Amgen buys high throughput, and note the estimated market size mentioned in this press release!
Monday May 18, 8:53 am Eastern Time
Company Press Release
SOURCE: IGEN International, Inc.
Amgen Agrees to Purchase IGEN's New High Throughput Screening
System
Amgen is Third Major Bio-Pharmaceutical Company To Acquire Pre-Production Model
GAITHERSBURG, Md., May 18 /PRNewswire/ -- IGEN International, Inc. (Nasdaq: IGEN - news) said today that Amgen,
Inc. (Nasdaq: AMGN - news) has agreed to purchase IGEN's ORIGEN High Throughput Drug Discovery System, which is
based on the electrochemiluminescence module (ECLM(TM)). Amgen thus becomes the third major bio-pharmaceutical
company along with Agouron Pharmaceuticals and Pfizer to request delivery of IGEN's ECLM-based high throughput system
prior to full production roll out by IGEN. Delivery of the pre-production models is expected by Fall, 1998.
ECLM is the second generation of IGEN's ORIGEN technology, offering enhanced performance and miniaturization to a
palm-sized component.
IGEN President Richard Massey said, ''We are gratified that Amgen and other major bio-pharmaceutical companies are lining
up for the system even before we go into full production. Commitments from these major bio-pharmaceutical companies
reinforce our belief that the ORIGEN technology will be a major technology advance for high throughput drug screeners.''
Massey said that by purchasing a pre-launch production model, Amgen along with Pfizer and Agouron, go to the front of the
line to benefit from the superior attributes of the IGEN system in their drug discovery work, while the companies also will be
able to contribute their input into the final product specifications.
IGEN said that it believes its system has great potential because it is especially well suited to the needs of the growing high
throughput screening market. The Company estimates that revenue for consumable reagents in the high throughput drug
discovery screening market currently exceeds $200 million annually. Growth in the size of drug compound libraries and
therapeutic targets is expected by the Company to triple this market opportunity. IGEN's ORIGEN technology is applied when
the activity of drug compounds are screened relative to specific disease targets, the Company explained.
Massey said that Amgen was one of the early users of IGEN's first generation ORIGEN technology for drug discovery. ''This
new agreement will enable Amgen to participate in the development and refinement of our technology for high throughput drug
screening applications,'' he said.
IGEN's high throughput system, integrating multiple ECLMs , and adaptable to robotics platforms, allows 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. |
