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Biotech / Medical : Diversa Corporation (DVSA) -- Ignore unavailable to you. Want to Upgrade?

To: keokalani'nui who wrote (29)	12/12/2000 6:07:56 AM
From: nigel bates	Respond to of 144

Dec. 12 /PRNewswire/ -- Diversa Corporation (Nasdaq: DVSA - news) today announced that it has entered into a drug discovery research collaboration with Glaxo Research and Development Limited, a wholly owned subsidiary of Glaxo Wellcome plc (NYSE: GLX - news), to identify pharmaceuticals derived from Diversa's recombinant multi-gene PathwayLibraries(TM). Under this non-exclusive research agreement, Diversa and Glaxo Wellcome will jointly perform research to identify novel small molecules from Diversa's PathwayLibraries, and to screen these molecules for specific pharmaceutical activity. Glaxo Wellcome will receive exclusive worldwide rights to designated biomolecules selected for commercialization. Financial terms were not disclosed. Diversa's PathwayLibraries consist of small molecule drug candidates produced by collections of gene pathways from environmental sources. Complex recombinant libraries are generated directly from uncultivated microorganisms with Diversa's proprietary methods of extracting DNA from the environment, and by applying patented normalization methodologies. This approach accelerates natural drug discovery and allows Diversa to identify gene products from the over 99% of microbes that remain unexplored. According to IMS HEALTH, global sales for pharmaceuticals derived from microbes exceeded $25.3 billion in 1999. ``This collaboration with Diversa gives Glaxo Wellcome the potential to evaluate a new source of chemical diversity with the potential to generate novel leads for important therapeutic targets,'' said Dr. Allan Baxter, Group Discovery Director, Glaxo Wellcome. ``This relationship with Glaxo Wellcome gives us an excellent opportunity to work with a highly respected global leader in drug discovery. Diversa's recombinant platform for rapidly accessing, screening, and characterizing natural products from the environment offers the promise of overcoming the traditional limitations of combinatorial chemistry and natural product drug discovery methods,'' stated Jay M. Short, Ph.D., President and Chief Executive Officer of Diversa Corporation....