InforMax and TissueInformatics Announce Far-reaching Informatics and Toxicogenomics Collaboration
BETHESDA, Md. & PITTSBURGH, Pa.--(BW HealthWire)--Jan. 24, 2002-- InforMax, Inc. (Nasdaq:INMX - news), a leading global provider of bioinformatics solutions, and TissueInformatics.Inc, an innovative provider of imaging and image analysis solutions for pre-clinical and clinical pathology, today announced a significant scientific and business collaboration to integrate quantitative tissue data with genomic data. The two companies believe that this collaboration will enable new high value methods of biomedical research.
The groundbreaking integration of these technologies is expected to improve the effectiveness of pre-clinical investigations and accelerate many other biomedical research and development activities. Under their 3-year collaboration agreement, InforMax and TissueInformatics (TII) will apply quantitative histomophometric data derived from digital tissue images in conjunction with gene expression and protein function data to understand the molecular toxicological effects of pharmaceutically relevant compounds. InforMax and TII will also collaborate on the development and validation of software tools to integrate and analyze tissue and genomic data.
``This collaboration represents a powerful example of bioinformatics in the post-genome world'', said Steve Lincoln, Executive VP and Chief Scientific Officer at InforMax. ``By integrating TII's next generation tools for capturing and analyzing tissue data with the functional genomics capability of InforMax's product, we can deliver solutions which allow medical R&D professionals to truly leverage the genome to accelerate and improve their drug discovery and development projects. Toxicology was chosen as the first application area in part because it is an extremely attractive market for products and services.''
According to the Pharmaceutical Research and Manufacturers of America, Annual Survey, 2001, toxicology and safety testing, remains one of the major expenses in the drug development process. Toxicology and safety testing comprised approximately $1.4 billion, or 4.5%, of all Pharmaceutical research and development spending in 2001.
In addition to their scientific collaboration, InforMax and TissueInformatics will jointly market software tools and will establish a services partnership in the area of investigative toxicology. Under the agreement, TissueInformatics will acquire a license to InforMax's enterprise bioinformatics solution GenoMax(TM) and gain access to its Xpression NTI(TM) desktop software. InforMax will also gain access to TII's analysis tools.
Peter Johnson, MD, TII Chairman and CEO, stated, ``Linking the capabilities of the two companies through our collaboration will enable new, unique, and sophisticated methods of inquiry for investigators in both clinical and development research. Our scientists and their scientists are already fully engaged''.
On Tuesday, TII closed a preferred stock financing. InforMax invested $1.5M in this round, an investment that will result in the company owning approximately 5% of TII's stock. In addition, InforMax will have observation rights on TII's Board of Directors and will participate on TII's Scientific Advisory Board. |
