>>Paradigm Genetics, Inc. (Nasdaq: PDGM - news), a functional genomics company, today announced it has exceeded the fifth consecutive milestone in its commercial partnership with Monsanto Company (NYSE: MON - news). Paradigm will receive an undisclosed accelerated milestone payment for this accomplishment.
Paradigm also announced that Monsanto has amended the commercial partnership agreement by eliminating its termination option in exchange for broader rights under the agreement. This amendment is significant since it commits Monsanto to a total term of at least six years, with options to extend the scope of work in time and volume. Additionally, the research plan was modified to maximize the potential of valuable trait discovery and accelerate the commercialization timeline for products from which Paradigm will receive royalties.
``In our partnership, we are routinely exceeding the aggressive milestones that were set 20 months ago,'' said John A. Ryals, Ph.D., President and Chief Executive Officer of Paradigm Genetics. ``Our achievement is directly attributable to increased efficiencies in our GeneFunction Factory(TM) and reflects the success we have in determining gene function in plants at an unprecedented rate.''
``Paradigm continues to be a great partner. They have built an impressive industrial-scale capability platform and to date have delivered the high quality science we expect,'' said Chris Burnley, Vice President for Strategy and Alliances, Monsanto Genomics. ``This amendment underscores the important role Paradigm plays in our integrated discovery pipeline.''
Under the terms of the commercial partnership, Paradigm is using its GeneFunction Factory(TM) to discover the function of genes selected by Monsanto for use in its product development program. Paradigm will share in any product revenues generated through this collaboration in the form of royalties.
The collaboration agreement was expanded in May 2000 to include Renessen LLC, a joint venture between Monsanto and Cargill Inc., which develops quality traits and customized products that enhance the functionality of grains, oilseeds, and other crops.
Paradigm brings to the collaboration its expertise in gene function analysis and bioinformatics. Paradigm's high-throughput analysis methodology is comprised of a series of proprietary analytical processes combined with proprietary data collection, refinement and data mining tools to investigate plant and microbial gene function.<<
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Cheers, Tuck |
