PPD invests in company

PPD Inc. (Nasdaq:PPDI) of Wilmington has made an equity investment in Chemokine Therapeutics Corp. of Vancouver, B.C., for the continued development of a proprietary peptide derived from a chemokine that may make the peptide useful as a blood recovery therapeutic agent.

In connection with the investment, Chemokine granted PPD an exclusive option to license the peptide following completion of Phase I studies. Chemokine also granted PPD the right to first negotiate a license to other Chemokine compounds. Financial terms of the agreements were not disclosed.

“Our investment in and license with Chemokine advances our compound partnering strategy,” said Fred Eshelman, CEO of PPD. “With various compounds at different stages of development in our pipeline, we further our potential for ongoing enhanced returns as well as generate drugs for risk-sharing partnerships.”

For more information about PPD visit its Web site at www.ppdi.com.

COPYRIGHT 2003 North Carolina Biotechnology Center

COPYRIGHT 2004 Gale Group

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