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Biotech / Medical : Sequenom, Inc. (SQNM) -- Ignore unavailable to you. Want to Upgrade?

To: tuck who wrote (107)	6/20/2002 4:20:08 AM
From: nigel bates	Respond to of 364

Reuters even gave some figures (any reason why they wouldn't be in the PR ?) - NEW YORK, June 18 (Reuters) - Samsung Group (SAGR.UL), one of Korea's five biggest conglomerates, and Sequenom Inc. (NasdaqNM:SQNM - News), a U.S. genetics company, said Tuesday they have teamed up hoping to discover disease-causing genes that will lead to new drugs. Samsung agreed to buy $7 million in gene analysis equipment from San Diego-based Sequenom. Samsung will use the machinery to try to discover genes that could be useful in drug development. Under the agreement Sequenom will receive 50 percent of the rights to any drugs developed from discovered genes. It will also receive a royalty of about 5 percent on any diagnostic tests Samsung develops using Sequenom's technology. "Samsung runs a major genetics program with a significant budget," said Toni Schuh, Sequenom's chief executive. "They have concluded that in the twenty-first century the driving industries will be electronics and biotechnology."...