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Beyond Genomics Forms Alzheimer’s Disease Joint Venture with Elan Corporation
Strategic Alliance First To Apply Systems Biology To Identify Biomarkers And Drug Targets
Cambridge, MA–May 15, 2001 – Beyond Genomics, Inc. today announced that it has formed a joint venture with Elan Corporation, plc (“Elan”) to apply novel systems biology technologies in the conduct of Alzheimer’s disease research. The planned two-year program will seek to identify novel biomarkers and drug targets useful for the diagnosis and treatment of Alzheimer’s disease. Coincident with the establishment of the joint venture, Elan made a $5.0 million equity investment in Beyond Genomics. Other financial details were not disclosed.
“We are pleased to be working with Elan, a world leader in the field of Alzheimer’s disease therapeutics and diagnostics,” said N. Stephen Ober, MD, President of Beyond Genomics. “In addition to providing clinical expertise and support for the program, Elan will grant the joint venture a non-exclusive license to an important animal model, a mouse strain which develops many of the features of the human disease,” Ober added. “The joint venture with Elan is our first corporate partnership, and a significant achievement for our company,” added Noubar B. Afeyan, Ph.D., Chairman of Beyond Genomics and CEO of NewcoGen Group
“Beyond Genomics’ system biology platform has the potential to identify new proteins involved in Alzheimer’s disease which could have important implications for better diagnosing and treating this devastating disease,” said Dale Schenk, Ph.D., Senior Vice President of Discovery Research for Elan Pharmaceuticals.
Alzheimer’s disease is characterized by progressive degeneration of the brain, resulting in cognition impairment and memory loss. The disease currently affects about 4 million people in the US. This number is expected to grow as the population ages, reaching 5.5 million by 2010. Alzheimer’s disease is difficult to diagnose and treatment options are limited. A recent study by the Alzheimer’s Association (www.alz.org ) predicts that Medicare costs for treating people with Alzheimer’s disease will rise from about $32 billion last year to over $49 billion by 2010.
A first mover in the field of systems biology, Beyond Genomics has pioneered an approach to rapidly analyze clinically relevant samples and integrate data at the gene, protein, and metabolite levels. This systems biology approach goes beyond genomics to provide new insights into the molecular mechanisms of health and disease. In collaboration with strategic partners, Beyond Genomics leverages its technology platform across a portfolio of applications in drug discovery, product development and diagnostics The Company was co-founded by NewcoGen, a unit of NewcoGen Group, and has received $5.5 million of Series A funding from NewcoFunds and OneLiberty Ventures. For more information visit www.beyondgenomics.com . |
