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News From Battelle Subsidiaries
April 20, 2000
BATTELLE ANNOUNCES NEW PULMONARY DRUG
DELIVERY SPINOFF TO BEGIN OPERATIONS
Battelle announced today that it has formed a for-profit subsidiary, Battelle Pulmonary Therapeutics, Inc., to develop and market pulmonary and drug delivery technology to treat lung and other diseases. The spinoff business commenced operations this month.
Battelle Pulmonary Therapeutics leases office and lab space in Battelle's headquarters in Columbus, Ohio. It currently employs 11 people, a staff that could reach 15-20 people over the next year. The company, a wholly owned subsidiary of Battelle, expects to see revenues of approximately $4 million this year and projects $6-8 million in revenues for 2001, said Janice Beauchamp, Chief Financial Officer.
The business has developed an innovative new cancer treatment based on inhalation therapy which delivers anticancer drugs directly to the lungs for patients with lung cancer or tumors that have metastasized to the lung. Phase I clinical trials are currently under way at three major national cancer treatment centers, including the Arthur G. James Cancer Hospital and Richard J. Solove Research Institute, the National Cancer Institute and Memorial Sloan-Kettering Cancer Center.
Battelle Pulmonary Therapeutics is a development company that plans to become a leader in pulmonary therapeutics and drug delivery. The company is structured around two business platforms: One focuses on the inhaled chemotherapy treatment and the other on proprietary inhalation devices that use a novel aerosol generation technology, called electrohydrodynamic (EHD). These devices are designed to more effectively treat a variety of respiratory diseases, such as asthma and lung infections as well as other diseases such as diabetes and osteoporosis. The company has sufficient laboratory and clinical data to lead it to believe EHD devices have the potential to become the standard for pulmonary delivered drugs.
Battelle Pulmonary Therapeutics currently has a licensing agreement with ViroPharma, Inc. to use an EHD device with ViroPharma's small molecule antiviral drug candidate for the treatment of respiratory syncytial virus (RSV) disease. The disease is a serious health threat to individuals of all ages, but is of particular concern in infants and the elderly. In addition, Battelle Pulmonary Therapeutics is in late-stage negotiations with five other companies regarding commercial ventures.
Dennis Cearlock, President and CEO of Battelle Pulmonary Therapeutics, said, "We'd like to thank collaborators who have helped us get this spinoff business accomplished. This represents not only a significant business venture for Battelle, but many years and man-hours by multi-disciplinary teams of scientists, engineers, researchers and support staff."
Battelle has developed successful spinoffs and ventures in the past. These include:
Phototonic Integration Research Inc. (PIRI): A joint venture among NTT, Mitsubishi and Battelle that created fiber optic technology for use in appliances, cable TV, and airplanes.
Information Dimensions, Inc.: A data storage software that grew into a $50 million, 200-person business. Battelle later sold Information Dimensions to another company.
Some current spinoffs and ventures include:
Vitex Systems, Inc.: A company that develops flat panel display technology for electronic products used in the consumer and industrial markets.
OmniViz Inc.: A data mining and visualization software company that will allow users to convert large amounts of data, such as genetic information, and convert it into meaningful information. OmniViz is targeted to life sciences, pharmaceutical, and chemical markets.
Battelle, headquartered in Columbus, Ohio, focuses on technology development and commercialization and product development. With 7,500 employees at more than 60 locations, Battelle develops technologies and products for industry and government. Annual revenues are approximately $1 billion. For more information on Battelle and its technology forecasts, visit Battelle's web site at www.battelle.org, or contact Katy Delaney, Media Relations manager, (614) 424-5544.
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