy for HIV/AIDS, currently in Phase 1 clinical studies."
"UTEK is pleased to consummate this technology transfer with CytoDyn, Inc.," said Jeffrey D. Bleil, Ph.D., Chief Technology Officer of UTEK Corporation.
About The CBR Institute for Biomedical Research, Inc.
CBRI is a non-profit, independent research institution recognized worldwide for its discoveries that increase the body's ability to fight disease and to heal. The breakthroughs of CBRI scientists are greatly increasing our understanding of the influence of immune defense and inflammation on medical discovery, healthcare, and disease management. CBRI is academically affiliated with Harvard Medical School, and its investigators hold appointments in departments of Harvard Medical School. CBRI, through its Office of Technology Development is actively advancing investigator discoveries through outside funding arrangements and licensing transactions. CBRI is a wholly independent organization in its governance, finance, and research direction. For more information regarding CBRI, please visit its website at www.cbrinstitute.org.
About CytoDyn, Inc.
CytoDyn, Inc. is a company focused on developing products to treat and to prevent serious human diseases. CytoDyn, Inc. is a Colorado corporation with its home office in Santa Fe, NM. "Cytolin" and "CytoDyn" (as used to identify a particular class of products) are the registered trademarks of CytoDyn, Inc. Our graphic logo is the registered mark of CytoDyn, Inc. CytoDyn, Inc. does not endorse any representations made by any other party or entity regarding the technology in question including, without limitation; CytoDyn, Inc. does not endorse any claims made about the potential safety or efficacy of any products that might arise from such technology. For more information regarding CytoDyn, Inc., please visit its website at www.cytodyn.com.
About UTEK Corporation
UTEK(R) is a specialty finance company focused on technology transfer. UTEK's services enable companies to acquire innovative technologies from universities and research laboratories worldwide. UTEK facilitates the identification and acquisition of external technologies for clients in exchange for their equity securities. This unique process is called U2B(R). In addition, UTEK offers companies the tools to search, analyze and manage university intellectual properties. UTEK is a business development company with operations in the United States, United Kingdom and Israel. For more information about UTEK, please visit its website at www.utekcorp.com.
Forward-Looking Statements
Certain matters discussed in this press release are "forward-looking statements." These forward-looking statements can generally be identified as such because the context of the statement will include words, such as UTEK or CytoDyn, Inc. "expects," "should," "believes," "anticipates" or words of similar import. Similarly, statements that describe UTEK's or CytoDyn, Inc.'s future plans, objectives or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties, including the financial performance of UTEK or CytoDyn, Inc., as appropriate, and the valuation of UTEK's investment portfolio, which could cause actual results to differ materially from those currently anticipated. Although UTEK and CytoDyn, Inc. believe the expectations reflected in any forward-looking statements are based on reasonable assumptions, they cannot give any assurance that their expectations will be attained. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating any forward-looking statements. Certain factors could cause results and conditions to differ materially from those projected in these forward-looking statements, and some of these factors are discussed below. These factors are not exhaustive. New factors, risks and uncertainties may emerge from time to time that may affect the forward-looking statements made herein. These forward-looking statements are only made as of the date of this press release and both UTEK and CytoDyn, Inc. do not undertake any obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
UTEK's operating results could fluctuate significantly due to a number of factors. These factors include the small number of transactions that are completed each quarter, the value of individual transactions, the timing of the recognition and the magnitude of unrealized gains and losses, UTEK's dependence on the performance of companies in its portfolio, the possibility that advances in technology could render the technologies it has transferred obsolete, the loss of technology licenses by companies in its portfolio, the degree to which it encounters competition in its markets, the volatility of the stock market and the volatility of the valuations of the companies it has invested in as it relates to its realized and unrealized gains and losses, the concentration of investments in a small number of companies, as well as other general economic conditions. As a result of these and other factors, current results may not be indicative of UTEK's future performance. For more information on UTEK and for a more complete discussion of the risks pertaining to an investment in UTEK, please refer to UTEK's filings with the Securities and Exchange Commission.
Contact
UTEK Corporation, Tampa
Tania Bernier, 813-754-4330 x 223 (USA)
or
Bankside Consultants (UK)
Steve Liebmann or Simon Bloomfield, + 44 (0) 20-7367-8883
or
CytoDyn, Inc.
Stacia Andrews, 505-988-5520
or
CBR Institute for Biomedical Research, Inc.
Ryan Dietz, 617-278-3463
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