According to this WashingtonPost.com article two former senior executives at Rockville-based Human Genome Sciences Inc. have raised $55 million to fund their spinoff company. They hope to stand as a new model in how to pursue biotech business.
The new company has been named CoGenesys and will be run by Craig A. Rosen a founder and former president of HGS.
The article goes on to state that Human Genome Sciences will retain a 13 percent equity stake in CoGenesys. It will also retain revenue-sharing rights to certain undisclosed products, as well as right of first refusal to develop some of the company's products on its own. Human Genome Sciences is 14 years old and is intently pursuing final-stage testing of what could be its first products -- drugs to treat lupus and hepatitis.
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