This action recognizes HGSI's ongoing contribution to Vascular Genetics' progress. Vascular Genetics Inc. is a privately held company pursuing the development and commercialization of gene therapy products for the treatment of vascular diseases. HGSI continues to hold preemptive rights that will permit retention of HGSI's ownership position in the event of a future financing. Vascular Genetics will pay royalties to HGSI on net sales from products developed and commercialized by Vascular Genetics or a sublicensee.
Royalty rates are competitive and increase as specified sales targets are reached.
In addition, HGSI has the option to manufacture the gene therapy products and to receive a manufacturing fee. Human Genome Sciences is a company whose mission is to develop products to predict, prevent, detect, treat and cure disease based on its leadership in the discovery and understanding of human and microbial genes. Any statements released by Human Genome Sciences, Inc. that are forward looking are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Readers are cautioned that forward looking statements involve risks and uncertainties which may affect the company's business prospects and performance.