SAN DIEGO, and HOLLISTON, Mass., Dec. 9 /PRNewswire/ -- Trega Biosciences,
Inc. (Nasdaq: TRGA) of San Diego, CA, and Harvard Apparatus, Inc. (HAI) of
Holliston, MA, announce the acquisition of the Diffusion Chamber Systems
product line of Trega's wholly owned subsidiary, NaviCyte, Inc.
The Diffusion Chamber product line is a patented, innovative, in-vitro
line of devices which provides for an accurate simulation of the environments
on either side of a biological membrane or cultured cell monolayers to permit
effective pharmacokinetic screening of drug compounds outside the body. The
devices are sold directly to researchers as well as through Corning/Costar.
Corning/Costar sells the 'Snapwell(TM)' chamber, which has been designed
specifically for use with one of the NaviCyte Diffusion Chamber systems.
Harvard will continue to sell directly to researchers as well as through
Corning/Costar. The acquisition of this product line expands Harvard's
offerings of molecular, cellular and tissue based tools for drug development
to researchers in pharmaceutical, biotechnology, government and university
labs around the world. Trega has divested this product line in order to focus
on its Discovery Informatics(TM) business, including its IDEA(TM) predictive
models for drug discovery and development.
Under the terms of the transaction, Harvard paid Trega an up front fee and
will pay royalties for an agreed upon term on future sales of Diffusion
Chamber products. The financial terms of the deal were not disclosed. The
manufacture of the Diffusion Chamber product line will be relocated to
Harvard's facility in Holliston, Ma.
"Harvard Apparatus is a leader in the laboratory device field and will
provide a strong platform for growth of this product line," commented Mike
Grey, president and CEO of Trega. "Divestiture of the device business will
allow Trega to focus its resources on the continued development of our range
of IDEA predictive models and commercial introduction of Trega's first
predictive model for absorption."
"We are always interested in acquiring tools used in drug development from
biotech companies and universities," said David Green, president of Harvard.
"Trega's Diffusion Chambers are the standard in the industry for oral drug
availability testing and we will include them in the new Harvard Catalog which
will be distributed early in 2000."
Harvard Apparatus is a leading manufacturer of tools for drug development
including technologies for molecular, cellular, tissue and in-vivo research.
For sales and service contact the Harvard sales department at
(800) 272-2775 or visit Harvard's web site at http://www.harvardapparatus.com.
Trega Biosciences is a information-based technology company focused on
accelerating the process of drug discovery from disease targets to clinical
candidates by using small molecule combinatorial chemistry, high throughput
screening and predictive bioinformatics to rapidly create novel drug
candidates having greater chances of clinical success. In combination with
its wholly-owned subsidiary, NaviCyte, Trega offers integrated products and
services spanning the drug discovery process -- beginning with synthesizing
novel compounds to providing uniquely qualified drug leads -- to the
pharmaceutical and biopharmaceutical industries. Trega also uses its drug
discovery technologies in its internal development programs, which are focused
on discovering small molecules acting on melanocortin receptors, which may be
important in the treatment of inflammatory and metabolic diseases.
Except for the historical information contained herein, the matters
discussed in this news release are forward-looking statements that involve
risks and uncertainties, including whether the results reported are indicative
of future results, whether Trega's resources are sufficient to enable it to
reach its business objectives, whether any research to be conducted as
described will be successful, whether any additional collaborations or
alliances will be agreed to, formed or expanded, whether regulatory approvals
can be obtained for products discovered and developed, if any, whether any
such products can be successfully marketed, the impact of competitive products
and pricing, in marketing success, whether any other corporate collaborations
or alliances will be successful, and other risks detailed from time to time in
Trega's Securities and Exchange Commission filings. These forward-looking
statements represent Trega's judgment as of the date of this release. Actual
results may differ materially from those projected. Trega disclaims, however,
any intent or obligation to update these forward-looking statements.
Trega's releases are on the World Wide Web at http://www.trega.com and PR
Newswire's fax-on-demand service at 1-800-758-5804, extension 374050.
SOURCE Trega Biosciences, Inc.
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Company News On-Call:
http://www.prnewswire.com/comp/374050.html or fax,
800-758-5804, ext. 374050
Related links:
http://www.trega.com
CONTACT:
David Green, President of Harvard Apparatus,
Inc., 800-272- 2775; or Gerard A. Wills, V.P. of Finance, CFO,
858-410-6695, or Cynthia Reindal, Corp. Comm. & Investor
Relations, 858-410-6601, both of Trega Biosciences, Inc.
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