SRDX-worth watching on genomic deal w/ MOT-
(COMTEX) Motorola BioChip Systems and SurModics Sign Genomics-Related
Motorola BioChip Systems and SurModics Sign Genomics-Related License and
Development Agreement
NORTHBROOK, Ill. & EDEN PRAIRIE, Minn., Jul 6, 2000 (BUSINESS WIRE) --
Motorola, Inc.'s (NYSE:MOT) BioChip Systems unit and SurModics, Inc.
(Nasdaq:SRDX) announced today that they have entered into a licensing and
development agreement granting Motorola exclusive rights to SurModics'
proprietary PhotoLink(R) technology for use in Motorola's biochips.
The 3D-Link(TM) Activated Slide, introduced by SurModics in 1999, uses PhotoLink
technology to create a three-dimensional matrix which allows the attachment and
embedding of nucleic acids (DNA, RNA) to form bioarrays. The relationship formed
between Motorola and SurModics includes an exclusive license to PhotoLink
technology for use in nucleic acid and protein biochips, collaborative research
on further technology advances, and an equity investment in SurModics by
Motorola. The total value of Motorola's financial commitment to SurModics is
expected to exceed $25 million over the next four years.
As part of the agreement, Motorola and SurModics are forming a Joint Development
Committee, comprised of personnel from both companies, to oversee the
collaborative research effort. Additionally, SurModics will develop and supply
various chemical reagents to be used by Motorola in its bioarray production.
"SurModics' unique material fits extremely well with the three-dimensional
bioarray platform we have developed," said Nicholas Naclerio, vice president and
general manager of Motorola BioChip Systems. "SurModics brings a depth of
experience in photo-reactive polymers which we believe will strongly contribute
to the performance of our product. We're excited about this relationship, the
future developments that will result from it and how it complements the set of
strategic partnerships we continue to build. "
James Powell, President and Chief Operating Officer of SurModics, said: "We are
very pleased to announce the formation of what we see as the first step in a
long-term partnership. Not only does Motorola have a history of developing a
vision for businesses in emerging markets, they also have the necessary
resources and experience to make that vision a reality. Therefore, we are
confident that Motorola has positioned itself to emerge as a leader in the
biochip arena. As we committed to shareholders last year, this represents
another use of the PhotoLink technology platform beyond the success we have
generated in lubricious surfaces on medical devices."
Motorola expects to release products incorporating PhotoLink technology this
year, including bioarray systems for expression analysis and single nucleotide
polymorphism (SNP) genotyping.
Although the agreements have been finalized by both companies, the transaction
is subject to approval by the Antitrust Division of the U.S. Department of
Justice and Federal Trade Commission. Action on the application is expected
within 30 days.
About SurModics
SurModics, Inc. (Nasdaq:SRDX) is a leading provider of surface modification
solutions to medical device, diagnostic and industrial manufacturers. SurModics'
PhotoLink(R)surface modification technology offers the most diverse range of
surface performance capabilities available today including lubricity,
hemocompatibility, infection resistance, drug incorporation, wettability, tissue
engineering, and DNA immobilization. SurModics commercializes its PhotoLink
technology through licensing relationships with medical device, diagnostic and
industrial companies. To learn more about SurModics, go to its Web site at
www.surmodics.com.
About Motorola
Motorola, Inc. (NYSE:MOT) is a global leader in providing integrated
communications solutions and embedded electronic solutions. Sales in 1999 were
$33.1 billion. For more information, visit Motorola at motorola.com.
Motorola BioChip Systems was established in 1998 to develop products which
enable the delivery of better healthcare through the understanding and practical
application of genomics. The business unit is currently developing a family of
biochip products and services for research and diagnostic applications. The
products under development at Motorola BioChip Systems will enable scientists
and healthcare professionals to quickly and accurately analyze the DNA, RNA and
proteins in living cells. In the future, the outcomes from this work will lead
to the delivery of faster and more individualized healthcare.
Motorola and the Motorola logo are registered trademarks of Motorola Inc.
Forward-Looking Statements
Certain statements contained in this press release are considered
"forward-looking statements" which provide current expectations or forecasts of
future events, including SurModics, Inc.'s (the Company) expectations regarding
the growth in royalties and product introductions. These forward-looking
statements are made pursuant to the safe harbor provisions of the Private
Securities Reform Act of 1995. Such statements involve a variety of risks and
uncertainties, known and unknown. Important factors that could cause actual
results to differ from expected or historic results include, among others, the
Company's ability to attract new licensees and to enter into agreements for
additional applications with existing licensees, the willingness of potential
customers to sign license agreements under the terms offered by the Company, the
success of existing licensees in selling products incorporating the Company's
technology, strategies of customers, market demand, and general economic
factors, such as consumer confidence and inflation. Investors are advised to
consult any further disclosures by the Company on this subject in its filings
with the Securities and Exchange Commission.
CONTACT: SurModics, Inc., Eden Prairie
James C. Powell
President & Chief Operating Officer
(952) 829-2700
or
Motorola, Inc.
Anne Stuessy
(847) 538-6192
Anne.Stuessy@motorola.com
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KEYWORD: MINNESOTA ILLINOIS
INDUSTRY KEYWORD: BIOTECHNOLOGY
COMPUTERS/ELECTRONICS
HARDWARE
MANUFACTURING
MEDICAL
MARKETING
AGREEMENTS
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