>>NEW HAVEN, Conn., Nov. 18 /PRNewswire-FirstCall/ -- Genaissance Pharmaceuticals, Inc. (Nasdaq: GNSC - News) today announced that it has licensed its HAP(TM) Technology to Sciona Limited for use in the development and marketing of consumer products. Under the terms of the multi-year agreement, Genaissance will have rights to support Sciona's pharmacogenomic research and customer genotyping. In exchange for a license to its HAP(TM) Technology, Genaissance obtained a 30% fully-diluted equity position in Sciona, a private company based in the United Kingdom. Genaissance will also receive royalties on any products that are developed by Sciona, which incorporate Genaissance's HAP(TM) Technology.
"We are pleased to enter into this agreement because Sciona is a leader in the emerging market of integrating genetic variation into wellness products," said Kevin Rakin, President and Chief Executive Officer of Genaissance Pharmaceuticals. "We have developed a close working relationship with Sciona over the past year by assisting them in developing and launching their first product into the U.S. market for customizing diet and nutrition. This agreement continues the commercialization of our HAP(TM) Technology in a variety of new markets."
"We believe that Genaissance's HAP(TM) Technology will have profound implications for the development of customized personal care and nutritional products," said Dr. Chris Martin, Chief Executive Officer of Sciona Limited. "We introduced our first product in 2002 and by using Genaissance's technology, we believe that we can help companies create a new generation of innovative nutritional and personal care products."<<
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Cheers, Tuck |
