CiDRA Announces New Business Venture and Formation of CyVera Corporation.Business Editors & Health/Medical Writers BIOWIRE2K WALLINGFORD, Conn.--(BUSINESS WIRE)--Dec. 17, 2003 CiDRA Corporation ("CiDRA") today announced that it has formed a new venture named CyVera Corporation ("CyVera"), whose mission is to commercialize life sciences applications of its digitally encoded microparticle (bead bead Small object, usually pierced for stringing. It may be made of virtually any material—wood, shell, bone, seed, nut, metal, stone, glass, or plastic—and is worn or affixed to another object for decorative or, in some cultures, magical purposes. ) technology. CyVera's initial products will provide a versatile platform for the expanding genomics and proteomics measurements markets. This digitally encoded genomics/proteomics platform has unprecedented microparticle code density, yielding practically unlimited multiplexing multiplexing, in communication, technique whereby two or more independent messages, or information-bearing signals, are carried by a single common medium, or channel. , higher sample throughput, increased flexibility/customizability and lower measurement cost. CyVera's platform will cover the R&D to diagnostic market sectors, and supports standard oligonucleotide Oligonucleotide A deoxyribonucleic acid (DNA) or ribonucleic acid (RNA) sequence composed of two or more covalently linked nucleotides. Oligonucleotides are classified as deoxyribooligonucleotides or ribooligonucleotides. , protein, and antibody attachment chemistries. The new company, which has been operating as a business unit within CiDRA over the last twelve months, will employ approximately twenty employees and assume certain assets, including cash, equipment and intellectual property contributed by CiDRA. Founded in 1996, CiDRA has a rich history in successful business ventures in the downhole oil and gas industry, the telecommunication networking, and most recently, the industrial process monitoring fields. Dr. Alan Kersey kersey coarse, narrow cloth used for leg bandages in horses. , who was the Chief Technology Officer with CiDRA, has been appointed President and Chief Executive Officer of CyVera. The management team also includes Dr. John Moon as the company's Chief Technology Officer, and Terrence Brennan as Chief Financial Officer, both of whom were formerly with CiDRA. "CiDRA has been successful at incubating new business opportunities, and CyVera is being launched with good momentum, generated by the very strong feedback we have been getting about the technology to date," said Kevin Didden, Founder & 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. of CiDRA. "The greater New Haven Greater New Haven is the metropolitan area whose extent includes those towns in the U.S. state of Connecticut that share an economic, social, political, and historical focus on the city of New Haven. It occupies the south-central portion of the state in a radius around New Haven. area is one of the premier locations in the world for start-up ventures in the biotech bi·o·tech n. Informal Biotechnology. biotech Noun short for biotechnology Noun 1. area and we are delighted to be establishing a presence here," said Alan Kersey, CyVera's President & CEO. CyVera's platform has all the advantages of bead assays, but with the multiplexing densities of more commonly used microarray See micro array. microarray - A technique for performing many DNA experiments in parallel. Nothing to do with computers. chips. "We are developing a platform that brings a new degree of multiplexing power, flexibility and ease of use to this market," commented Dr. Kersey. The new company will operate from a 12,000 square foot portion of the facility previously occupied by CiDRA at 50 Barnes Park in Wallingford, CT. Founded in 1996, CiDRA Corporation develops innovative instrumentation solutions for measurement, monitoring and control applications in a broad range of end-markets from photonic Dealing with light (photons). See photon and photonics. , scientific and laboratory instruments to industrial process fluid control systems. Additional information about CiDRA can be found at www.cidra.com. Additional information about CyVera can be found at www.cyvera.com. |
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