DNAPRINT AND ORCHID ANNOUNCE OPTION AGREEMENT
SARASOTA, FL. and PRINCETON, NJ, Oct. 24, 2000 –DNAPrint genomics, Inc. (traded through the Pink Sheets as DNAP) and Orchid BioSciences, Inc. (Nasdaq: ORCH) today announced that Orchid has purchased an option to co-develop and co-commercialize certain existing and future intellectual properties and products of DNAPrint genomics.
Under the terms of the agreement, DNAPrint grants Orchid an option to license, among others, the rights to co-develop and/or co-commercialize certain DNAPrint genomics products and properties. The option provides Orchid exclusivity to negotiate partnership terms with DNAPrint for these certain, selected products and properties. The option covers a broad spectrum of intellectual properties, for example genetic algorithms, software and certain information resources such as single nucleotide polymorphism (SNP) and haplotype determinations and certain multivariate associations with complex human traits and diseases. Other terms of the agreement were not disclosed.
"Partnering with a company like Orchid highlights the potential value and innovative nature of DNAprint genomics’ science, products and people. It could provide us with an established channel for distribution of our intellectual properties and products, and as such, this new relationship represents the accomplishment of an important milestone for DNAPrint genomics," said Tony Frudakis, Ph.D., president of DNAPrint. "By partnering with an established genomics player, we can leverage their expertise and established infrastructure to realize the commercial value of our products. This option may also enable us to focus on our scientific strengths in diagnomics product development and on expanding the number and types of applied genomics products we may be able to produce in the future."
"We are very pleased to have the potential opportunity to partner with DNAPrint genomics," said Russell Granzow, vice president of marketing and business development of Orchid. "DNAPrint’s innovative work in algorithms, software and other knowledge resources are designed to improve the clinical utility of genetics and pharmacogenetics data and research."
Orchid BioSciences, Inc. is a provider of products, services and technologies for SNP scoring and genetic diversity analyses. Orchid has developed SNP-IT, its proprietary SNP analysis technology, and markets SNPstream instruments and SNPware consumables that rapidly generate highly accurate, cost effective SNP information. Orchid also provides high throughput SNP scoring services to pharmaceutical, agricultural and academic customers through its MegaSNPatron™ facility, and DNA testing through its GeneScreen facilities, which conduct paternity, forensics and transplantation testing.
DNAPrint genomics, Inc. is developing complex genetic analytics and information resources for next generations personalized medicine. The company’s products will provide practitioners of genomic research and personalized medicine with a comprehensive system for complex trait dissection and patient classification. DNAPrint genomics Inc. was founded by a group of scientists with research and commercial experience in high-level mathematical modeling, programming and molecular genetics. On October 17th, the Company announced that it merged with a SEC 12g full reporting company, and expects to be trading on the OTC Bulletin Board within 30 days. For more information about the company, please visit www.stocktribe.com
All statements in this press release that are not historical are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act as amended, including statements regarding DNAPrint’s ability to conduct high throughput genotyping using Orchid’s SNPstream 25K platform and SNPware kits and the potential for use of Orchid’s automated systems by developing companies. Such statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including, but not limited to, uncertainties relating to technologies, product development, manufacturing, market acceptance, cost and pricing of Orchid products, dependence on collaborations and partners, regulatory approvals, competition, intellectual property of others, and patent protection and litigation. These and other risk factors are discussed in the Company’s Registration Statement on Form S-1 declared effective by the Securities and Exchange Commission on May 4, 2000. Orchid expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Orchid's expectations with regard thereto or any change in events, conditions, or circumstances on which any such statements are based. |
