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| Dutch biotech company PamGene partners with Olympus -- Combined Technologies Boost PamGene’s Product Development in Instrument Platform & Microarray -- | | | Den Bosch, NL, March 14th 2001
PamGene, a Dutch biotechnology company, active in the Microarray market today announced the formation of a strategic partnership with Olympus Optical Co. Ltd., a Japanese firm.The partnership concerns the development, manufacturing and distribution of products based on PamGene's and Olympus` proprietary technologies, as well as applications development funding. The parties also anticipate further investments in instrument development, manufacturing, marketing and commercial activities. In connection with the strategic alliance, Olympus has made an significant equity investment in PamGene, further expanding the relationship initiated in 1999.
PamGene and Olympus will jointly develop a series of instrument platforms and applications. Olympus will lead the instrument platform development, providing internal resources and technologies to enhance PamGene's product offerings, including a reduced-size and reduced-cost instrument. While continuing to lead development of its proprietary Flow Through Microarray: the PamChip(tm), PamGene will also provide the applications expertise to both assist customers using the PamChip(tm) in developing markers and in extending the PamChip(tm) system's application menu to include gene expression, integrated amplification and protein analysis.
"PamGene is committed to extending the existing applications of the PamChip(tm) system and developing cost-effective, reduced-size, and fully-integrated systems," says Tim Kievits, PamGene chief executive officer. "We are extremely pleased with Olympus's commitment to PamGene and our technology. The expanded relationship with Olympus is a major step forward as we seek to become the standard for targeted genetic analysis, including clinical research."
PamGene, a European innovative microarray technology company, has developed patent-pending technology for a second generation microarray platform and novel gene expression profiling system for post-genomic applications. PamGene's partnership with Olympus is providing access to Olympus' optical technologies, a cooperation that further elevates both companies as leaders in the biotechnology field.
"Olympus intends to be the premier genomics company in Japan," says Mr. Yanagisawa, director of Olympus' Genome Medical Business Project. "We are committed to identifying, developing and marketing progressive technologies to serve both the research and clinical diagnostics markets. PamGene's PamChip(tm), when combined with Olympus's market-proven instruments expertise, has the potential to provide a groundbreaking platform to achieve this goal."
According to recent industry reports, the U.S. accounts for 50 percent of the approximately 0 million current industry market for DNA microarray technology. Projections estimate a .5 billion market by the year 2004.
In December 2000, PamGene secured EUR 6.7 million in its first round of financing. Belgium-based GIMV, Dutch-based Life Science Partners and San Francisco based Alta Partners, all leading life sciences and later-stage biotech focused venture capital firms, were the principle investors for this round.
About PamGene
PamGene was founded in December 1999. PamGene plans to develop products based on its technology to facilitate the post-genomic development of new scientific and gene discoveries in biotechnology, pharmaceuticals and academia. PamGene’s proven management team includes Kievits, Daan van der Heyden, chief financial officer, Theo van der Leij, chief operating officer, and scientific team leaders Alan Chan, Rinie van Beuningen and Dr. Henk van Damme, the co-inventor of PamGene’s microarray technology.
Further information:
Tim Kievits, Chief Executive Officer, PamGene
Tel: +31 73 6158080
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Daan van der Heyden, CFO, PamGene
Tel: +31 73 6158071
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