Biotech joins net bandwagon

By THIS IS MONEY
Updated:

 

British Biotech became one of the first UK biotechnology firms to be associated with the internet on 6 April with a deal with US firm CareScience Inc.

The collaboration will develop a web-based analytical tool for acquiring, managing and evaluating clinical data in the field of oncology.

British Biotech will exclusively use the Oncology Extranet for a limited period following development of the tool. After that CareScience will market and sell the product with royalties to British Biotech.

Founded in 1992, based on intellectual property developed at the University of Pennsylvania School of Medicine and the Wharton Business School, CareScience (www.carescience.com) launched its first internet-based commecial product based on this technology in 1996.

Its products allow hospital, health system, health plan, physician and pharmaceuticals makers to evaluate and manage quality and delivery of clinical data.

CareScience is also due to be listed on the Nasdaq stock exchange soon having filed for an initial public offering last month to raise £54m.

Under the agreement with British Biotech, the UK firm will provide CareScience with development and service fees of £.94m over the first three years of the collaboration.

CareScience will also grant British Biotech the right to buy some shares in it under some conditions.

CareScience will develop the Oncology Extranet while British Biotech will help to define, test and validate products. © Reuters

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