CytoDyn Moves Corporate Headquarters to Oregon
PORTLAND, Ore.--(BUSINESS WIRE)-- CytoDyn Inc. ("CytoDyn") (OTC QB: CYDY), a biotechnology company focused on the development of new therapies for combating infection with immune deficiency viruses, announced today that it has relocated its corporate headquarters from Lutz, Florida to Lake Oswego, Oregon, effective immediately. The Company made the decision to relocate to Oregon because members of its new leadership team, including the new president and legal counsel, are based in the state as well as some of the Company's largest shareholders. As one of the fastest growing biotechnology states, Oregon will also provide a strong community of support for the growing Company.
"CytoDyn is focused on developing monoclonal antibodies for the treatment and prevention of infectious diseases, specifically HIV. We are pleased to call Oregon home and to be joining the growing list of esteemed biotechnology companies in the state," said Dr. Nader Pourhassan, CytoDyn's interim President and CEO. "CytoDyn is also excited to be taking our development of a new breed of HIV therapies to the next level. As we continue to grow, we look forward to creating more jobs in the area."
Just last week, CytoDyn announced its purchase of PRO 140 from Progenics, Inc. PRO 140 is a humanized cell-specific monoclonal antibody in development for the treatment of HIV that targets an essential co-receptor for HIV known as CCR5. With the addition of PRO 140, which is currently in late Stage II clinical development, CytoDyn now owns the two cell-specific monoclonal antibodies under development for treatment of HIV, the other being Cytolin, an earlier stage humanized monoclonal antibody that targets a cell attachment protein called CD11a. These two antibodies fall into an emerging new class of treatments known as entry inhibitors.
Life science and biotechnology companies and leaders are welcoming this announcement, said Dennis McNannay, Executive Director of the Oregon Bioscience Association. "CytoDyn's move shows the success of established firms as well as the emergence of innovative startups that Oregon continues to attract." He adds that Oregon is a hub for technology transfer and incubation of companies that are focused on creating therapies in the oncology, immunology, and infectious disease arenas. "CytoDyn will fit in very well here."
Oregon is the fifth fastest growing state for the biotech industry, as defined by the 2011 state reports by BIO/Battelle Institute. Data from a recent comprehensive economic analysis for the Oregon's bioscience sector show the sector has annually contributed $7.1 billion in revenue (up 18.3 percent from 2007), at least 39,000 jobs (up 4.3 percent) and $882 million in biotech workers' personal income (up 10.4 percent) to the state's economy.
CytoDyn is a biotechnology company focused on the development of new therapies for combating infection with immune deficiency viruses and other antibody applications. Its proprietary drug candidate Cytolin(R) is a monoclonal antibody that binds to CD11a, a cellular antigen that is a component of the cellular adhesion molecule LFA-1. CytoDyn intends to explore the clinical development of Cytolin(R) for persons infected with the Human Immunodeficiency Virus ('HIV") to determine if it could perturb the natural course of HIV infection. CytoDyn recently completed a humanized antibody construct of Cytolin(R), filed a provisional patent for its use, and manufacturing discussions are underway. In addition, CytoDyn is exploring the possible application of its existing proprietary monoclonal antibody for the treatment of Feline Immunodeficiency Virus ("FIV"), a retroviral infection in cats. CytoDyn recently filed for a provisional patent for the use of these antibodies as well as selected small molecule antagonists and agonists for the treatment of FIV, and filed an application for registration of the trademark CytoFeline, intended for use in conjunction with veterinary preparations for the treatment of FIV. For more information about Cytolin(R), CytoFeline(TM) and CytoDyn please go to www.cytodyn.com.
This press release includes forward-looking statements and forward-looking information within the meaning of United States securities laws. These statements and information represent CytoDyn's intentions, plans, expectations and beliefs, and are subject to risks, uncertainties and other factors, of which many are beyond CytoDyn's control. These factors could cause actual results to differ materially from such forward-looking statements or information. The words "believe," "estimate," "expect," "intend," "attempt," "anticipate," "foresee," "plan," and similar expressions and variations thereof, identify certain of such forward-looking statements or forward-looking information, which speak only as of the date on which they are made. CytoDyn disclaims any intention or obligation to publicly update or revise any forward-looking statements or forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law. Readers are cautioned not to place undue reliance on these forward-looking statements or forward-looking information.
While it is impossible to identify or predict all such matters, these differences may result from, among other things, the inherent uncertainty of the timing and success of, and expense associated with, research, development, regulatory approval and commercialization of our products and product candidates, including the risks that clinical trials will not commence or proceed as planned; products appearing promising in early trials will not demonstrate efficacy or safety in larger-scale trials; future clinical trial data on our products and product candidates will be unfavorable; our products will not receive marketing approval from regulators or, if approved, fail to gain sufficient market acceptance to justify development and commercialization costs; competing products currently on the market or in development may reduce the commercial potential of our products; CytoDyn, our collaborators or others may identify side effects after the product is on the market; or efficacy or safety concerns regarding marketed products, whether or not scientifically justified, may lead to product recalls, withdrawals of marketing approval, reformulation of the product, additional pre-clinical testing or clinical trials, changes in labeling of the product, the need for additional marketing applications, or other adverse events.
We are also subject to additional risks and uncertainties, including risks associated with the actions of our corporate, academic and other collaborators and government regulatory agencies; risks from market forces and trends; potential product liability; intellectual property, litigation, environmental and other risks; and risks that current and pending patent protection for our products may be invalid, unenforceable or challenged, or fail to provide adequate market exclusivity. There are also substantial risks arising out of our need to raise additional capital to develop our products and satisfy our financial obligations; the highly regulated nature of our business, including government cost-containment initiatives and restrictions on third-party payments for our products; the highly competitive nature of our industry; and other factors set forth in our Annual Report on Form 10-K and other reports filed with the U.S. Securities and Exchange Commission.
Caitlin Carroll, 202-258-9118
John Procter, 202-534-1715
Senior Vice President
KEYWORDS: United States North America New York Oregon
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