COLUMBIA, Md., May 15 /PRNewswire-FirstCall/ -- GSE Systems, Inc. (GSE)
(Amex: GVP), a leading global provider of real-time simulation and process
control solutions for the energy and process industries, today announced an
agreement with RedStorm Scientific LLC for the use of GSE software in the drug
discovery process.
RedStorm Scientific LLC is a privately held computational drug design
company. Its technology (patents pending), known as Fyrestar, utilizes bio-
informatics and computer-aided molecular design to create lead compounds that
are developed into successful new drugs. The technology greatly reduces the
significant cost associated with screening thousands of potential compounds
common in the drug development process.
Under the terms of the agreement, GSE will utilize its eSMART simulation
software and graphical user interface to allow scientists to easily access and
use the Fyrestar technology including graphically displaying results as the
calculations take place. This will give scientists the opportunity to adjust
their assumptions in real time, and further improve results.
Jerry Jen, President of GSE, said: "Using our simulation technology with
RedStorm Scientific validates our strategy to extend the utilization of our
intellectual property beyond our traditional simulation applications. We also
see the eSMART platform as the perfect solution for other companies,
laboratories and universities running large engineering and scientific
software code.
"We are excited about the potential of RedStorm Scientific's solution for
reducing drug discovery time, and have taken a minority position in the
company through the investment of our simulation technology and a small cash
contribution."
Dr. Vince Hilser, President of RedStorm Scientific, said: "Utilizing the
eSMART software platform to create an effective user interface for Fyrestar is
the next logical step in commercializing our technology. In addition, we
estimate that the real time feedback feature which GSE is incorporating will
dramatically reduce the computational time required for each experiment."
GSE Systems, Inc. is a real-time simulation, process control, and
automation company with three decades of experience, over 500 applications,
and 200 customers in more than 30 countries. Our software, hardware and
integrated solutions leverage proven technologies to deliver real-world
business advantages to the process and power industries worldwide including
specialty chemical, food and beverage, petroleum refining, pharmaceutical, and
fossil and nuclear power generation. GSE Systems is headquartered in
Columbia, Maryland with offices throughout the United States. Our global
locations include offices in Japan and Sweden. Information about GSE Systems
is available via the Internet at http://www.gses.com .
RedStorm Scientific LLC is currently a privately held computational drug
design company. Founded in February 2000, in anticipation of the volume of
information generated from the Human Genome Project, RedStorm has developed an
innovative computational tool, Fyrestar, which allows pharmaceutical companies
to generate lead compounds efficiently and economically, and with a greater
probability of withstanding the rigors of the drug development process. Using
Fyrestar, which was first conceived at the University of Texas Medical Branch
at Galveston, RedStorm Scientific will generate lead compounds with optimal
properties faster and at substantial cost savings. The company's executive
offices are located in New York City; its research facilities are based in
Galveston, Texas.
This news release contains forward-looking statements that involve risks
and uncertainties. The actual future results of GSE Systems may differ
materially due to a number of factors, including but not limited to delays in
introduction of products or enhancements, size and timing of individual
orders, rapid technological changes, market acceptance of new products and
competition. These and other factors are more fully discussed in the
Company's annual report on Form 10-K for the year ended December 31, 2001 as
filed with the Securities and Exchange Commission.
SOURCE GSE Systems, Inc.
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Related links:
http://www.gses.com
CONTACT:
Gill R. Grady, Senior Vice President of GSE
Systems, Inc., +1-410-772-3500; general info, Marilynn Meek,
+1-212-445-8451, or analyst info, Susan Garland, +1-212-445-8458,
both of FRB Weber Shandwick
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