NEW HAVEN, Conn., Nov. 18 /PRNewswire-FirstCall/ -- Genaissance Pharmaceuticals, Inc. today announced that it has licensed its HAP(TM) Technology to Sciona Limited for use in the development and marketing of consumer products. Under the terms of the multi-year agreement, Genaissance will have rights to support Sciona's pharmacogenomic research and customer genotyping. In exchange for a license to its HAP(TM) Technology, Genaissance obtained a 30% fully-diluted equity position in Sciona, a private company based in the United Kingdom. Genaissance will also receive royalties on any products that are developed by Sciona, which incorporate Genaissance's HAP(TM) Technology.
"We are pleased to enter into this agreement because Sciona is a leader in the emerging market of integrating genetic variation into wellness products," said Kevin Rakin, President and Chief Executive Officer of Genaissance Pharmaceuticals. "We have developed a close working relationship with Sciona over the past year by assisting them in developing and launching their first product into the U.S. market for customizing diet and nutrition. This agreement continues the commercialization of our HAP(TM) Technology in a variety of new markets."
"We believe that Genaissance's HAP(TM) Technology will have profound implications for the development of customized personal care and nutritional products," said Dr. Chris Martin, Chief Executive Officer of Sciona Limited. "We introduced our first product in 2002 and by using Genaissance's technology, we believe that we can help companies create a new generation of innovative nutritional and personal care products."
Genaissance Pharmaceuticals, Inc. is a world leader in the discovery and use of human gene variation for the development of a new generation of DNA-based diagnostic and therapeutic products. Genaissance markets its technology, clinical development skills and pharmacogenomic services to the pharmaceutical industry as a complete solution for improving the development, marketing and prescribing of drugs. Genaissance has agreements with major pharmaceutical, diagnostic and biotechnology companies. Genaissance is headquartered in Science Park in New Haven, Connecticut. Visit the company's website at http://www.genaissance.com/.
Sciona Limited, a privately held genetics company, is a world leader in developing tools and services that enable companies to customize personal care and nutritional products based upon an individual's genetic profile. Sciona has agreements for using its first product, which customizes diet and nutritional product choice. Visit the company's website at http://www.sciona.com/.
This press release contains forward-looking statements, including statements about the expected growth and development of Genaissance's business, the ability of Genaissance to apply its technologies to the development, marketing and prescribing of drugs and to detect associations between clinical outcomes and genetic variation. Such statements are subject to certain factors, risks and uncertainties that may cause actual results, events and performance to differ materially from those referred to in such statements, including, but not limited to, the extent to which genetic markers (haplotypes) are predictive of clinical outcomes and drug efficacy and safety, the attraction of new business and strategic partners, the adoption of our technologies by the pharmaceutical industry, the timing and success of clinical trials, competition from pharmaceutical, biotechnology and diagnostics companies, the strength of our intellectual property rights and those risks identified in our Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 14, 2003, and in other filings we make with the Securities and Exchange Commission from time to time. The forward-looking statements contained herein represent the judgment of Genaissance as of the date of this release. Genaissance disclaims any obligation to update any forward-looking statement.
Genaissance Pharmaceuticals, Inc.
CONTACT: Kevin Rakin, President & Chief Executive Officer, GenaissancePharmaceuticals, Inc., +1-203-786-3404, email@example.com; or RhondaChiger, Investor Relations, Rx Communications, +1-917-322-2569,rchiger@RxIR.com, for Genaissance