To: OFW who wrote (21868 ) 5/3/2000 9:19:00 PM From: Wayne Rumball Respond to of 25711
HOUSTON, May 3, 2000 (BUSINESS WIRE) -- Lark Technologies Inc. (OTCBB:LDNA) and the Novartis Research Foundation announce today that they have reached an agreement for Lark to provide DNA sequencing services to support gene discovery efforts at Novartis. The agreement specifies that Novartis will supply biological materials to Lark and Lark will provide high throughput DNA sequencing services for a fee. Financial terms of the deal were not disclosed. President and COO Doug Wheeler commented, "This type of large-scale sequencing project is an important part of our revenue stream, and is a direct result of our decision to add capability and expertise into this core business. We have added to our capacity in Houston, Texas, primarily to handle the increase in business in the U.S. and have brought high throughput sequencing on line in our UK laboratory to accommodate business generated in the European community. Lark does not disclose the nature of the contract work it performs on behalf of its clients, except with permission, nor do we retain rights to findings or results generated from the genomic services Lark performs. We believe this places us in a strong position with companies such as Novartis, who want the advantages of convenient outsourcing without complicated licensing issues. Novartis has been a key client of Lark for several years, and this contract builds on our existing relationship. While Lark often provides genomic services for companies who do not have their own facilities, many of our key clients, like Novartis, do have strong in-house sequencing efforts and bioinformatic capabilities. Upon request, Lark can extend our customer's in-house capabilities and simplify their corporate planning for large projects. We are pleased and proud to support the pioneering research efforts of companies like Novartis." Lark Technologies Inc., based in Houston, Texas, is a leading molecular biology contract research organization (CRO) serving the rapidly growing genomics industry. Lark's stock is quoted on the OTC Bulletin Board under the symbol "LDNA." Company information is located at its website (www.lark.com). Novartis is a world leader in healthcare with core businesses in pharmaceuticals, consumer health, generics, eye-care, and animal health. In 1999, the Group (including Agribusiness) achieved sales of USD 21.7 billion and invested more than USD 2.8 billion in R&D. Headquartered in Basel, Switzerland, Novartis employs about 82,400 people and operates in over 140 countries around the world. The Group recently announced plans to spin off its Crop Protection and Seeds sectors and to merge them with the agrochemicals business of AstraZeneca in the second half of 2000. Except for the historical information contained herein, the matters set forth in this press release are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially. These forward-looking statements speak only as of the date hereof. Lark disclaims any intent or obligation to update these forward-looking statements.