|IGEN Forms Strategic Alliance With nanoTools|
IGEN to Market nanoTools' Reagents for Use With IGEN's Drug Discovery System
GAITHERSBURG, Md., Dec. 6 /PRNewswire/ -- IGEN International, Inc. (Nasdaq: IGEN - news), announced today that it has formed a strategic alliance with nanoTools Antikorpertechnik GmbH & Co. KG, developer and marketer of monoclonal antibodies, to commercialize reagents for use with IGEN's M- SERIES(TM) biological detection system.
IGEN will market nanoTools' monoclonal antibodies -- both in their original form and tagged with IGEN's proprietary label -- for use as reagents with the M-SERIES system. These antibodies are expected to increase the number of M-SERIES users and enable them to conduct research in a wide range of life science fields, such as proteomics and drug discovery and development for Alzheimer's disease, cancer, and other diseases. An industry analyst estimates that pharmaceutical companies worldwide spent more than $1 billion on research reagents in 1999, with an annual growth rate of 15%.
IGEN markets the M-SERIES system, based on IGEN's proprietary ORIGEN® technology, to pharmaceutical and biotechnology companies, as well as government and academic life science researchers worldwide. M-SERIES instruments are distributed in Japan by SC BioSciences Corp., a subsidiary of Sumitomo Corp., with IGEN and its IGEN KK Japanese subsidiary responsible for the marketing and selling of all consumable reagents and assays for these instruments in the Japanese market.
``This strategic alliance with nanoTools further expands the range of high- quality reagents and assays we provide customers for use with our M-SERIES detection system,'' said Samuel J. Wohlstadter, IGEN's Chairman and Chief Executive Officer. ``This alliance also furthers our commitment to forging strategic alliances and partnerships with innovative companies such as nanoTools to develop and commercialize quality products that leverage our proprietary ORIGEN technology.''
``We are very pleased that IGEN has selected our antibodies for use with their drug discovery system,'' said Petra Schuessler, Ph.D., Chief Executive Officer of nanoTools. ``The synergy between nanoTools' products and IGEN's M- SERIES system will help expand markets for both companies.''
IGEN develops and markets detection systems based on its proprietary ORIGEN technology, which can assay a wide range of biological substances, including small molecules, proteins, nucleic acids, and microorganisms. This technology provides a unique combination of sensitivity, reliability, speed, and flexibility. ORIGEN-based systems are marketed by IGEN and its licensees and/or distributors -- Roche Diagnostics; Organon Teknika; Eisai Co., Ltd.; and Sumitomo Corp. More information about IGEN can be found at igen.com .
Based in Teningen, Germany, nanoTools develops and markets monoclonal antibodies for signal transduction, cell biology, and Alzheimer's disease research, focusing particularly on antibodies specific to certain cleavage sites and phosphorylation sites. More information about nanoTools can be found at nanotools-antibodies.com .
This release contains forward-looking statements about IGEN's plans to market nanoTools' antibodies, the expected impact on M-SERIES sales and applications, and plans for future strategic alliances. Actual results might differ materially from these statements due to risks and uncertainties, including those associated with success of the M-SERIES product enhancement and upgrade program, competitive products, market conditions, dependence on suppliers, and acceptance of new products. More complete descriptions of the risks applicable to IGEN appear in the company's documents filed with the Securities and Exchange Commission and available on request from the company. IGEN disclaims any intent or obligation to update these forward-looking statements.
IGEN and ORIGEN are registered trademarks, and M-SERIES is a trademark, of IGEN International, Inc.
SOURCE: IGEN International, Inc.