SEQUENOM Announces Genetics Discovery Collaboration With Bristol-Myers Squibb
Thursday July 10, 10:30 am ET
SAN DIEGO, July 10 /PRNewswire-FirstCall/ -- SEQUENOM, Inc. (Nasdaq: SQNM - News) today announced a genetics discovery collaboration with Bristol-Myers Squibb Company (NYSE: BMY - News). Under the terms of the agreement, SEQUENOM will use its MassARRAY(TM) technology and extensive collection of DNA samples to genetically evaluate specific targets for Bristol-Myers Squibb in multiple disease areas. Bristol-Myers Squibb is funding the collaboration. SEQUENOM will receive milestone payments and royalties on products that result from the collaboration.
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"Bristol-Myers Squibb is making significant progress in developing novel drug targets and we are proud to form this strategic relationship," said Toni Schuh, Ph.D., SEQUENOM's President and Chief Executive Officer. "This collaboration serves as an excellent example of the broad application of SEQUENOM's strategy to elucidate disease-related genes and genetic variations. This is an exciting opportunity to utilize our genetics discovery expertise with targets identified by Bristol-Myers Squibb in an effort to develop novel diagnostic and therapeutic products."
"We look forward to our collaborative efforts with SEQUENOM," said Nicholas C. Dracopoli, Ph.D., Vice President, Clinical Discovery Technologies at Bristol-Myers Squibb Pharmaceutical Research Institute. "This is an exciting opportunity to use SEQUENOM's genotyping platform and unique collection of DNA samples to screen a large set of our novel, early-stage drug targets for their role in a wide range of therapeutic areas."
About Bristol-Myers Squibb Company
Bristol-Myers Squibb Company is a global pharmaceutical and related health care products company whose mission is to extend and enhance human life.
About SEQUENOM
SEQUENOM is a leading genetics company organized into two distinct business units: SEQUENOM Genetic Systems and SEQUENOM Pharmaceuticals. The two business units combine to capitalize on the Company's high performance DNA analysis platform, SNP assay portfolio, disease gene discovery programs and extensive DNA sample repository. SEQUENOM Genetic Systems is dedicated to the sales and support of the Company's MassARRAY products and the continual expansion of platform applications. SEQUENOM Pharmaceuticals applies the power of human genetics to systematically identify disease-related genes that affect significant portions of the overall population. The pharmaceutical unit focuses on disease gene discovery, target identification, functional validation and ultimately diagnostic and therapeutic product development.
SEQUENOM® and MassARRAY(TM) are trademarks of SEQUENOM, Inc.
Except for the historical information contained herein, the matters set forth in this press release, including statements relating to the Company's receiving milestone payments and royalties on products that result from the collaboration, and the development of novel diagnostic and therapeutic products, are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including the risks and uncertainties associated with new product creation, development, and commercialization, collaborative efforts with other parties, and the risks and uncertainties associated with SEQUENOM's technologies and other risks detailed from time to time in SEQUENOM's SEC reports, including SEQUENOM's Annual Report on Form 10-K for the year ended December 31, 2002, and its most recently filed quarterly report. These forward-looking statements speak only as of the date hereof. |
