RESEARCH TRIANGLE PARK, N.C., Nov. 17 /PRNewswire-FirstCall/ -- Paradigm
Genetics, Inc. (Nasdaq: PDGM), a biotechnology company, today announced that
it has signed a two-year extension of its herbicide discovery collaboration
with Bayer CropScience, which would take the partnership through
September 2006. This extension, the second since the initiation of this
program, is structured similarly to the base contract, to include research
funds and success fees for assay deliveries.
"We are very pleased that Bayer has elected to extend our collaboration
into 2006. This agreement underscores the vital role we play in their
herbicide discovery program and is a strong validation of the sustained value
of our research capabilities," said Heinrich Gugger, Ph.D., President and CEO
for Paradigm Genetics. "This extension will allow us to further exploit for
Bayer the large number of validated herbicide targets discovered during this
collaboration."
"Our decision to extend this partnership with Paradigm Genetics was based
on the high level of success we have had to date with this program," said Dr.
Klaus Stenzel, Head of Global Target Research of Bayer CropScience. "We've
been impressed with the quantity and quality of targets and assays Paradigm
has delivered. Together we are building a strong proprietary position to
secure the use of important genomic technologies in herbicide research."
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 initial option to extend the relationship another two. The
first extension was signed in September 2001. To date, Paradigm has analyzed
thousands of plant genes, identified hundreds of novel herbicide targets and
delivered numerous assays for use in Bayer CropScience's high throughput
chemical screening facility. Payments to Paradigm include committed research
funds, fees for assays delivered and milestone payments. The agreement
includes success fees and possible royalty payments to Paradigm for any
commercial herbicides that might emerge from the collaboration.
About Paradigm Genetics
Paradigm is a biotechnology company driving 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 in agriculture and human health. Paradigm
chooses a systems biology approach to understand gene function in the context
of biological pathways, and to develop assays and biomarkers for molecular
diagnostic solutions tailored to the needs of our partners. Paradigm's
proprietary Gene to Cell to System(TM) approach has four major components:
gene expression profiling, biochemical profiling, phenotypic profiling and
data integration and coherence. 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; and to use a systems 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 its partners. 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 annual report on Form 10-K
for the year ended December 31, 2002 and in its quarterly report on Form 10-Q
for the quarter ended September 30, 2003, each 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:
Melissa Matson, Director, Corporate
Communications of Paradigm Genetics, Inc., +1-919-425-3000, or
Brian Ritchie or Mark Vincent of Noonan Russo Presence Euro RSCG,
+1-212-845-4200, for Paradigm Genetics, Inc.
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