"These financial results are in line with our expectations and reflect the on-going commercial
development and clinical application of our HAP(TM) Technology," said Dr. Gualberto Ruano, CEO of
Genaissance. "Genaissance has met or exceeded its goals this past quarter and since the IPO has
made significant progress assembling the infrastructure necessary to support its programs in the
marketplace with strategies for short, mid and long term revenue appreciation."
Highlights of the quarter include:
-- The publication of a landmark study by Genaissance and University of
Cincinnati researchers in Proceedings of the National Academy of
Sciences in September, demonstrating for the first time that a
response to a drug can be predicted from an individual's own DNA
using genomic markers called haplotypes. The study looked at 121
asthmatic patients to determine their reaction to albuterol, a
commonly prescribed drug to improve lung function. The study found
clear correlations between specific HAP(TM) Markers and clinical
response to albuterol, providing proof of concept for the
Genaissance HAP(TM) technology.
-- Completion of an initial public offering that raised gross proceeds
of $89.7 million dollars.
-- The appointment of Kenneth B. Kashkin, M.D. as Chief Medical
Officer. Ken's extensive experience in pharmaceutical development
at Bayer, Abbott Laboratories and BASF Pharma/Knoll will help
Genaissance in the commercialization of its technology, particularly
with its Mednostic(TM) programs.
-- More than doubling the HAP(TM) Marker production capability.
-- The discovery of HAP(TM) Markers for over 2,000 genes; over
1,200 patent applications have been filed.
-- The release of DecoGen(TM) 2.1, a new version of the informatics
platform with new clinical statistics and genetic analysis tools.
"We look forward to continuing on the path of commercialization through the formation of a HAP
2000(TM) corporate partnership and the expansion of our Mednostics(TM) programs," said Dr. Ruano.
"With our validated technologies, we believe Genaissance is positioned strongly in the emerging field of
population genomics."
Genaissance Pharmaceuticals, Inc. is a leader in applying population genomics, informatics and
clinical data to the development of personalized medicines. Genaissance discovers genomic markers
that are predictive of drug response based on each patient's DNA. The Company markets its
technology to the biopharmaceutical industry as a complete solution for improving the development,
marketing and prescribing of drugs. Genaissance is located in Science Park in New Haven,
Connecticut. Please visit genaissance.com for additional information.
Lots of volume today. New high.
Jim |
