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PERSEPTIVE BIOSYSTEMS INC., ANNOUNCES FORMATION OF PERSEPTIVE TECHNOLOGIES CORPORATION

 CAMBRIDGE, Mass., Dec. 23 /PRNewswire/ -- PerSeptive Biosystems, Inc. (NASDAQ: PBIO) announced today the completion of a $10 million private placement in connection with the formation of PerSeptive Technologies Corporation (PTC), an independent research and development corporation. PerSeptive has exclusively licensed to PTC certain of its core technologies for use in clinical diagnostic applications and in therapeutic drug screening. PTC has retained PerSeptive Biosystems to perform research and development on these technologies.
 Noubar Afeyan, Ph.D., president and CEO of PerSeptive, commented: "The fundamental strategy of PTC is to incubate certain applications of PerSeptive's technologies outside of our core business in purification and analysis of biomolecules. PTC's goal is to develop these technologies sufficiently to allow their ultimate commercialization through collaborative arrangements, joint ventures with other companies, or through subsequent financing arrangements."
 PTC will pursue three clinical diagnostic applications of PerSeptive's technology and one project in the area of therapeutic drug screening. In clinical diagnostics, PTC projects include developing applications of PerSeptive's ImmunoDetection(tm) technology for clinical immunoassays, developing direct testing of low density lipoprotein (LDL) cholesterol using Perfusion Chromatography(R), and developing Amplific(tm) diagnostic testing, a novel format for performing immunoassays based on capillary electrophoresis. In therapeutic drug screening, PTC will develop novel protocols using Perfusion Chromatography for systematic screening of biomolecules such as peptides and oligonucleotides.
 PerSeptive may repurchase all of the stock of PTC at any time between the 12th and 13th months following the financing at increasing prices. In addition, in exchange for this buyout option, PerSeptive has issued to the investors 5-year warrants to purchase approximately 401,000 shares of PerSeptive common stock at an exercise price of $20 per share. If PerSeptive does not exercise the option to purchase PTC, then investors will have the right to exercise additional warrants.
 The placing agents on the transaction were NatWest Capital Markets, Stover Haley Noyes and County NatWest Securities Limited.
 PerSeptive Biosystems designs, manufactures and markets proprietary products and systems for the purification and analysis of biomolecules. These bioseparations products are designed to reduce significantly the time and cost required for the development and manufacture of biopharmaceuticals. The company's current and planned products for the purification and analysis of biomolecules are based on three interrelated core technologies: Perfusion Chromatography(R) ImmunoDetection(tm) and Rational Surface Design(tm).
 Perfusion Chromatography and POROS(R) are registered trademarks and ImmunoDetection and Rational Surface Design are trademarks of the company.
 -0- 12/23/93
 /CONTACT: Robert A. Fein, vice president and chief financial officer of PerSeptive Biosystems, 617-621-1787/


CO: PerSeptive Biosystems ST: Massachusetts IN: MTC SU:

TM -- NE004 -- 9492 12/23/92 10:39 EST
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Publication:PR Newswire
Date:Dec 23, 1992
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