ST-JEAN-SUR-RICHELIEU, Quebec, Canada and RESEARCH TRIANGLE PARK, N.C.,
U.S., Jan. 10 /PRNewswire-FirstCall/ -- DNA LandMarks, Inc. and
Paradigm Genetics, Inc. (Nasdaq: PDGM) today announced they have entered into
a letter of intent comprising DNA Landmark's acquisition of ParaGen, the plant
genotyping business of Paradigm Genetics. The ParaGen business covers marker
discovery, marker-assisted breeding and variety identification. The
transaction is expected to close in 30 days. Financial details were not
disclosed.
DNA LandMarks is specialized in the development of molecular breeding
tools and related technologies for crops. Benoit S. Landry, Ph.D., CEO,
Managing Director and Founder of DNA LandMarks, said, "The acquisition of
ParaGen positions us as one of the leading providers of plant genomics
services worldwide. The ParaGen business is the perfect complement of our
existing genetic mapping, map-based cloning and high throughput DNA sequencing
services. We are fully committed to continue providing excellent services to
all ParaGen customers and others."
"Of the companies interested in purchasing ParaGen, we believe that DNA
LandMarks is the best one to continue providing excellent service to ParaGen's
customers and to deliver leading integrated solutions to plant breeders and
seed companies," said Heinrich Gugger, Ph.D., President and CEO of Paradigm
Genetics, Inc. "This sale enables us at Paradigm to better focus our core
functional genomics platform on key agricultural partnerships and programs,
such as crop trait discovery and crop protection research and development."
About DNA LandMarks
DNA LandMarks is specialized in DNA marker technologies and high
throughput genetic analysis of crops. DNA LandMarks offers high quality
technologies and tools for gene discovery and provides high quality plant
genotyping services to its customers worldwide. For more information, visit:
http://www.dnalandmarks.com/. DNA LandMarks is the Canadian affiliate of BASF
Plant Science, the plant biotechnology company of BASF. BASF Plant Science
coordinates an international research and technology platform with seven sites
in four countries in Europe and North America.
About Paradigm Genetics
Paradigm is a biotechnology company aiming to increase R&D productivity by
focusing its integrated suite of technologies on the product development
cycle, from target discovery to subsequent enhancement of the safety and
efficacy profiles of development candidates in agriculture and human health.
Paradigm chooses a system biology approach to understand gene function in the
context of biological pathways, to develop assays and biomarkers for molecular
diagnostic solutions tailored to the needs of our partners. For more
information, visit http://www.paradigmgenetics.com.
This press release contains forward-looking statements, including
statements regarding Paradigm's ability to increase R&D productivity by
focusing its integrated suite of technologies on the product development
cycle, from target discovery to the subsequent enhancement of the safety and
efficacy profiles of development candidates; the ability of the company to
understand gene function in the context of biological pathways; the prospects
of Paradigm to develop assays and biomarkers for molecular diagnostic
solutions tailored to the needs of its partners; Paradigm's ability to meet or
exceed the expectations of its partners and customers; as well as Paradigm's
prospects for growth and innovation. Such forward-looking statements are based
on management's current expectations and are subject to a number of risks,
factors and uncertainties that may cause actual results, events and
performance to differ materially from those referred to in the forward-looking
statements. These risks, factors and uncertainties include, but are not
limited to, Paradigm's early stage of development, history of net losses,
technological and product development uncertainties, reliance on research
collaborations, uncertainty of additional funding and ability to protect its
patents and proprietary rights. Certain of these and other risks are
identified in Paradigm's Form 10-Q for the quarter ended December 31, 2002,
filed with the Securities and Exchange Commission. The Company does not intend
to update any of the forward-looking statements after the date of this release
to conform these statements to actual results or to changes in our
expectations, except as may be required by law.
SOURCE Paradigm Genetics, Inc.
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Related links:
http://www.paradigmgenetics.com
CONTACT:
Benoit S. Landry, Ph.D., CEO and Managing
Director of DNA LandMarks, Inc., +1-450-358-5233, or Amy Garay,
investors, or Prateek Patnaik, media, of Noonan Russo,
+1-212-845-4200, or Melissa Matson, Manager, Corporate
Communications of Paradigm Genetics, Inc., +1-919-425-3000
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