>>MADISON, Wis., and GENT, Belgium, April 27 /PRNewswire-FirstCall/ -- Third Wave Technologies Inc. (Nasdaq: TWTI - News) and Innogenetics NV (Euronext Brussels: INNX) today announced that they have signed a four-year marketing and distribution agreement. Under the terms of the agreement, Third Wave has granted Innogenetics the exclusive European marketing and distribution rights for select Invader® molecular diagnostic products in the field of genetic testing.
The agreement will allow Third Wave to initiate its market penetration into the growing European molecular diagnostics market. Innogenetics' European-wide sales organization will market and distribute a number of Invader® clinical molecular diagnostic products for the genetic testing of risk factors in the areas of cardiovascular diseases, blood coagulation, and hearing disorders, including Factor V Leiden, Factor II (Prothrombin), Connexin 26, and others.
These products are based on Third Wave's proprietary Invader® platform, a chemistry-based technology that provides exceptional accuracy, flexibility, and ease of use. Innogenetics may also distribute other new genetics-related tests developed by Third Wave in the future.
Under the agreement, Innogenetics will make minimum payments to Third Wave during the agreement's term.
"This marketing and distribution partnership represents a major milestone and is a great fit for both companies," said John J. Puisis, President and Chief Operating Officer of Third Wave. "Innogenetics has a proven track record in forging new markets and selling innovative molecular diagnostics to European clinical laboratories. Many of these customers have been requesting our Invader® products, and Innogenetics now will provide us with the avenue to this important market."
"Innogenetics is very pleased to be the European distributor for Third Wave's genetic product menu," said Philippe Archinard, Chief Executive Officer of Innogenetics. "Coupling the strength of our established European sales and marketing team with state-of-the-art Invader® products is a compelling proposition for both organizations and our European customers. We are excited by this new opportunity to extend and consolidate our genetic testing portfolio and sales revenue lines."
About Innogenetics
Innogenetics is an international biopharmaceutical company building parallel businesses in the areas of specialty diagnostics and therapeutic vaccines. In 2003, total revenues increased by 16% to euro 73 million, with specialty diagnostics reaching an operating profit of euro 7 million. Its Diagnostics Division develops a large number of specialty products covering three areas: infectious diseases (hepatitis C, hepatitis B, and HIV), genetic testing (HLA tissue typing and cystic fibrosis), and neurodegeneration (Alzheimer's disease). In its Therapeutics Division, Innogenetics focuses on the development of therapeutic vaccines to address unmet medical needs in the field of infectious diseases, with two compounds now in clinical trials (hepatitis C in phase 2 and hepatitis B in phase 1). With a strong commercially oriented management team and distinctive dual business model, Innogenetics provides a low-risk biotech investment with potentially high returns. Founded in 1985, Innogenetics is listed on Euronext Brussels. Innogenetics' headquarters are in Gent, Belgium, with sales affiliates in the United States, Germany, France, Spain, and Italy. Innogenetics employs 590 people worldwide and has a market capitalization of approximately euro 370 million (US $450 million).<<
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