Genset's High Throughput Genomics Technologies are Key to New Agricultural Genetics Alliance
PARIS, France and LOS ANGELES, Calif. – January 7, 1998 – Genset today announced that it has formed an alliance with Ceres, a Los Angeles-based company, focusing on agricultural genetics. This alliance will further leverage Genset's advanced mapping, sequencing and bioinformatics technologies and secure future revenues and milestone payments.
As part of the alliance, Ceres has received an exclusive license to use certain aspects of Genset's genomics technologies for applications in agricultural genetics. Ceres is also establishing independent operations in Evry, France, adjacent to Genset's Genomics Research Center, enabling the two companies to cooperate technically on agricultural genetics projects.
Genset has retained exclusive rights to all discoveries generated by the collaboration which have applications to human health. Ceres has issued to Genset 20% of its equity. Genset will also receive service fees during the term of the agreement and additional equity on completion of certain milestones. In addition, Pascal Brandys, Chairman & CEO of Genset, has joined Ceres' Board of Directors.
Mr. Brandys commented, "This is an excellent opportunity to apply Genset's genomics expertise to a new and very large commercial area. In addition, we are pleased to entrust it to a team with an impressive track record in the field of agricultural biotechnology. The alliance will provide an additional revenue stream without detracting from our principle business of providing genomics solutions to our pharmaceutical partners."
Genset, the leading European genomics company, is engaged in providing tailored genomics information to pharmaceutical companies throughout the drug life cycle. The Company's objective is to assist pharmaceutical companies in the discovery, development and marketing of drugs through focused strategic partnerships. Genset's portfolio of commercial opportunities available for partnership include its ongoing gene discovery programs in osteoporosis, cardiovascular and CNS diseases, its secreted proteins library, and pharmacogenomics programs for drug response.
Ceres is a privately funded agricultural genetics company located in Los Angeles, USA and is led by Walter De Logi, who has 15 years of experience in the field of agricultural biotechnology. Oxford Bioscience Partners, located in Costa Mesa, California, has provided the initial venture funding for Ceres. Ceres is putting together and applying a broad based platform of plant genomics technologies. As part of its strategy, Ceres has established collaborations with leading scientific institutions.
This press release contains certain forward looking statements regarding the agreements between Genset and Ceres and the prospects of the business arrangements contemplated thereby. The success of these arrangements will, of course, be subject to general uncertainties relating to the development of new processes and technologies, and regulatory and other approvals.
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