Thursday December 20, 9:16 am Eastern Time
Press Release
SOURCE: VARIAGENICS, INC.
VARIAGENICS Announces Pharmacogenomics Collaboration With Korean Biotech Company, GeneMatrix
Companies to identify genetic markers and develop diagnostic products for cancer market
CAMBRIDGE, Mass.--(BW HealthWire)--Dec. 20, 2001-- VARIAGENICS, INC. (Nasdaq: VGNX - news), a leader in pharmacogenomics, announced that it has entered into a research and development collaboration with GeneMatrix Inc, a Korean biotechnology company. GeneMatrix is applying genomic technology to the development of drugs and diagnostics to treat cancer. The ultimate goal of the collaboration is to develop molecular diagnostic products for predicting response to leading drugs in the treatment of colon and gastric cancer which can then be marketed globally.
The two companies will collaborate on pharmacogenomic research and clinical development of targeted therapeutics. As part of the collaboration, GeneMatrix will gain access to genetic markers (SNPs and haplotypes) identified by VARIAGENICS and to VARIAGENICS' expertise in integrating patient DNA analysis into clinical trials. In return, VARIAGENICS will benefit from GeneMatrix' genomic capabilities in Korea, gaining access to data from targeted Asian populations. GeneMatrix is also purchasing VARIAGENICS' NuCleave(TM) genotyping and haplotyping platform to conduct genotyping during clinical trials. In addition, VARIAGENICS is negotiating an equity investment in GeneMatrix.
``This collaboration reflects VARIAGENICS' integrated approach to applying pharmacogenomics to the creation of individualized drug and diagnostic products,'' said Taylor J. Crouch, President and CEO of VARIAGENICS. ``By providing GeneMatrix with our genetic marker discovery capabilities and our NuCleave(TM) genotyping/haplotyping platform, we are investing in a collaboration that we hope will expand into one or more additional therapeutic areas of mutual interest.''
``We selected VARIAGENICS as a collaborative partner because we believe they have the best platform and expertise in applying pharmacogenomics to all phases of drug and diagnostic development from discovery to commercialization,'' said Wangdon Yoo, Ph.D., CEO and President, GeneMatrix Inc. ``We look forward to working with this leading pharmacogenomics company to bring important diagnostic products to the market.''
GeneMatrix is an early-stage Korean biotechnology company. Founded by former employees of Cheil Jedang Corp., one of Korea's largest conglomerates, GeneMatrix is supported by a management team and financial, business and scientific advisors that represent prominent organizations in the country's business, research and medical societies.
VARIAGENICS, INC. applies its pharmacogenomic technologies to the discovery, development and commercialization of personalized drugs and companion molecular diagnostic products. Using a drug pathway approach, the Company identifies therapeutically important genetic markers, including SNPs, haplotypes and LOH indicators. This information is then applied to clinical programs to enhance drugs in development, and ultimately to the creation of diagnostics for predicting patient response to drugs.
For more information, please visit the Company's website at www.variagenics.com.
This press release may contain forward-looking statements, including statements regarding the effect of pharmacogenomics on therapeutic outcomes and the delivery of healthcare and the role that the Company will play in the field of pharmacogenomics. Such statements are based on management's current expectations and are subject to certain factors, risks and uncertainties that may cause actual results, events and performance to differ materially from those referred to or implied in such statements. These risks are identified in VARIAGENICS' Annual Report on Form 10-K for the fiscal year ended December 31, 2000. The Company does not intend to update any of the forward-looking statements after the date of this release to conform these statements to actual results or to changes in our expectations, except as required by law.
NuCleave is a trademark of VARIAGENICS, INC.
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Contact:
VARIAGENICS, INC.
Investor Relations
Beverly Holley, 617/588-5318
bholley@variagenics.com
or
Media Relations
Paul Kidwell, 617/588-5340
pkidwell@variagenics.com |
