BIOASIS ENTERS RESEARCH, EVALUATION AND OPTION AGREEMENT WITH SHIRE HUMAN GENETIC THERAPIES, INC.
biOasis Technologies Inc. has entered into a research, evaluation and option agreement with Shire Human Genetic Therapies Inc. to evaluate biOasis's Transcend technology in the area of lysosomal storage disorders (LSDs). In connection with this agreement, biOasis and Shire are undertaking certain experiments at their own expense, and Shire has been granted certain options to obtain a licence to biOasis's Transcend technology on mutually agreeable terms.
LSDs are inherited metabolic disorders caused by a deficiency in lysosomal enzymes. Enzyme replacement therapy (ERT) is used to treat certain LSDs. Under the terms of the agreement, scientists from biOasis and Shire will collaborate on a program designed to evaluate the potential of Transcend to deliver an enzyme to the brain.
"biOasis is pleased to enter into this agreement with Shire, as it fits ideally within biOasis's strategy and deals with our core technology," said Rob Hutchison, chief executive officer. "The work we have done to date on Transcend and the milestones we have achieved all support driving us to agreements such as this one we are announcing today. The work will start immediately, and over the coming months we are looking forward to working with Shire to successfully achieve the objectives set out in the research work plan."