DNA PLANT TECHNOLOGY MOVING FORWARD WITH PROPRIETARY MARKER AND PROMOTER TECHNOLOGY; Files Counter-Suit Against Monsanto -- Though Still Agrees To Negotiate Licensing of Transwitch(R) Enabling Technology; Product utilizing new technology to be available in December 1995.OAKLAND, Calif.--(BUSINESS WIRE)--May 10, 1995--DNA Plant Technology Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : DNAP DNAP Division of Natural Areas and Preserves DNAP Diplôme National d'Arts Plastiques (French: Visual Arts National Diploma) DNAP DNAPrint Genomics, Inc. ) announced today that they are currently awaiting FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. clearance for their proprietary marker and promoter technology, which will be used in conjunction with their patented Transwitch(R) technology in the production of genetically-modified produce. This new technology will replace existing technology, which is currently the subject of a patent complaint against DNAP filed by Monsanto Company (NYSE NYSE See: New York Stock Exchange : MTC mtc - A Modula-2 to C translator. ftp://rusmv1.rus.uni-stuttgart.de/soft/Unixtools/compilerbau/mtc.tar.Z. ) last week in conjunction with Monsanto's negotiation to license DNAP's Transwitch(R) gene suppression technology. Robert Serenbetz, Chairman and 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 DNA DNA: see nucleic acid. DNA or deoxyribonucleic acid One of two types of nucleic acid (the other is RNA); a complex organic compound found in all living cells and many viruses. It is the chemical substance of genes. Plant Technology, stated, "In December of last year, we initiated consultation with the FDA on our proprietary selectable marker A selectable marker is a gene introduced into a cell, especially a bacterium or to cells in culture, that confers a trait suitable for artificial selection. They are a type of reporter gene used in laboratory microbiology, molecular biology, and genetic engineering to indicate the gene and promoter technology. We will begin growing and marketing our genetically-modified tomato product using this technology in order to have it on store shelves by December of this year." Mr. Serenbetz added that the use of their new technology will result in a product essentially identical to the Company's current version of its genetically-modified tomato currently in test market. "While we anticipate no problem in readily replacing the existing technology currently under dispute, we nevertheless intend to continue negotiating with Monsanto concerning a license to our Transwitch(R) technology, which they have been seeking since early 1994," he said. In related news, Mr. Serenbetz also stated that yesterday afternoon DNA Plant Technology filed a counter-suit against Monsanto Company in Federal Court in Oakland, California seeking a judicial declaration that the patents Monsanto has asserted against DNAP are invalid and unenforceable. DNA Plant Technology Corporation is a leading agribusiness biotechnology company focused on developing and marketing premium fresh and processed fruits and vegetables using advanced breeding, genetic engineering and other biotechniques. FreshWorld Farms, Inc., a wholly-owned subsidiary of DNAP, markets a line of premium vegetables under the FreshWorld Farms(R) brand name, including tomatoes, carrot bites (baby whole carrots), sweet red mini-peppers and VegiSnax(R) carrot sticks. DNAP's two-track strategy uses advanced breeding to develop and market improved premium products today, while using genetic engineering to improve flavor and shelf-life of its products for tomorrow. CONTACT: MALLORY FACTOR INC. Debra Berliner 212/242-0000 |
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