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Corgentech Licenses Novel Peptide Delivery System From Cyclacel to Assist Systemic Delivery of TF Decoys

SOUTH SAN FRANCISCO, Calif. and DUNDEE, Scotland, Sep 27, 2004 /PRNewswire-FirstCall via COMTEX/ -- Corgentech Inc. (Nasdaq: CGTK), a biotechnology company, and Cyclacel Group plc, a United Kingdom-based biopharmaceutical company, announced today that Corgentech has entered into an exclusive license to utilize Cyclacel's Penetratin(R) Endonuclear Delivery System for use with Corgentech's transcription factor decoy (TF Decoy) technology platform. The Penetratin system is a proprietary peptide with unique carrier properties for delivery into cells.

Corgentech's TF Decoy technology is a new class of therapeutics that blocks the activity of multiple genes linked to a disease. The company has developed a proprietary method using controlled uniform pressure for efficient delivery of TF Decoys into cells and tissues. Its lead product, edifoligide (E2F Decoy) is a novel and proprietary TF Decoy delivered under pressure, which is in Phase 3 clinical trials for the prevention of bypass vein graft failure.

"Penetratin peptides represent an exciting and versatile additional delivery technology that will help us to expand the number of diseases addressable by our drugs," said John McLaughlin, Corgentech's president and chief executive officer.

The license grants Corgentech use of Cyclacel's Penetratin endonuclear delivery technology with TF Decoys. Cyclacel will receive an up-front payment, milestone payments, and royalties if licensed products are commercialized. No further financial terms were disclosed. Penetratin enables systemic cellular delivery by chemically linking to TF Decoys, and actively transporting the TF Decoy therapy into cells. Corgentech will have responsibility for the development and commercialization of TF Decoys combined with a Penetratin peptide.

"We are pleased to work with Corgentech, a leader in transcription factor decoy technology, on this exciting project. Corgentech's selection of our Penetratin delivery technology to develop new generation transcription factor decoys is a promising new application. We look forward to working with further partners to realize the potential of our Penetratin technology," said Spiro Rombotis, Cyclacel's chief executive officer.

About Penetratin

Penetratin peptides are a family of short proprietary peptides which enable the cellular delivery of biologics and small molecules. Rapid clearance from serum, high labeling index and absence of tissue specificity make Penetratin peptides efficient vehicles for systemic delivery of therapeutics interacting with drug targets in the cellular cytosol and nucleus. Penetratin peptides are useful as conjugates with small molecules and biologics, such as antisense, siRNA, oligonucleotides and other payloads for therapeutic delivery and for target validation. Penetratin peptides and conjugates are the subject of pending and granted patent applications including US 6,080,724; US 5,888,762; EP 485578B1 and US 6,472,507.

About Cyclacel

Cyclacel is a biopharmaceutical company dedicated to the discovery, development and commercialization of novel, mechanism-targeted drugs to treat human cancers and other serious disorders. The company is currently evaluating two compounds in clinical studies. CYC202, a Cyclin Dependent Kinase inhibitor in Phase II clinical trials for Non-Small Cell Lung cancer and in B cell hematological malignancies and CYC682 an orally available nucleoside analog in Phase Ib trials for cancer. Cyclacel also has seven programs in preclinical development.

About Corgentech

Corgentech is a biopharmaceutical company engaged in the discovery, development and commercialization of a new class of therapeutics called transcription factor decoys, or TF decoys. Corgentech is creating a pipeline of novel therapeutics based on its proprietary TF decoy technology, focused initially on the treatment of cardiovascular disease, inflammatory disease and cancer. For more information on the company and its technology, visit www.corgentech.com.

Corgentech Forward-Looking Statements

This press release contains forward-looking statements, including without limitation all statements related to our clinical trials, delivery of transcription factor decoys into cells and product candidates. Words such as "believes," "anticipates," "plans," "expects," "intend," "will," "slated," "goal" and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon our current expectations. Forward-looking statements involve risks and uncertainties. Our actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation, risks related to the development of TF Decoys, progress, timing and results of our clinical trials, intellectual property matters, difficulties or delays in obtaining regulatory approval, manufacturing our lead product candidate, competition from other pharmaceutical or biotechnology companies, our ability to obtain additional financing to support our operations and other risks detailed in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2003 and our Quarterly Report on Form 10-Q for the quarter ended June 30, 2004 You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement, and Corgentech undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date hereof.

SOURCE Corgentech Inc.

Richard Powers or Jennifer Cook Williams, both of Corgentech
Inc., +1-650-624-9600, or [email protected]; or Daryl Messinger of
WeissCom Partners, +1-415-999-2361, or [email protected], for Corgentech
Inc.; or Paul McBarron of Cyclacel Group plc, +44 (1382) 206 062, or
[email protected]; or Robert Gottlieb of Feinstein Kean Healthcare,
+1-617-577-8110, or [email protected]

http://www.corgentech.com

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