|
Research Triangle Park, North
Carolina
March 7, 2001
Paradigm Genetics, Inc. (Nasdaq: PDGM), a functional genomics
company, today announced it has exceeded the fourth consecutive milestone
in its commercial partnership with Monsanto Company (NYSE: MON). Paradigm
will receive an undisclosed accelerated milestone payment for this
accomplishment.
Under the terms of the commercial partnership, Paradigm is using
its industrial-scale GeneFunction Factory(TM) to discover the function of
genes selected by Monsanto for use in its product development program.
Paradigm will share in any product revenues generated through this
collaboration in the form of royalties. The collaboration agreement was expanded in May
2000 to include Renessen LLC, a joint venture between Monsanto and Cargill
Inc., which develops quality traits and customized products that enhance the
functionality of grains, oilseeds, and other crops.
"Paradigm has put in place an impressive high-throughput system,"
said Chris Burnley, Vice President for Genomics Strategy & Alliances at
Monsanto. "They continue to be a great collaborator and a critical part of our
integrated discovery platform." "To date, Paradigm has routinely outperformed on very ambitious
technical milestones. This success is directly attributable to the commitment
given to this program by the Paradigm and Monsanto team members," said John A.
Ryals, Ph.D., CEO and President of Paradigm Genetics. "The efficiencies of
our GeneFunction Factory(TM) continue to improve. We are working to
enhance them further when our new, higher-capacity facility comes on line next
month. Our success increases the likelihood that commercial partners such as
Monsanto will be successful in new product development."
Paradigm brings to the collaboration its expertise in gene
function analysis and bioinformatics. Paradigm's high-throughput analysis
methodology is comprised of a series of proprietary analytical processes combined
with a computerized knowledge base of plant and fungal gene function
information.
Paradigm Genetics 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. For more information visit www.paragen.com.
GeneFunction Factory(TM) and FunctionFinder(TM) are U.S. trademarks of Paradigm Genetics, Inc.
Company news release
N3358 |
