Tuesday February 29, 2:19 pm Eastern Time
Company Press Release
NEN Acquires Receptor Biology
Becomes Full-Line Supplier of GPCR Assay Products and Services
BOSTON--(BW HealthWire)--Feb. 29, 2000--NEN Life Science Products, Inc. has
acquired Receptor Biology, Inc. of Beltsville, MD. Founded in 1994, Receptor Biology is a
world-leading commercial provider of cloned receptor membrane reagents, cell lines
containing cloned receptors, and cell culture services used by pharmaceutical and biotechnology companies for drug discovery
and HTS (high-throughput screening). As a result, NEN© becomes the only company capable of providing all of the elements
required for developing and conducting a GPCR (G protein-coupled receptor) drug discovery assay with either conventional
radiometric or the latest fluorescence polarization platforms.
According to Gerald Moss, NEN Vice President of High Throughput Screening, ``This very complementary acquisition offers
NEN the opportunity to enhance our position as a leading supplier of products and services for high-throughput screening and
drug discovery, especially in the GPCR target area. This segment of drug discovery is and will remain an important focal point
for our customers; 60% of drugs today interact with a GPCR target, testimony to the importance of GPCR's in drug
discovery.'
Receptor Biology founder Jesse Baumgold, Ph.D., will remain as General Manager. He said, ``We have been looking for a
way to expand our product line and develop a broader range of products. By combining forces with NEN, we will have
immediate opportunities to do that, as well as to improve our assay development services, use our receptors with NEN
FlashPlate© assays, and develop products for NEN's revolutionary [FP]2(TM) fluorescence polarization assays for GPCRs.
We are delighted at the prospect of working with NEN.'
As part of the acquisition, Receptor Biology will become a wholly owned subsidiary of NEN and remain in Beltsville, MD. In
addition to new initiatives, the company will continue to supply customers with high-quality receptors and related targets for
high-throughput screening. Receptor Biology currently has 47 cloned GPCR products in stock and an additional 14 in the
development pipeline. NEN will begin offering a full line of integrated product and service packages for GPCR assays in the
second half of 2000.
NEN Life Science Products is a leading provider of innovative labeling and detection products, services and technologies for
life science research, drug discovery, and genomics applications. A privately held company with over 500 employees
worldwide, NEN has facilities in Boston and Billerica, MA (USA), Brussels (Belgium), and Montreal, Quebec (Canada). For
further information, contact: NEN Life Science Products, Inc., 549 Albany Street, Boston, MA, 02118, USA. Telephone:
(800) 551-2121 (U.S. Only) or +1 (617) 482-9595. Fax: +1 (617) 482-1380. In Europe, call +32 2 717 7924 or fax: +32 2
717 7910. Website: nen.com.
Except for historical information, the matters discussed in this news release may be considered ``forward-looking' statements
within the meaning of Section 27A of the Securities Act of 1933, as amended. Such statements include declarations regarding
the intent, belief or current expectations of the Company and its management. Prospective investors are cautioned that any such
forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties that could
materially affect actual results.
FlashPlate is a registered trademark of Packard Instrument Company, exclusively licensed to NEN Life Science Products.
FlashPlate is protected under US Patent 5,496,502 and foreign equivalents, to all of which NEN Life Science Products, Inc.
holds an exclusive worldwide license. [FP]2 is a trademark of NEN Life Science Products, Inc.
Contact:
NEN Life Science Products
Elaine Y. Carraher, (617) 350-9207
or
THOMAS RANKIN ASSOCIATES
Thomas R. Rankin, APR, (401) 884-4090
tomr@trankin.com |
