Chromagen Inc. announces equity investment by Itoham Foods.SAN DIEGO--(BUSINESS WIRE)--July 11, 1996--Chromagen Inc. Thursday announced that it has accepted an equity investment of an undisclosed amount from Itoham Foods, a $4.5 billion diversified Japanese foods company with strong interests in life sciences research. Itoham is a majority owner of Peninsula Laboratories, a life sciences research products company located in Belmont, Calif. This investment in Chromagen is part of ongoing discussions between the companies which are intended to establish a broad strategic alliance for the development, manufacturing and marketing of a new generation of immunoassay Immunoassay An assay that quantifies antigen or antibody by immunochemical means. The antigen can be a relatively simple substance such as a drug, or a complex one such as a protein or a virus. and molecular biology molecular biology, scientific study of the molecular basis of life processes, including cellular respiration, excretion, and reproduction. The term molecular biology was coined in 1938 by Warren Weaver, then director of the natural sciences program at the Rockefeller products. The proposed alliance would include research and development funding, milestone payments and license fees by Itoham and/or Peninsula Laboratories in return for technology licenses from Chromagen. Chromagen is an emerging in-vitro diagnostics company with novel, patented signal detection and delivery technologies which represent major advances over existing 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. and immunoassay systems. Chromagen's IMPACT technologies, which incorporate proprietary fluorescent compounds, novel solid phase extraction Solid-phase extraction (SPE) is a separation process that is used to extract compounds (called analytes) from a mixture of impurities. Analytical laboratories use solid phase extraction to concentrate and purify samples for analysis. chemistries, and ultrasensitive instrumentation offer, for the first time, the capability for simultaneous detection of multiple analytes in a single sample. In addition, the IMPACT technologies provide previously unattainable high sensitivity and specificity together with the capability to make the next generation of nucleic acid and immunoassay-based diagnostic tests much faster, less expensive and more convenient. Peninsula Laboratories, a global manufacturer of peptide and research products, is committed to becoming the dominant supplier of bulk GMP GMP (guanosine monophosphate): see guanine. peptides and a technological leader in the $750 million worldwide molecular biology and immunoassay research products market. CONTACT: Chromagen Inc., San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. Chris Hedrick, 619/558-1456 |
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