News Article

Biogen Gets Funds for Protein Drug
Date: Sep 19, 1989
Source: Reuters ( click here to go to the source)

Featured firm in this article: Biogen Idec Inc of Weston, MA

CAMBRIDGE, Mass., Sept. 18-- Biogen Inc. said the New York Life Insurance Company would provide $20 million to expand the company's development of CD-4, a protein that may provide a potential treatment for AIDS. CD-4 is a protein found on the outer member of immune system cells attacked by the virus that causes acquired immune deficiency syndrome. The bioengineered protein acts as a decoy, attracting viruses and halting their invasion of the cells.

The biotechnology company, based in Cambridge, said New York Life would, in return for the financing, receive warrants to buy 1.8 million of its common shares at $17 each between July 1992 and December 1996. New York Life will also earn royalties on the sale of CD-4-based products once they are marketed, Biogen said.