I never posted this release, nor did anyone else. It came out just as the sector's retreat had started and just before the "Clinton/Blair" bloodbath.
NBSC has a price:sales of 1 and a price:book of 1.8.
Emphasis is mine........
Thursday March 9, 8:55 am Eastern Time
Company Press Release
SOURCE: DGI BioTechnologies, LLC.
Novo Nordisk Expands Research Agreement With
DGI BioTechnologies
EDISON, N.J., March 9 /PRNewswire/ -- DGI BioTechnologies, LLC. (DGI), today announced that its collaborative
research partner Novo Nordisk A/S has expanded its research agreement with DGI. Novo Nordisk is a multinational
pharmaceutical company based in Bagsvaerd, Denmark, with annual sales of $2.5 billion.
The original research agreement, announced in June 1999, provided technology transfer and licensing fees and contains
provisions for significant additional payments when specified development milestones are met. The updated agreement expands
the scope of the research portion of the contract by providing supplemental funding to support the accelerated pace of research
using DGI's patented and proprietary Diogenesis© drug-lead-discovery platform.
Dr. Arthur J. Blume, President and Chief Executive Officer of DGI, commented: ``Over the last seven months, DGI and Novo
Nordisk have been successful in translating the promise of the Diogenesis process into reality, and we are pleased that Novo
has elected to expand the relationship. The additional contract research and funding will enable DGI to augment and intensify its
supportive effort on Novo's behalf as together we strive to meet one of the greatest challenges of the decade: replacing protein
therapeutics with orally available drugs.'
Dr. Neil I. Goldstein, DGI's Director of Molecular Biology, added: ``This expansion of the initial agreement recognizes the
progress we have made in integrating the Diogenesis drug-discovery paradigm into Novo Nordisk's research efforts, and
provides the opportunity for DGI to make even greater contributions to Novo's drug-discovery program.'
Diogenesis* is a new and patented drug-discovery platform developed by DGI that rapidly and inexpensively identifies
Surrogates and uses them to create unique assays that can identify small organic molecules as drug-lead-discovery candidates.
DGI intends to license these candidates, either before or after preclinical development, to pharmaceutical and biotechnology
companies. The process is simple, fast, adaptable to automation and can be miniaturized. Other advantages include: a singular
automated in-vitro assay system, universally applicable to any pharmaceutical target; utility when little or no information exists
about a target's natural signal; generation of three- dimensional models of potentially active drug leads; compatibility with the
most sensitive and rapid high-throughput screening (HTS) technologies; and large and diverse peptide and recombinant
antibody libraries of Surrogates. Collectively, the benefits of this novel approach reduce the time and risk involved in drug
discovery, establish a capability for computer-based drug model screening as well as rational drug design, and at the end, offer
orally active compounds to replace injectable versions of drugs. Recently, the additional benefit of Surrogates for drug-target
validation and selection has become apparent. DGI expects that its target characterization technology will be integrated into the
research effort on the human genome and that its drug- lead-discovery technology will result in the identification of novel
therapeutic agents for a wide range of diseases.
Novo Nordisk A/S, the world leader in insulin and diabetes care, manufactures and markets a variety of other pharmaceutical
products and is the world's largest producer of industrial enzymes. Headquartered in Denmark, Novo Nordisk employs
approximately 15,000 people in 61 countries and markets its products in 179 countries. DGI BioTechnologies, LLC., is
majority owned by New Brunswick Scientific Co., Inc. (Nasdaq: NBSC - news).
This press release includes statements that may constitute forward-looking statements made pursuant to the Safe Harbor
provision of the Private Securities Litigation Reform Act of 1995. This information may involve risks and uncertainties, including
without limitation, risks relating to the development by DGI of its technology, that could cause actual results to differ materially
from the forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking
statements are based on reasonable assumptions, such statements are subject to risks and uncertainties that could cause actual
results to differ materially from those projected.
SOURCE: DGI BioTechnologies, LLC. |
