Nov. 30 /PRNewswire/ -- IGEN International, Inc. (Nasdaq: IGEN - news) reported today that it extended through January 31, 2001, the term of its joint venture agreement with Meso Scale Technologies, LLC (MST) to allow an independent committee of IGEN's outside directors to complete its review of issues concerning the joint venture and take any actions the committee may deem appropriate.
The joint venture was organized in 1995 for the development and commercialization of products utilizing a proprietary combination of multi-array technology owned or controlled by MST together with ORIGEN® and other technologies owned by IGEN. MST is an affiliated technology company neither owned nor controlled by IGEN. It holds certain rights to multiple patents and patent applications directed at multi-array technology.
Multi-array technology is expected to play an important role in meeting future needs for medical diagnostics, genomics, proteomics, food testing, and other biological detection applications. High-density multi-array devices are likely to be of comparable size and capacity to microelectronic devices and provide the sensitivity and discrimination required for the most sophisticated analytical instruments.
The independent committee has focused its efforts, in part, on evaluating the organization, operation, and potential continuation of the joint venture, which has been the subject of shareholder demands and threatened litigation. Special counsel is advising the independent committee.... |
