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Biotech / Medical : Aurora Biosciences (ABSC)
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To: icecreambug who wrote (109)6/4/1998 2:11:00 AM
From: John Dwyer  Read Replies (1) of 359
 
There are at least two companies that I know of that are developing
UHTSS. One of them, a privately-help European company named Evotech,
already has a product on the market. They may not have the ability
to do complex screening assays but they compete very well with
ABSC... they have small volumes per well (nL, typically) and have
liquid handling capabilities down to pL quantities. Most of their
assays are fluorescence-based and they have several types of assays
that they can perform. As they are privately held, I have not done
a complete due-diligence on them, so there may be technical aspects
that cloud this picture.

Another company developing this technology is Pharmacopeia (PCOP).
They are developing a UHTSS to use in conjunction with their combi-
chem platform technology. I hear that this system is nearly ready
for prime-time and that by early next year it should be operational.
This system is "open" in that other vendors can develop products
that are compatible with PCOP's system and Corning will sell the
plates right out of their catalog. This is in contrast to ABSC, where
everything is proprietary. I think the assays that ABSC is developing
are superior to PCOP's but in terms of having a UHTSS on the market,
ABSC will have to compete with at least two other products.

ABSC's UHTSS is pushing the technological limits to the max. I think
this is very risky in that complications are likely to occur and
will significantly delay the delivery of the modules. Delays will
also increase burn and could result in the need for more capital in
a couple years. They do not have working prototypes (as far as I
know) for the later modules and so there is a level of uncertainty
there. I worry about this system.

The assays are another matter. Although I also worry that some of
these assays may prove to be difficult to implement in practice, I
think that ABSC has one of the strongest fluorescence-based assay
development programs out there. I see this as a place where ABSC
could secure enough capital (through more screening deals) to get
by without additional financing.

Screening is where the near-term value from ABSC will appear since the
consortium is nearly complete. I'm waiting to see how briskly they can
secure new screening deals. I'm also looking for the delivery of the
fluidics module since I feel that delivery of this module in a timely
fashion will prove to be difficult.

John
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