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WIKI ANALYSIS
Human Genome Sciences, Inc. (HGSI) was incorporated and commenced operations on June 26, 1992. The Company is a development stage biopharmaceutical company with three products in late-stage clinical development: Albuferon for chronic hepatitis C, LymphoStat-B for systemic lupus erythematosus (SLE), and ABthrax for anthrax disease. HGS also has a pipeline of novel compounds in earlier stages of clinical development in oncology, immunology and infectious disease. Additional products are in clinical development by its partners. HGS utilizes three technologies to discover and develop drug candidates: gene-based functional protein technology, antibody technology (in-license from other companies) and albumin fusion technology.
The Company currently manufactures therapeutic protein and antibody drugs for clinical development and plans to manufacture drugs for initial commercial activity. HGSI completed construction and validation of a large-scale manufacturing facility and placed the facility into operational service in the third quarter of 2006.
HGSI has entered into relationships with a number of leading pharmaceutical and biotechnology companies. These collaborations have provided and will continue to provide research funding for the company. The Company's revenues are currently derived from license fees and milestone payments under collaboration agreements. The Company does not yet generate any revenues from product sales.
In June 2006, HGS completed the transaction establishing its CoGenesys division as an independent company, and CoGenesys announced the completion of a $55 million Series A financing. CoGenesys will focus on the early development of selected gene-based product opportunities and the monetization of certain HGS intellectual property and technology assets. The transaction was treated as a sale for accounting purposes. As a result of the transaction, HGS owns a 13% equity interest on a fully-diluted basis in the new company. HGS has granted CoGenesys exclusive rights to develop and commercialize biological products based on certain human genes discovered by HGS, and has granted CoGenesys a non-exclusive license to use its proprietary albumin-fusion technology to develop and commercialize certain albumin-fusion proteins. HGS is entitled to a portion of the revenue that CoGenesys receives from outlicensing or sales of certain therapeutic and diagnostic products successfully developed and commercialized. HGS also retains the right of first refusal prior to outlicensing by CoGenesys of several specific products that may be developed. In addition, HGS has the option to have CoGenesys perform pre-IND development work for up to two products per year, with reimbursement for expenses on a cost-plus basis. CoGenesys will be entitled to development milestone payments on any resulting products.
HGSI is based in Rockville, Maryland, with approximately 880 employees. The Company's common stock has been traded publicly since 1993 and is listed on the Nasdaq National Market System under the ticker symbol HGSI.
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