Icon Genetics AG announced today the completion of its first round of financing and establishment of laboratories in Halle (Saale), Germany.

Icon Genetics has secured approximately $12 million through a combination of venture capital financing, long-term debt, research grants and contracts. The money raised over the previous year enable Icon Genetics to establish a strong research effort. "The ability to raise the funds shows the potential of the technology that Icon will bring to the development of biotechnology products and the commitment many companies have in being able to bring high-quality enhanced foods to the growing world population", said Dr. Yuri Gleba, CEO.

Icon has leased state-of-the-art facilities in Halle (Saale) Germany and is pleased to announce the official opening of its first research center at the end of January. The labs will be located in the new BioZentrum building in Halle and will accommodate approximately 20 to 25 scientists.

Research sites will be open in the greater Munich (Bavaria, Germany) area this spring and in the Princeton (NJ, USA) area by the middle of 2000.

The Supervisory Board of Icon Genetics AG will be increased by three members. The new members will be Dr. Ulrich Wobus, Director of the Institute of Plant Genetics and Crop Research in Gatersleben, (Germany), Dr. Christoph von Einem, attorney with the law firm of Haarmann, Hemmelrath and Partners in Munich, and Mr. John Maki with the venture fund of Audax Labs LLC in Montclair, NJ, USA.

They will join the current members of the Supervisory board: Mr. Robert Erwin, Chairman, who is also CEO of Large Scale Biology Corp., Vacaville, CA, Prof. Dr. Hans-Ulrich Koop, cofounder of Icon Genetics (Vice Chairman) and Prof. Dr. Meinhardt Zenk at University of Halle-Wittenberg.

Icon Genetics was founded in February of 1999. The company’s focus is to develop a transgene operating system (TOS) to reduce the natural randomness associated with moving genes into commercial crops. The company is developing technology to expedite the development, efficiency, and quality of genetically enhanced plants that will be necessary to accommodate the results of gene discovery efforts as biotechnology enters the post-genomics era.