The real deal people, I've been following Frudakis since 2000, and he has lived up to EVERYTHING he said, now he has rev and if there is one fricken penny that is the real deal, it's gotta be DNAP becuase they are ON THEIR OWN NOW!!
Alliance Expected to Create DNAPrint's First Substantial Revenue Stream; Alliance with GenoMed Creates New Revenue Stream and Enhanced Genotyping Capabilities
WEDNESDAY, MARCH 06, 2002 3:03 PM
- BusinessWire
SARASOTA, Fla., Mar 6, 2002 (BUSINESS WIRE) -- DNAPrint genomics, Inc. (OTCBB:DNAP) announced today that it has entered into a commercial and equity-based agreement with GenoMed, Inc. (Pink Sheets:GMED) that has upgraded DNAPrint's facility for the provision of genotyping services. The agreement is expected to provide DNAPrint annual revenues in excess of $1.6 million.
Under the agreement, GenoMed has purchased a beta version of an Orchid Ultra-High Throughput (UHT) genotyping system and has integrated it with DNAPrint's existing Orchid 25K SNPstream platform. With the integration, DNAPrint becomes GenoMed's exclusive genotyping contractor. The integration establishes the first commercially licensed UHT facility operating Orchid technology in the world, and provides DNAPrint a faster and less expensive platform for its own research and product development. In addition, the new platform establishes DNAPrint as one of only a handful of companies in the world capable of scoring more than 100,000 genotypes per eight-hour shift.
The initial term of the contract is two years, but it automatically renews every two years thereafter in order to sensitively determine the price per genotype that GenoMed pays DNAPrint. The contract calls for DNAPrint to produce over 4 million genotypes for GenoMed in the first year at a cost of approximately $1.6 million. The larger scope of the agreement establishes DNAPrint and GenoMed as long-term participants in a joint commercial genotyping venture. Third party revenues from this venture will be shared between DNAPrint and GenoMed through undisclosed terms.
As part of the deal, DNAPrint obtained a royalty stake in future GenoMed profitability.
"This agreement is a tremendous achievement for our company and our investors," said Tony Frudakis, PhD, CEO and CSO of DNAPrint genomics, Inc. "In addition to securing a revenue stream that we hope will be substantial and consistent, we have acquired a more advanced genotyping platform for our research, and we have joined GenoMed's mission to apply medical genomics to the practice of medicine."
GenoMed's screen of the human genome is expected to result in the identification of novel therapeutic targets for common, complex human diseases and could help pharmaceutical companies develop new, highly specific drugs and find new uses and indications for existing therapies.
"The integrated genotyping resources will allow GenoMed to significantly expand the pace of our search for disease gene targets at a fraction of what it would have cost us to operate independently," said David Moskowitz, MD, Chairman of GenoMed, Inc. |
