I spoke too quickly. Here is some of the better news:
Thursday April 16, 7:01 am Eastern Time
Company Press Release
SOURCE: IGEN International, Inc.
IGEN Expands High Throughput Screening Agreement
GAITHERSBURG, Md., April 16 /PRNewswire/ -- IGEN International, Inc. (Nasdaq: IGEN - news) announced today that it
signed an expanded agreement with Agouron Pharmaceuticals, Inc. (Nasdaq: AGPH - news) to screen drug candidates with a
novel application based on IGEN's proprietary ORIGEN technology. Having successfully completed the initial arrangement, the
newly added milestone will double the size of the original screening project. In addition, upon completion of the final milestone,
Agouron will become the second customer for IGEN's new High Throughput Drug Discovery System, which is in development
and based on the electrochemiluminescent module (ECLM(TM)). ECLM is the second generation of IGEN's ORIGEN
technology, offering enhanced performance, and miniaturization to one palm-sized component.
''This is the second recent validation by a major biopharmaceutical company of the utility of ORIGEN(R) technology in drug
discovery,'' said Dr. Richard Massey, President of IGEN. ''The precision and accuracy of our ORIGEN technology for
screening chemical libraries exceeded our own high expectations for this project. We are very encouraged that Agouron
expanded the original agreement,'' added Dr. Massey.
IGEN's high throughput system, integrating multiple ECLMs, and adaptable to robotics platforms, should allow drug discovery
scientists to perform large candidate screens with excellent sensitivity and accuracy. The ECLM technology provides the ability
to array multiple modules for increased throughput and flexibility. IGEN has already developed many applications for its
ORIGEN technology, which are compatible with the ECLM technology. ''IGEN's proprietary ORIGEN technology can
dramatically impact the high throughput drug discovery market by detecting more true positive drug candidates as well as
providing the flexibility needed to design novel screening approaches,'' added Dr. Massey.
IGEN develops, manufactures, and markets diagnostic systems utilizing its patented ORIGEN technology, which is based on
electrochemiluminescence. ORIGEN provides uniform assay formats to conduct a multitude of diagnostic tests including
immunoassay, nucleic acid probe, and clinical chemistry tests. Products using the ORIGEN technology include systems
marketed by IGEN and its licensees, Roche-Boehringer Mannheim, Organon Teknika and Eisai.
STATEMENTS IN THIS RELEASE THAT RELATE TO PRODUCTS, NEW PRODUCT PLANS, PRODUCT
PERFORMANCE AND CUSTOMER ACCEPTANCE ARE FORWARD-LOOKING STATEMENTS. ACTUAL
RESULTS MIGHT DIFFER MATERIALLY FROM THESE STATEMENTS DUE TO RISKS AND UNCERTAINTIES,
INCLUDING THE IMPACT OF COMPETITIVE PRODUCTS AND PRICING, THE MARKET ACCEPTANCE OF
NEW PRODUCTS AND MARKET CONDITIONS. A MORE DETAILED DESCRIPTION OF THESE RISKS
APPLICABLE TO IGEN APPEARS IN IGEN's ANNUAL REPORT ON FORM 10-K FOR THE YEAR ENDED
MARCH 31, 1997, FILED WITH THE SECURITIES AND EXCHANGE COMMISSION AND AVAILABLE UPON
REQUEST FROM IGEN. IGEN DISCLAIMS ANY INTENT OR OBLIGATION TO UPDATE THESE FORWARD
LOOKING STATEMENTS.
IGEN and ORIGEN(R) are registered trademarks of IGEN International, Inc.
SOURCE: IGEN International, Inc. |
