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Research Triangle Park, North
Carolina
January 25, 2001
Paradigm Genetics, Inc. (Nasdaq: PDGM), a functional genomics
company, today announced that Bayer AG had accepted additional assays for
high-throughput screening. The delivery of these assays triggers
undisclosed milestone payments to Paradigm.
The new assays were generated against novel targets and are
designed to identify novel classes of safe and effective herbicides. Bayer
scientists will use the assays to screen their compound collection for
promising product leads. Herbicides represent a $15 billion market.
"The assays that we're delivering to Bayer aren't your
'run-of-the-mill' assays," said John Ryals, Ph.D., CEO and President of Paradigm
Genetics, Inc. "Our high throughput GeneFunction Factory(TM) has enabled us to
discover genes not previously known to be herbicide targets, then use that
knowledge to develop highly valuable assays for Bayer. Their acceptance of
these assays further validates the value of our technology platform."
Paradigm's research collaboration with Bayer began in October
1998. The five-year agreement includes payments to Paradigm of $40 million as
well as milestone payments and royalties on products discovered. Paradigm brings to the collaboration its expertise in gene
function analysis and bioinformatics. Paradigm's high-throughput analysis
includes a series of proprietary analytical processes combined with a
computerized knowledge base of plant and fungal gene function information.
Bayer brings extensive knowledge of how to develop safe and effective crop
protection
products, including herbicides, fungicides and insecticides.
Bayer is a diversified, international chemicals and health care group, offering a wide variety of products and services from its health
care, agriculture, polymers and chemicals business segments. The company
employs 120,000 employees worldwide.
Headquartered in Research Triangle Park, NC, Paradigm Genetics, Inc. is industrializing the process of gene function discovery for four
major sectors of the global economy: human health, nutrition, crop production,
and industrial products. The company has designed the GeneFunction
Factory(TM) - an integrated, rapid, industrial-scale laboratory through which it
discovers
gene function. Paradigm and its strategic partners intend to develop novel
products using information developed with the GeneFunction Factory(TM).
Paradigm's GeneFunction Factory(TM) is based on a state of the art
phenomics platform integrated with metabolic profiling and gene expression
profiling technologies. The backbone of the GeneFunction Factory(TM) is the
company's proprietary FunctionFinder(TM) bioinformatics system, used to
collect, store, analyze, and retrieve information.
GeneFunction Factory(TM) and FunctionFinder(TM) are U.S. trademarks of Paradigm Genetics, Inc.
Company news release
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