Harvard Apparatus And Trega Biosciences Announce Harvard's Acquisition Of The Diffusion Chamber Systems Product Line From Trega Biosciences
San Diego, CA and Holliston, MA -- December 3rd, 1999 -- Trega Biosciences, Inc (NASDAQ:TRGA) of San Diego, CA, and Harvard Apparatus, Inc. (HAI) of Holliston, MA, announced today, the acquisition of the Diffusion Chamber Systems product line of Trega’s wholly owned subsidiary, NaviCyte, Inc.
The Diffusion Chamber product line is a patented, innovative, in-vitro line of devices which provides for an accurate simulation of the environments on either side of a biological membrane or cultured cell monolayers to permit effective pharmacokinetic screening of drug compounds outside the body. The devices are sold directly to researchers as well as through Corning/Costar. Corning/Costar sells the ‘Snapwell™’ chamber, which has been designed specifically for use with one of the NaviCyte Diffusion Chamber systems. Harvard will continue to sell directly to researchers as well as through Corning/Costar. The acquisition of this product line expands Harvard’s offerings of molecular, cellular and tissue based tools for drug development to researchers in pharmaceutical, biotechnology, government and university labs around the world. Trega has divested this product line in order to focus on its Discovery Informatics™ business, including its IDEA™ predictive models for drug discovery and development.
Under the terms of the transaction, Harvard paid Trega an up front fee and will pay royalties for an agreed upon term on future sales of Diffusion Chamber products. The financial terms of the deal were not disclosed. The manufacture of the Diffusion Chamber product line will be relocated to Harvard’s facility in Holliston, Ma.
“Harvard Apparatus is a leader in the laboratory device field and will provide a strong platform for growth of this product line” commented Mike Grey, president and CEO of Trega. “Divestiture of the device business will allow Trega to focus its resources on the continued development on our range of IDEA predictive models and commercial introduction of Trega’s first predictive model for absorption.”
“We are always interested in acquiring tools used in drug development from biotech companies and universities,” said David Green, president of Harvard. “Trega’s Diffusion Chambers are the standard in the industry for oral drug availability testing and we will include them in the new Harvard Catalog which will be distributed early in 2000.”
Harvard Apparatus is a leading manufacturer of tools for drug development including technologies for molecular, cellular, tissue and in-vivo research.
For sales and service contact the Harvard sales department at (800) 272-2775 or visit Harvard’s web site at www.harvardapparatus.com.
Trega Biosciences is a information-based technology company focused on accelerating the process of drug discovery from disease targets to clinical candidates by using small molecule combinatorial chemistry, high throughput screening and predictive bioinformatics to rapidly create novel drug candidates having greater chances of clinical success. In combination with its wholly-owned subsidiary, NaviCyte, Trega offers integrated products and services spanning the drug discovery process -- beginning with synthesizing novel compounds to providing uniquely qualified drug leads -- to the pharmaceutical and biopharmaceutical industries. Trega also uses its drug discovery technologies in its internal development programs, which are focused on discovering small molecules acting on melanocortin receptors, which may be important in the treatment of inflammatory and metabolic diseases.
Except for the historical information contained herein, the matters discussed in this news release are forward-looking statements that involve risks and uncertainties, including whether the results reported are indicative of future results, whether Trega’s resources are sufficient to enable it to reach its business objectives, whether any research to be conducted as described will be successful, whether any additional collaborations or alliances will be agreed to, formed or expanded, whether regulatory approvals can be obtained for products discovered and developed, if any, whether any such products can be successfully marketed, the impact of competitive products and pricing, in marketing success, whether any other corporate collaborations or alliances will be successful, and other risks detailed from time to time in Trega's Securities and Exchange Commission filings. These forward-looking statements represent Trega's judgment as of the date of this release. Actual results may differ materially from those projected. Trega disclaims, however, any intent or obligation to update these forward-looking statements.
Trega’s releases are on the World Wide Web at www.trega.com and PR Newswire’s fax-on-demand service at 1-800-758-5804, extension 374050.
Contacts:
David Green
President
Harvard Apparatus, Inc.
800-272-2775
Gerard A. Wills
V.P. of Finance, CFO
Trega Biosciences, Inc.
858-410-6601
Cynthia Reindal
Corp. Comm. & Investor Relations
Trega Biosciences, Inc.
858-410-6695
Disclaimer:
The information contained within this and other Harvard Bioscience Web pages should be deemed accurate and current as of the date of the most recent update, or if no update information has been provided, the date of issuance. Harvard Bioscience assumes no responsibility for any misincurrances or misstatements which occur as the result of the reading of dated material. Users are strongly encouraged to check dates of issuance and most recent update of any information contained within, or linked to, Harvard Bioscience’s web site. For Harvard Bioscience’s most current information please reference Harvard Bioscience public filings with the Securities and Exchange Commission located at http://www.sec.gov.