THURSDAY Jun 30, 2005, 12:24 PM, PDT

Azee Inc Completes Agreement for Intellectual Property on Small Molecule Anti-Genomic Therapeutics (SMATs)


ALAMEDA, Ca., June 30/PRNewswire/ --Azee Inc, a leader in developing DNA-binding drugs called small molecule anti-genomic therapeutics (SMATs), announced that it has completed a license and asset purchase agreement with Oscient Pharmaceuticals Corporation (Waltham, Ma.) to secure rights to certain intellectual property relating to the SMAT technology. In exchange for the license rights, Azee agreed to pay a royalty on products derived from the licensed technology and issued shares of common stock. In addition, Azee will have the right to acquire the licensed technology upon the later achievement of certain agreed upon milestones and payment of additional consideration.

“We are very pleased with the agreement. With the intellectual property, we can extend the development of our proprietary technology and rapidly commercialize SMAT products for treatment of infectious disease. We are also eager to apply the SMAT technology toward the treatment of various forms of cancer,” said Richard Tanaka, Ph.D., CEO and Founder of Azee Inc.