|March 6 /PRNewswire/ --|
Paradigm Genetics, Inc. (Nasdaq: PDGM - news), a functional genomics company, today announced it has exceeded the fourth consecutive milestone in its commercial partnership with Monsanto Company (NYSE: MON - news). Paradigm will receive an undisclosed accelerated milestone payment for this accomplishment.
Under the terms of the commercial partnership, Paradigm is using its industrial-scale GeneFunction Factory(TM) to discover the function of genes selected by Monsanto for use in its product development program. Paradigm will share in any product revenues generated through this collaboration in the form of royalties. The collaboration agreement was expanded in May 2000 to include Renessen LLC, a joint venture between Monsanto and Cargill Inc., which develops quality traits and customized products that enhance the functionality of grains, oilseeds, and other crops.
``Paradigm has put in place an impressive high-throughput system,'' said Chris Burnley, Vice President for Genomics Strategy & Alliances at Monsanto. ``They continue to be a great collaborator and a critical part of our integrated discovery platform.''
``To date, Paradigm has routinely outperformed on very ambitious technical milestones. This success is directly attributable to the commitment given to this program by the Paradigm and Monsanto team members,'' said John A. Ryals, Ph.D., CEO and President of Paradigm Genetics. ``The efficiencies of our GeneFunction Factory(TM) continue to improve. We are working to enhance them further when our new, higher-capacity facility comes on line next month. Our success increases the likelihood that commercial partners such as Monsanto will be successful in new product development.''
Paradigm brings to the collaboration its expertise in gene function analysis and bioinformatics. Paradigm's high-throughput analysis methodology is comprised of a series of proprietary analytical processes combined with a computerized knowledge base of plant and fungal gene function information...