Boston Probes Inc. Licenses PNA Technology to LightUp Technologies AB.Business Editors and Health/Medical Writers BEDFORD, Mass. and GOTEBORG, Sweden--(BW HealthWire)--Nov. 16, 2000 Today, Boston Probes, Inc. announced that it has granted a non-exclusive license to its PNA PNA Palestinian National Authority PNA Phoneline Networking Alliance PNA Peptide Nucleic Acid PNA Personal Navigation Assistant PNA Pacific/North American PNA Polish National Alliance (established 1880 in Chicago, Illinois) Technology to LightUp Technologies AB within the field of infectious disease Infectious disease A pathological condition spread among biological species. Infectious diseases, although varied in their effects, are always associated with viruses, bacteria, fungi, protozoa, multicellular parasites and aberrant proteins known as prions. diagnostics. The terms of the License Agreement require that LightUp pay Boston Probes an up-front fee, a milestone payment, and earned royalties from product sales. Additionally, Boston Probes received a minority equity position in LightUp Technologies. PNA is a unique synthetic probe that possesses a radically different structure with enhanced functional properties as compared with nucleic acid nucleic acid, any of a group of organic substances found in the chromosomes of living cells and viruses that play a central role in the storage and replication of hereditary information and in the expression of this information through protein synthesis. probes. "We are very pleased that LightUp Technologies has been able to exploit the advantages of our PNA technology in a synergistic combination with their proprietary probe construct, and we look forward to working with them on the commercialization of their products", states Jack Johansen, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and President of Boston Probes. "The use of PNA for applications in infectious disease diagnostics will complement its rapidly expanding use in the areas of life science research and genomics." "This licensing agreement and the investment of Boston Probes represent a significant milestone for LightUp Technologies", says Ulrica Sehlstedt, President of LightUp Technologies. "PNA is an important component in our molecular probes Molecular Probes is a biotechnology company located in Eugene, Oregon specializing in fluorescence. The company was founded in 1975 by Richard and Rosaria Haugland in their kitchen in Minnesota, then moved briefly to Texas and finally to Oregon in the early 1980s. for the diagnosis of infectious diseases, giving us substantial advantages compared to competing technologies. We are delighted to have Boston Probes as an equity holder because of the company's excellent organization for the development and commercialization of PNA-based products, and we hope to continue and expand our relationship with them in the future." Boston Probes is a development stage company located in Bedford, Massachusetts. Boston Probes has, since 1996, been developing PNA probe technologies for use in research products and in human diagnostics as well as the detection of microorganisms in foods, beverages, water, the environment and other industrial processes such as pharmaceutical manufacturing. Boston Probes is forming strategic partnerships that will allow its partners to quickly exploit the advantages of PNA technology within their products and thereby achieve a substantial competitive advantage in their respective strategic markets. The company commands an extensive PNA related intellectual property portfolio as derived from its own innovations as well as the in-licensing of PNA related inventions from DAKO A/S, PNA Diagnostics A/S and the Applied Biosystems Group of PE Corporation (NYSE NYSE See: New York Stock Exchange "PEB PEB Physical Evaluation Board PEB Presidential Emergency Board PEB Post Exposure Bake PEB Professional Engineers Board (Singapore) PEB Pre-Engineered Building PEB Personal Electronic Ballot PEB Performance Evaluation Board "). LightUp Technologies, incorporated in 1998, is a privately held biotechnology company located in Goteborg, Sweden, dedicated to the field of in vitro diagnostics In vitro diagnostic (IVD) tests are medical tests conducted in a test tube, or more generally in a controlled environment outside a living organism. In vitro means in glass in Latin. . LightUp Technologies' activities are focused on developing and commercializing cutting edge molecular based diagnostic technologies, utilizing the company's proprietary probe construct for analysis of nucleic acids Nucleic acids The cellular molecules DNA and RNA that act as coded instructions for the production of proteins and are copied for transmission of inherited traits. . The company's accomplishments include the development of a platform technology for diagnosis of infectious diseases that allows for rapid and sensitive testing of patients. |
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