Co-Development Agreement Signed
TUCSON, Ariz., July 18 /PRNewswire/ -- Ventana Medical Systems, Inc.
(Nasdaq: VMSI), a leading company in supplying automated systems to histology
and drug discovery labs worldwide, announced today that one of the world's
largest pharmaceutical companies, GlaxoSmithKline plc (NYSE: GSK), has
selected its Discovery high-throughput in-situ hybridization (ISH) and
immunohistochemistry (IHC) system as the primary technology for ISH analysis
associated with target and compound drug discovery. GlaxoSmithKline will be
installing multiple Discovery systems in its North American and European
research facilities. In addition, the two companies have signed a
co-development agreement to investigate improvements in their drug discovery
efforts, specifically targeted at tissue gene expression profiling studies.
Christopher Gleeson, Ventana's president and chief executive officer,
commented, "We are delighted that a pharmaceutical company of
GlaxoSmithKline's stature has chosen our Discovery system to help facilitate
and improve its drug-discovery process. We believe strongly that the
automation, speed and sensitivity associated with our Discovery system will
greatly enhance the drug-discovery process in key pharmaceutical and
biopharmaceutical organizations, and the decision by GlaxoSmithKline is a
strong indicator of the value we can bring to drug-discovery efforts
worldwide. Additionally, we are very excited at the opportunity to be working
with GlaxoSmithKline's research groups on certain development projects that
will enhance the Discovery's capabilities in the gene expression profiling
area."
Ventana's Discovery system is the most advanced platform for automating
the principal slide-staining activities involved in target and compound drug
discovery. It is a revolutionary high-throughput, automated instrument for
ISH, IHC and microarray slide staining. By minimizing some of the
inconsistent and labor-intensive steps in drug discovery labs, it is a
breakthrough in automation for the pharmaceutical and biotech industries.
Optimized protocols and reagents maximize the efficiency of hybridization
conditions to provide superior sensitivity while proprietary formulations
minimize non-specific binding, providing quality results and high signal-to-
noise-ratio and exceptional specificity.
"At the beginning of 2001, we made a strategic decision to invest
significantly in the research environment with a focus on drug discovery, and
the rewards of this investment are beginning to become evident. This
transaction confirms the merits of our investment decisions and we are
committed to the continued development of this strategic business within
Ventana," commented Gleeson.
Ventana develops, manufactures and markets instrument/reagent systems that
automate tissue preparation and slide staining in clinical histology and drug
discovery laboratories worldwide. Ventana's clinical systems are important
tools used in the diagnosis and treatment of cancer and infectious diseases.
Ventana's drug discovery systems are used to accelerate the discovery of new
drug targets and evaluate the safety of new drug compounds.
This news release contains certain "forward-looking" statements and
information within the meaning of Section 27A of the Securities Act of 1933
and Section 21E of the Securities Exchange Act of 1934. Forward-looking
statements, by their very nature, include risks and uncertainties.
Accordingly, the company's actual results could differ materially from those
discussed in this release. A wide variety of factors could cause or contribute
to such differences and could adversely impact revenues, profitability, cash
flows and capital needs. Such factors, many of which are beyond the control
of the company, include the following: market acceptance of new automated
histology products, continued success in asset management, continued
improvements in our manufacturing efficiencies, on-schedule launches of our
new products, currency exchange rate variability, competition and competitive
pressures on pricing and general economic conditions in the United States and
in the regions served by the company. A more complete listing of cautionary
statements and risk factors is contained in the company's report on Form 10-K
for the year ended Dec. 31, 2000, filed with the Securities and Exchange
Commission.
Ventana Medical Systems is solely responsible for the information and
opinions expressed in this press release, or subsequently disseminated by
Ventana whether via facsimile, Website or other means, and acknowledges that
GlaxoSmithKline has no responsibility or liability with respect to any such
information or opinions, regardless of timing or means of dissemination.
For more information on Ventana Medical Systems, Inc. via facsimile at no
additional cost, Simply dial 1-800-PRO-INFO and enter the stock symbol "VMSI."
Visit the Ventana Medical Systems, Inc. website at http://www.ventanamed.com .
The Molecular Discovery Systems Division has its own website
at http://www.ventanadiscovery.com
SOURCE Ventana Medical Systems, Inc.
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Related links:
http://www.ventanadiscovery.com
http://www.ventanamed.com
CONTACT:
Christopher Gleeson, President and CEO,
+1-520-690-3557, or Nick Malden, Vice President and CFO,
+1-520-690-2794, both of Ventana Medical Systems, Inc.; or
Analysts, Kathy Brunson of The Financial Relations Board BMSG
Worldwide, +1-312-640-6696
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