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Genetic Therapy

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BUSINESS
May 7, 1992
Genetic Therapy, a Gaithersburg biotechnology company, lost $1.8 million in the quarter that ended March 31, compared with a loss of $1.1 million in 1991's first quarter.Revenues increased to $375,705 from $56,722. The company said investment income accounted for all of this year's revenue, including the proceeds from a $21 million public offering completed in the first quarter. The company's cash and marketable securities were up to $39.7 million at the end of the period.Genetic Therapy, which is developing treatments for cancer an other serious illnesses, hired 30 scientists in the past year, doubling its research staff and expenditures.
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NEWS
By Dennis O'Brien and Dennis O'Brien,Sun Reporter | April 13, 2007
Ever wonder why some people can eat anything they want without gaining weight, while others fight a year round battle of the bulge? British researchers confirmed yesterday what many weight-watchers and scientists have long suspected: There are obesity genes that can add inches to your waistline. A team of scientists examined the DNA of 40,000 people and found that variations in a specific gene sequence increased the likelihood of being overweight. Those with two copies of the variant gene sequence known as FTO were nearly seven pounds heavier than those without it. They also were 70 percent more likely to be obese, the researchers found.
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BUSINESS
By Bloomberg Business News | March 23, 1995
Genetic Therapy Inc.'s shares climbed yesterday for the second day in a row, closing at their highest price since June, after the company won an exclusive patent.Genetic Therapy, the Gaithersburg biotechnology company, said Tuesday that it won a patent for "ex vivo" gene therapy, which covers a method used to genetically alter human cells outside the body so that they provide therapeutic benefits. The cells are then placed in patients to combat disease.The company's shares rose $1.75, or 18 percent, to $11.75.
NEWS
By Jonathan Bor and Jonathan Bor,SUN STAFF | September 22, 2000
A new center for the development of cancer vaccines, gene therapies and other biological treatments opens today at the Johns Hopkins Oncology Center. Scientists plan to begin work next month on a breast cancer vaccine designed to stimulate the immune system to fight the disease. Other plans call for the preparation of vaccines against cervical cancer and lymphomas. Equipped with filtration systems and scrubbers that make it the most sterile environment on the East Baltimore campus, the center will be used to manufacture and test biological products before they are marketed to pharmaceutical firms.
BUSINESS
By Kevin L. McQuaid and Kevin L. McQuaid,Sun Staff Writer | July 11, 1995
In the latest example of the consolidating biotechnology industry, Genetic Therapy Inc. agreed yesterday to be acquired by a Swiss pharmaceutical and food conglomerate for roughly $295 million.The purchase of the Gaithersburg-based genetic research firm by Sandoz AG is expected to provide Genetic Therapy with not only an immediate infusion of cash, but the resources for future research and development activities.Most immediately, the Sandoz investment will provide Genetic Therapy with the necessary capital -- estimated at between $400 million and $600 million -- required to develop, test and market a new treatment used in the treatment of malignant brain tumors in children.
BUSINESS
January 1, 1993
Genetic Therapy Inc. said yesterday that hopes to raise as much as $22 million in a public offering of 2 million common shares to the public.The Gaithersburg biotechnology company, which plans to use the money for research and development, filed with the Securities and Exchange Commission Wednesday to sell the shares. The stock which is traded on NASDAQ closed yesterday at $10.50, unchanged.Its most recent public offering, in January 1992, was priced at $15 a share and raised $21 million.
BUSINESS
April 10, 1998
Genetic Therapy Inc. began construction yesterday of a new $20 million state-of-the art research facility in Gaithersburg.The company, which is developing gene therapies for cancer, vascular and other diseases, hopes to occupy the new building in late 1999, said Rachel King, chief executive officer of GTI, which is owned by drug-giant Novartis of Basel, Switzerland.King said the 70,000 square-foot, two-story project is a sign of the company's commitment to remaining headquartered in Maryland and of Novartis' commitment to advancing gene therapy.
BUSINESS
April 30, 1992
Genetic Therapy Inc. of Gaithersburg said yesterday that it has obtained the right to a gene that could be used to treat a relatively rare genetic disorder that leaves patients with high cholesterol levels.The non-exclusive licensing agreement with the University of Texas System would allow Genetic Therapy, a biotechnology company, to advance its efforts to develop treatments for the more common forms of high cholesterol, which affect 47 million Americans.Patients with the genetic disorder, familial hypercholesterolemia, lack a gene that produces a low-density lipoprotein receptor.
BUSINESS
By David Conn and David Conn,Staff Writer | June 22, 1993
Genetic Therapy Inc., a Gaithersburg-based company recognized as one of the leading contenders in a still-embryonic industry, announced yesterday that it had hired a top official from Johnson & Johnson as president and chief operating officer.Michael D. Casey, formerly president of J&J division McNeil Pharmaceutical, began his new positions yesterday. M. James Barrett, who was president and chief executive, retained his post as chief executive and also assumed the title of chairman of the 7-year-old company.
BUSINESS
By Ross Hetrick and Ross Hetrick,Sun Staff Writer | May 11, 1995
Genetic Therapy Inc., a Gaithersburg biotech firm, cut its losses by nearly a third in the first quarter as it received additional funding for research from its Swiss backer.The 9-year-old company, which is pursuing genetic-based cures for a variety of diseases, yesterday reported its quarterly revenues were up 86.6 percent to $2.8 million compared with $1.3 million for the same period a year ago.This was primarily due to increased funding from Sandoz Pharma Ltd. The Swiss company, which is part of the giant international conglomerate Sandoz AG, stepped up its support in June for research in brain cancer, according to Marc R. Schneebaum, Genetic Therapy's chief financial officer.
BUSINESS
By Mark Guidera and Mark Guidera,SUN STAFF | September 15, 1998
More than 60 Maryland scientists and technicians will lose their jobs under a plan by Novartis AG, the world's largest drug company, to merge its two gene therapy subsidiaries, Gaithersburg-based Genetic Therapy Inc. and Palo Alto, Calif.-based Systemix Inc.Under the Swiss company's consolidation plan, Systemix will become the headquarters for development of gene therapy treatments, while GTI will take a back seat, focusing on core research and overseeing studies to assess the safety of experimental gene therapies.
NEWS
By NEWSDAY | September 6, 1998
A pioneer in genetic therapy is proposing experiments that might be the first to change an individual human's germ line, the cells reserved to make sperm and eggs.The idea, experts say, is expected to prompt hot debate on a number of fronts: scientific -- involving possible unexpected downstream effects on other genes; humanitarian -- if the research fails, a mistake might persist through later generations; and even religious -- some argue the germ line is God's blueprint for humanity, don't mess with it."
BUSINESS
April 10, 1998
Genetic Therapy Inc. began construction yesterday of a new $20 million state-of-the art research facility in Gaithersburg.The company, which is developing gene therapies for cancer, vascular and other diseases, hopes to occupy the new building in late 1999, said Rachel King, chief executive officer of GTI, which is owned by drug-giant Novartis of Basel, Switzerland.King said the 70,000 square-foot, two-story project is a sign of the company's commitment to remaining headquartered in Maryland and of Novartis' commitment to advancing gene therapy.
BUSINESS
By Mark Guidera and Mark Guidera,SUN STAFF | January 25, 1998
M. James Barrett and his lean team of scientists and engineers are hot on the trail of overcoming a challenge that has stumped medical device makers for years: developing a fast, accurate blood-sugar monitor small enough to be implanted in diabetics.Barrett puts the task before him succinctly: "The field is littered with the dead bodies of those who have tried and failed at this."Nevertheless, the 56-year-old executive is no stranger to the high-wire risk involved in launching a new company to develop and commercialize breakthrough technologies.
BUSINESS
March 27, 1997
Shire Pharmaceuticals Group PLC, a British pharmaceutical firm, said yesterday that it has completed the purchase of Pharmavene Inc., a Rockville-based biotechnology company.Under the agreement, announced last month, Shire initially will pay $25 million in cash and about $65 million in Shire stock for privately held Pharmavene.The purchase price could reach $160 million if certain contingencies are met, including final Food and Drug Administration approval for Carbatrol, an epilepsy drug developed by Pharmavene.
BUSINESS
By Mark Guidera and Mark Guidera,SUN STAFF | September 19, 1996
Genetic Therapy Inc., the Gaithersburg biotechnology company, and its parent, Sandoz AG, launched a pivotal, large-scale clinical trial yesterday of what the companies hope will prove a groundbreaking way to treat an incurable form of brain cancer -- gene therapy.The companies said the trial involves 250 patients suffering from glioblastoma multiforme at 40 medical institutions in the United States, Canada and Europe.There is a lot riding on the trial for Sandoz, the Swiss pharmaceutical giant.
BUSINESS
By Mark Guidera and Mark Guidera,SUN STAFF | August 2, 1996
Genetic Therapy Inc., the Gaithersburg biotechnology company attempting to develop ways to treat diseases with genes, is teaming up with a California company to develop an artificial virus as a way to carry genes directly to cells to control or block diseases.The collaboration between Genetic Therapy and Advanced Therapies Inc., a small privately held biotechnology company in Novato, Calif., is worth about $11 million in research and other payments to Advanced Therapies, the companies said.
BUSINESS
By Mark Guidera and Mark Guidera,SUN STAFF | July 24, 1996
M. James Barrett, often called "father of biotechnology in Maryland," is stepping down from the helm as chief executive officer at Genetic Therapy Inc., the Gaithersburg company he helped build into such a promising pioneer in gene therapy that it was bought last summer for $295 million by Swiss pharmaceutical giant Sandoz AG.Sandoz, which is merging with Ciba-Geigy to become the world's second largest drug company, Novartis AG, will announce today that...
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