Paradigm Genetics and Bayer AG Discover 250th Herbicide Target in Their Commercial Partnership
RESEARCH TRIANGLE PARK, N.C., Sept. 24 /PRNewswire/ -- Paradigm Genetics, Inc. (Nasdaq: PDGM - news), a functional genomics company, and Bayer AG today announced the discovery and validation of the 250th herbicide target in their commercial partnership.
The discovery of 250 herbicide targets is a considerable accomplishment that represents a significant increase in the speed of herbicide target discovery. The most promising of these herbicide targets are converted into ultra high-throughput chemical screening assays by Paradigm and used by Bayer to identify new herbicide products.
``In the past 10 years, the number of targets identified and put into research pipelines worldwide has been minimal,'' said John A. Ryals, Ph.D., CEO and President of Paradigm Genetics. ``In the past three years, we've identified 250 targets. That's a tremendous success and a strong testimony to the power of our discovery platform. Through our GeneFunction Factory(TM), we are strongly supporting Bayer's herbicide pipeline, maintaining a robust revenue stream for Paradigm and strengthening our intellectual property position by filing patents on the identified targets.''
Klaus Stenzel, Head of Bayer's Molecular Target Research Department in Crop Protection, said, ``The delivery of more than 250 targets is clear evidence of the outstanding success of Paradigm's functional genomics technology. We are delighted to have chosen Paradigm Genetics as a partner, and our highly successful partnership is reflected by the recent prolongation of our cooperation contract.''
``When you consider the combination of our industrialized approach to gene function discovery and Bayer's brand new ultra-high-throughput chemical screening facility,'' Ryals added, ``you're looking at incredible potential for fast, accurate development of new herbicides. Given that the worldwide herbicide market is $13 billion annually, our commercial partnership is very valuable.''
To identify the 250 potential herbicide targets, Paradigm scientists put several thousand genes through the company's GeneFunction Factory(TM), performing phenotypic, metabolic and gene expression profiling. Then, using FunctionFinder(TM), Paradigm's sophisticated bioinformatics system, Paradigm researchers mined the data to pinpoint the most promising leads.
Paradigm's original herbicide partnership with Bayer began in October 1998 with the objective of discovering a portfolio of novel herbicide products that will be developed and marketed by Bayer. That agreement was for three years of committed funding, plus an option for an additional two that would take the collaboration to October 2003. The partnership was extended and expanded in June 2001. Under the new agreement, the companies will collaborate on herbicide discovery for an additional five years, with three years of committed funding, plus a two-year option that would extend the collaboration to October 2006. Paradigm will receive up to $30 million, including milestone payments and success fees for all products that reach the market... |
