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| PamGene partners with Innogenetics | | | Gent (Belgium) and Den Bosch (the Netherlands), May 27, 2004 - Innogenetics and PamGene International today announced an agreement whereby Innogenetics gains access to PamGene’s microarray technology platform for the development of its next generation nucleic acid and protein-based tests. By combining Innogenetics" expertise in developing and marketing specialty diagnostics and PamGene’s advanced technology platform, multi parameter assays will be developed and updated rapidly, thus reducing their time-to-market.
The exclusive license, secured by Innogenetics on PamGene’s technology, covers the PamStationTM 12 dedicated instrumentation in those areas where Innogenetics is currently active (infectious diseases, genetic testing and neurodegeneration) with an optional extension for applications in the field of oncology. The agreement includes an upfront payment, staged development milestone fees as new tests reach the market, and royalties on sales.
Upon thorough evaluation of different technology alternatives, Innogenetics selected PamGene’s advanced microarray technology as its platform combined with its PamStationTM 12 instrumentation. This approach allows Innogenetics to develop tests that can assess up to 400 different parameters in one sample run (a tenfold increase compared to Innogenetics" current LiPA and LIA technology).
The first set of assays based on the new platform is expected to reach the market in 2006.
According to Tim Kievits, Chief Executive Officer of PamGene, ”This partnership with Innogenetics validates our technology in the clinical setting and is a perfect match that links the speed and user-friendliness of our advanced multi parameter approach with Innogenetics" proven ability to develop high-quality specialty diagnostics. The diagnostic market is especially keen on using state-of-the-art tests that can identify which patients are more suited to a particular therapy, and indicate how well a treatment is working. Such tailored medicine will open new avenues to optimize healthcare.”
Philippe Archinard, CEO of Innogenetics, added, ”Our new collaboration with PamGene will ensure the expansion of our activities into high-performance multi parameter diagnostics to maintain our leadership position in highly innovative specialty diagnostics. These new tests will be progressively developed by Innogenetics using the PamGene platform, and will offer unique and attractive features to serve the needs of clinical laboratories, such as real-time monitoring, quantitation, automation, user-friendliness, and rapid updating.”
About Innogenetics
Innogenetics is an international biopharmaceutical company building parallel businesses in the areas of specialty diagnostics and therapeutic vaccines.
In 2003, total revenues increased by 16% to &eur;73 million, with specialty diagnostics reaching an operating profit of &eur;7 million. Its Diagnostics Division develops a large number of specialty products covering three areas: infectious diseases (hepatitis C, hepatitis B, and HIV), genetic testing (HLA tissue typing and cystic fibrosis), and neurodegeneration (Alzheimer’s disease). In its Therapeutics Division, Innogenetics focuses on the development of therapeutic vaccines to address unmet medical needs in the field of infectious diseases, with two compounds now in clinical trials (hepatitis C in phase 2 and hepatitis B in phase 1).
With a strong commercially oriented management team and distinctive dual business model, Innogenetics provides a low-risk biotech investment with potentially high returns. Founded in 1985, Innogenetics is listed on Euronext Brussels. Innogenetics" headquarters are in Gent, Belgium, with sales affiliates in the United States, Germany, France, Spain, and Italy. Innogenetics employs 590 people worldwide and has a market capitalization of approximately &eur;350 million.
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