Sorry, thought everyone might have read the Yahoo AFFX news site. Hear it is..not incredible news but enough to stop the price slide for a day.
Company Press Release
SOURCE: Affymetrix, Inc.
Affymetrix and Molecular Dynamics Enter Agreements to Expand Access to DNA Array-Based
Genetic Analysis Tools
SANTA CLARA, Calif. and SUNNYVALE, Calif., Dec. 2 /PRNewswire/ -- Affymetrix, Inc., (Nasdaq: AFFX - news) and Molecular Dynamics, Inc.,
(Nasdaq: MDYN - news) announced today the formation of the Genetic Analysis Technology Consortium(TM) (GATC(TM)), which intends to
standardize the rapidly growing field of array-based genetic analysis, paving the way for the more affordable and productive development of
therapeutic, diagnostic and disease management products. The consortium was created to provide a unified technology platform to design,
process, read and analyze DNA arrays. As a result of the GATC consortium, researchers will benefit as chips, readers, reagents, software and
database architectures that are GATC compliant will be compatible, eliminating the need for redundant equipment and software.
In addition, Affymetrix and Molecular Dynamics announced today that they have signed a non-exclusive license agreement granting Molecular
Dynamics rights to certain Affymetrix technology for commercializing low and medium density DNA arrays.
The Importance of DNA-Array Technology
DNA-Array technology -- the analysis of gene expression using thousands of DNA samples on a substrate -- offers a fundamentally new
approach to understanding the role of genes in human health. Scientists believe that understanding the function and expression level of genes will
accelerate the identification of targets associated with specific disease and lead to the development of new drugs, diagnostics, and
disease-management products. Affymetrix and Molecular Dynamics have independently developed two different yet complementary array
technologies.
Molecular Dynamics has developed and is marketing an integrated DNA microarray deposition, reading and analysis system that allows
researchers to prepare customized arrays from their in-house biological samples. Affymetrix sells a broad menu of standard and custom
GeneChip(R) probe arrays that are manufactured using a high resolution photolithographic fabrication process adapted from the semiconductor
industry.
GATC Founded
As the founding members of the GATC, Affymetrix and Molecular Dynamics intend to create and publish a set of standards that will allow
pharmaceutical, biotechnology and academic researchers to use uniform reader, data formats and reagents to process arrays manufactured from
multiple sources, eliminating the expense and inconvenience of using several incompatible systems. The standards established under the GATC
cover the DNA arrays, reagent kits, instrumentation, software and database architectures and are intended to create a unified technology
platform.
All of Affymetrix' GeneChip products are intended to be certified as GATC compliant. Molecular Dynamics intends to produce GATC compliant
arrays and readers to be marketed to industry and academia.
''The formation of the GATC consortium is a significant step forward in making DNA-array technology broadly available to the genomics research
community,'' stated Dr. Stephen P.A. Fodor, President and CEO of Affymetrix, Inc. ''By creating a standardized and accessible technology platform
we reduce the likelihood that multiple incompatible platforms will be needed.''
License Agreements
Affymetrix has granted Molecular Dynamics a non-exclusive, worldwide, royalty-bearing license to certain intellectual property related to
DNA-array technology for manufacture, use and sale of low and medium density arrays. The license to Molecular Dynamics applies to the
research field for gene expression analysis with mechanically-spotted arrays. The license does not include Affymetrix' technology for
light-directed synthesis. In exchange for the license, Affymetrix will receive undisclosed royalty payments on products sold by Molecular
Dynamics. In addition, Molecular Dynamics has licensed Affymetrix under certain of its patents in the array reader field.
''As a founding member of the GATC and a licensee to Affymetrix' intellectual property covering DNA-array technologies, Molecular Dynamics is
now positioned to accelerate its efforts to broadly commercialize clone-spotting technology and low and medium density DNA arrays to genomics
researchers worldwide,'' said Jay Flatley, President and Chief Executive Officer of Molecular Dynamics. ''Through this standard and the related
licenses, Molecular Dynamics can now aggressively expand our Microarray Technology Access Program that was launched in late 1996 and
accelerate our efforts to provide leading-edge technology to a broad base of users of array technologies.''
Affymetrix has developed and intends to establish its GeneChip system as the platform of choice for acquiring, analyzing and managing complex
genetic information in order to improve the diagnosis, monitoring and treatment of disease. The company's GeneChip system consists of disposable
DNA probe arrays containing gene sequences on a chip, reagents for use with the probe arrays, a scanner and other instruments to process the
probe arrays and software to analyze and manage genetic information.
Molecular Dynamics, with headquarters in Sunnyvale, CA, is a leading developer, manufacturer, and international marketer of systems that
accelerate genetic discovery and analysis. The company's products dramatically increase scientists' ability to visualize, quantify, and analyze
genetic information. Working closely with strategic partners, customers and genomics leaders, Molecular Dynamics has taken a highly
collaborative approach to leverage the company's core technologies for next-generation genomics applications including DNA sequencing and
DNA microarray processing and analysis.
All statements in this press release that are not historical are forward-looking statements. Such statements are subject to risks and uncertainties
that could cause actual results to differ materially for Affymetrix from those projected, including, but not limited to, uncertainties relating to
technological approaches, product development, manufacturing, and market acceptance, uncertainties related to cost and pricing of Affymetrix
products, dependence on collaborative partners, uncertainties relating to sole source suppliers, uncertainties relating to FDA and other regulatory
approvals, competition, risks relating to intellectual property of others and the uncertainties of patent protection. These and other risk factors are
discussed in Affymetrix' Registration Statement on Form S-3 filed with the Securities and Exchange Commission (''SEC'') on October 17, 1997,
and in periodic reports filed with the SEC, including the Company's annual report on Form 10-K for the year ended December 31, 1996 and
quarterly report on Form 10-Q for the quarter ended September 30, 1997. Affymetrix expressly disclaims any obligation or undertaking to release
publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Affymetrix' expectations with regard
thereto or any change in events, conditions, or circumstances on which any such statements are based. Affymetrix, GeneChip and the Affymetrix
logo are registered trademarks of Affymetrix, Inc.
Except for the historical information contained herein, the matters discussed in this news release are forward-looking statements that involve risks
and uncertainties, including the timely shipment of new products, the effect of competitive pressures and other risks detailed from time to time in
Molecular Dynamics' SEC reports, including the Annual Report on Form 10-K for the fiscal year ended December 31, 1996 and the Quarterly
Report on Form 10-Q for the quarter ended September 30, 1997. |
