ChiroTech Signs Exclusive Patent License Agreement With Massachusetts Institute of Technology

Business Wire, July 12, 1999

LONDON--(BW HealthWire)--July 12, 1999--

Chiroscience Group plc today announced that it has signed an agreement with the Massachusetts Institute of Technology, Cambridge, MA, USA (MIT) giving it an exclusive world-wide patent license to catalysts for asymmetric olefin metathesis. These catalysts were developed jointly at MIT and Boston College (USA) in the laboratories of Professors Richard Schrock and Amir Hoveyda, respectively.

Olefin metathesis is a powerful synthetic reaction that forms carbon-carbon bonds between simple olefinic precursors. The licensed technology is unique in that it enables the selection of the chirality of a reaction component and allows for the economic construction of the high-value products needed by the life science industry. Access to this type of high-value product is not easily achievable using other methods.

In order to continue the development of this catalyst technology ChiroTech will fund research in the laboratories of Professors Schrock and Hoveyda under the terms of this agreement.

Dr. Ray McCague, Director of Technology at ChiroTech commenting on the agreement said:

"This deal with MIT provides ChiroTech with a major addition to its chiral technology portfolio. With this unique technology we expect to generate much new business for all of our Product Groups, in the supply of collaborative services, catalysts and products into the life science industry. As a fundamentally new area of asymmetric catalysis technology, we look forward to greatly expanding its versatility through both collaboration with the pioneers of this area, and through leveraging our own in-house application expertise, including combinatorial catalyst design."

Richard Schrock, Professor of Chemistry at MIT said:

"Asymmetric metathesis reactions are adding a new dimension to organic chemistry. ChiroTech's commitment along with its technical and market strength should allow our collaboration to develop major industrial applications for asymmetric syntheses in the next few years. It provides me with great personal satisfaction, having spent 25 years in this area, to see such olefin metathesis methodology now reaching the high level of sophistication needed by the industry."

Amir Hoveyda, Professor of Chemistry at Boston College states:

"I am most excited about the prospect of working more closely with the outstanding scientists at ChiroTech, and in particular Dr Mark Burk, Head of Research, to further develop these very exciting catalysts. By joining forces with ChiroTech we have a complete multidisciplinary team in place which should allow us to demonstrate more rapidly the unique and impressive power of asymmetric catalytic metathesis, thereby enhancing ChiroTech's ability to exploit the technology commercially."

Chirotech Technology Limited

ChiroTech based in Cambridge UK, is an acknowledged world leader in the provision of chiral technology, products and services to the life sciences industries. Its established portfolio includes; the ChiroChem(R) Collection, a catalogue of novel chiral building blocks for discovery and early development; ChiroSure(TM), provides rapid solutions to chiral problems and complex organic synthesis, and ChiroCats(TM), a range of proprietary catalysts and ligands. ChiroTech is also able to supply advanced chiral intermediates and active pharmaceutical ingredients on a multi-tonne scale, through its alliances with Mitchell Cotts Chemicals, UK and Shasun Chemicals and Drugs Limited, India.

In addition ChiroTech produces series of novel proprietary single isomer compound libraries - the ChiroChem(R) Codex, through its ChiroChem Discovery Services joint venture with Combichem Inc, US.

Chirotech Technology Limited is 70% owned by Chiroscience Group plc and 30% by Ascot PLC which acquired its shareholding in the business for (pound)30 million on 1 September 1998. At the same time ChiroTech entered into a formal manufacturing alliance with Mitchell Cotts Chemicals Limited, Ascot's fine chemicals manufacturing subsidiary based in West Yorkshire, UK.

Chiroscience Group plc

Chiroscience Group plc is an emerging pharmaceutical company which uses its diverse technology platform to discover and develop novel medicines for improved healthcare. It has three businesses: Chiroscience R&D; Rapigene; and ChiroTech.

Chiroscience R&D's focus is on innovative small molecule drugs and related diagnostics in the therapeutic areas of cancer, inflammation, pain, osteoporosis and autoimmune diseases. Its technology platform allows the conception and development of receptor-based and enzyme-inhibiting small molecule drugs with high selectivity of action. Rapigene is involved in the creation and provision of genomic technologies and services to partner companies and to Chiroscience R&D's drug discovery programs. ChiroTech provides chiral technology services, catalysts and chiral products to customers within the pharmaceutical and related industries, including Chiroscience R&D.

Chiroscience Group plc is listed on the London Stock Exchange and is based in Cambridge and Stevenage, UK and Seattle, Washington, USA.