Might get back into these over the summer...
Diversa Achieves Milestones Under Alliance with BASF to Develop Innovative New Enzyme Products
Thursday May 17, 9:25 am ET
SAN DIEGO, May 17 /PRNewswire-FirstCall/ -- Diversa Corporation (Nasdaq: DVSA - News), a leader in the development of high-performance specialty enzymes, announced today that it has achieved two important product development milestones under its collaboration agreement with BASF (NYSE: BF - News), which have resulted in two payments to Diversa in late 2006. Diversa has successfully completed the initial research phase of the program, and both organizations have agreed to take the programs forward to the next development stage. Diversa is currently applying its DirectEvolution® enzyme optimization tools to refine the properties of the lead candidate.
In February of 2006, the two companies announced that they had entered into an expanded alliance under which they would focus on improving industrial processes and product performance in key market areas such as pulp and paper and fine chemicals by combining BASF's application know how, chemical and biotechnology expertise, and market knowledge with Diversa's enzyme discovery and optimization technologies. Under the agreement, Diversa is responsible for discovery and optimization of new enzymes, and BASF is responsible for product and process development and all commercialization matters.
"BASF is the world's leading chemical company, and achieving this important milestone reinforces Diversa's ability to provide custom enzyme solutions to a proven market leader," stated Edward T. Shonsey, Diversa's chief executive officer.
"We are very pleased with the progress our teams are making on this project," said Dr. Alfred Hackenberger, president of specialty chemicals research at BASF. "We look forward to continuing to leverage our combined expertise in biotechnology and chemistry in this program, which is aimed at system innovations for diverse industrial applications." |
