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Research Triangle Park, North
Carolina
August 6, 2001
Paradigm Genetics, Inc. (Nasdaq: PDGM), a functional
genomics company, today announced that Bayer AG has installed
new assays for screening in its ultra high-throughput facility.
The assays are designed to identify new classes of safe and
effective herbicides. The delivery of these assays triggered
undisclosed milestone payments to Paradigm.
The new assays were generated against novel
herbicide targets identified by Paradigm’s GeneFunction
Factoryä , which combines the company’s proprietary plant
phenomics, gene expression profiling, biochemical profiling, and
bioinformatics platforms. Bayer scientists will use the assays
to screen their compound collection for promising product leads.
Herbicides represent a $15 billion market annually.
"I am very pleased with speed and consistency
with which we deliver new assays to Bayer," said John Ryals,
Ph.D., CEO and President of Paradigm Genetics, Inc. "Our
industrialized approach to biology sets us apart in the gene
function arena. And, in this case, our assays are helping to
position Bayer as the leader in herbicide discovery and
strengthen our library of intellectual property."
Paradigm’s herbicide partnership with Bayer
began in October 1998 with the objective of discovering a
portfolio of novel herbicide products that will be developed and
marketed by Bayer. The term of the original agreement was three
years with an option to extend the relationship another two. In
June 2001, the companies extended and expanded their commercial
partnership. Per the new agreement, the companies will
collaborate on herbicide discovery for an additional five years,
with three years of committed funding, plus a two-year option
that would extend the collaboration to October 2006.
Under the terms of the
contract, Paradigm will receive up to $30 million, including
milestone payments. Paradigm will also receive success fees for
all products that reach the market.
Paradigm brings to the collaboration its
expertise in gene function analysis, assay development 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.
About Bayer
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. For more information, visit www.bayer.com.
About Paradigm Genetics
Located 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™ – 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™. Paradigm’s
GeneFunction Factory™ 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™ is the company’s proprietary
FunctionFinder™ bioinformatics system, used to collect,
store, analyze, and retrieve information. For more information,
visit www.paradigmgenetics.com.
GeneFunction Factory™ and FunctionFinder™ are
U.S. trademarks of Paradigm Genetics, Inc.
Company news release
N3709
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