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Latest Genquest News
May 13, 2016
Jun 23, 1998, 01:00 ET from Corixa Corporation SEATTLE, June 23 /PRNewswire/ -- Corixa Corporation (Nasdaq: CRXA) announced today that it has signed a definitive agreement to acquire all the outstanding shares of GenQuest, Inc., a privately held, oncology-based, functional genomics company with facilities in Seattle, Washington and New York, N.Y. Corixa currently holds approximately 17 percent of the outstanding capital stock of GenQuest. Corixa will purchase GenQuest for approximately $11.8 million, $4.5 million of which will be paid in cash. The balance of the purchase price will be paid in Corixa common stock using a share price calculated as the average closing price of shares of Corixa common stock on the Nasdaq National Market during the 60 day trading period beginning May 11, 1998 and ending July 31, 1998. The transaction, which currently is expected to close in August 1998, is intended to qualify as a tax-free reorganization and will be accounted for as a purchase. GenQuest was founded in July 1995 by Paul Fisher, M.D., Professor of Urology and Pathology at Columbia University College of Physicians and Surgeons, and Forward Ventures, a San Diego-based venture capital firm. "The acquisition of GenQuest is consistent with Corixa's strategy to discover and commercialize novel products for the treatment of cancer and infectious diseases. GenQuest's technology augments Corixa's proprietary approaches in vaccine antigen discovery. We believe that we can increase the overall value of these discoveries by licensing to third parties non-vaccine applications to cancer genes discovered through use of either Corixa or GenQuest technologies," said Steven Gillis, Ph.D., President and Chief Executive Officer of Corixa. "Additionally, with the acquisition of GenQuest, we believe that we will be able to quickly capitalize on key GenQuest discoveries by establishing additional corporate partnering arrangements, which should serve to bolster Corixa's top line revenue and breadth of product development. " "The initial focus of licensing discussions will be in the area of high throughput screens for discovery of small molecules that alter the cancer phenotype via interaction with GenQuest-discovered molecular targets. In addition, GenQuest's technology provides us with added diagnostics which may serve as complementary products to monitor vaccine efficacy, or as separate, novel diagnostic and prognostic products in their own right," continued Gillis. GenQuest will consolidate its operations in Seattle, Wash., and will be fully integrated into Corixa. Since February 1996, Corixa's employee management team has been responsible for performing certain business and administrative functions on behalf of GenQuest. Together, the combined entity will have approximately 100 scientific employees dedicated to the discovery and early development of vaccines. Corixa believes that genes discovered as a result of these efforts may hold additional value as potential diagnostics, as targets for small molecule therapeutics, and therapeutic antibody development, and for use in gene therapy. Corixa intends to seek partnerships with other companies to commercialize all non-vaccine uses of such genes and gene products. "The shared vision of GenQuest and Corixa is to discover products with therapeutic or diagnostic applications and to establish corporate partnerships for the development and commercialization of such products," said Alan Frazier, Chairman of GenQuest. "This merger combines complementary technologies, corporate partners, management and scientific discovery teams. " GenQuest's technology platform currently consists of proprietary methods to discover genes associated with cancer, response to DNA damage, senescence, cellular proliferation and terminal cell differentiation. These methods are utilized in two broad approaches, functional genomics and differential gene expression. Once GenQuest identifies and validates genes that function in the development of human tumors, it develops these genes as targets for high throughput screening assays and products for partnering arrangements. Also, through its efforts to identify genes that are differentially expressed in tumor and not in normal tissue, GenQuest is able to isolate tumor markers that could be amenable to development as diagnostics. In addition to its internal development efforts, GenQuest in-licenses tumor markers from external collaborators, and evaluates promising genomic and protein-based tumor markers for acquisition and commercial development. Since February 1996, Corixa and GenQuest have been parties to a collaborative agreement under which Corixa and GenQuest each licensed to the other rights in certain cancer technology fields. GenQuest has two corporate partnerships in addition to its collaborative agreement with Corixa. "By integrating the efforts of Corixa and GenQuest, we believe we will enhance the value and diversity of the products offered to our biotechnology and pharmaceutical partners," said Mark McDade, Executive Vice President and Chief Operating Officer of Corixa. "Together, Corixa and GenQuest will work to accelerate the discovery and early stage development of new products and applications. " About Corixa Corixa Corporation, located in Seattle, Wash., is a development-stage biotechnology company founded in September 1994. Corixa is focused on the discovery and early clinical development of proprietary vaccines and diagnostics. Corixa's strategy is to dedicate its resources to antigen discovery for vaccines and diagnostics and to establish corporate partnerships early in the development process for all aspects of its product development and commercialization. For more information about the company, please visit our web site at www.corixa.com. Forward Looking Statements Except for the historical information presented, the matters discussed in this press release are forward looking statements, including statements as to the ability of GenQuest's technology to provide complementary products for vaccine treatments, particularly as they relate to the monitoring and management of vaccine therapy; the ability of the acquisition to enhance the value and diversity of the products offered by the combined company to corporate partners; and the ability of the combined company to accelerate the discovery of new products and applications as a result of the acquisition. Such forward looking statements are subject to risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements express or implied by such statements. Additional risks and uncertainties include the failure to obtain requisite stockholder and regulatory approval of the acquisition; enhanced risks to the combined company as a result of the acquisition, including uncertainties, which may result in the failure to obtain desired synergies and adversely affect the combined company's relations with corporate partners and employees; difficulties in implementing Corixa and GenQuest's operating plans; the impact of alternative technological advances and competition, inherent risks in early stage development of Corixa's and GenQuest's technologies; the potential dilutive effect to Corixa stockholders; and other risks detailed from time to time in Corixa's public disclosure filings with the U.S. Securities and Exchange Commission (SEC), including the Annual Report on Form 10-K for the fiscal year ended December 31, 1997 and the Form 10-Q for the first quarter ended March 31, 1998. Copies of Corixa's public disclosure filings with the SEC are available from its investor relations department. SOURCE Corixa Corporation
Genquest Frequently Asked Questions (FAQ)
What is Genquest's latest funding round?
Genquest's latest funding round is Acquired.
How much did Genquest raise?
Genquest raised a total of $9.2M.
Who are the investors of Genquest?
Investors of Genquest include Corixa and Domain Associates.
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