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Chemizon Inc. to Invest $5 Million in Its Beijing Facility


8/7/2008 6:53:34 AM

LONGMONT, Colo.--(BUSINESS WIRE)--Chemizon, a division of Optomagic, announced today that it has received board approval for investing an additional US $5M in its Beijing operations for this fiscal year. This investment will be used to augment Chemizon Beijing’s integrated discovery platform by adding capabilities in the area of Biology and Computational Chemistry.

“We are seeing a significant increase in interest from our partners to move towards value-added discovery collaborations in Asia. This additional investment will strengthen our discovery platform both by the addition of key hires to our management team and by expanding our capabilities in the area of discovery research. We are excited about the possibilities that lie ahead,” said Dr. Anthony Piscopio, President, CEO and Chairman of Optomagic Co. Ltd.

About Chemizon: Chemizon is a rapidly growing drug discovery services organization with operations in South Korea, China and the United States. Our goal is to become the partner of choice for Pharmaceutical and Biotech companies seeking to enhance their product pipelines. Our experienced, repatriated management team and skilled scientists use the Chemizon Discovery Platform to help our partners enhance their product pipelines in an efficient, cost effective manner. For more information on Chemizon, please visit our web site at www.chemizon.com.

Disclaimers: This press release may contain certain "forward-looking statements" regarding the Chemizon. These statements are based on Chemizon’s current expectations and involve risks and uncertainties, which may cause results to differ materially from those set forth in the statements. The forward-looking statements may include statements regarding product development, collaboration potential and/or financial performance. None of the forward-looking statements are guaranteed, and actual results may differ materially from those projected. Chemizon may choose to update this notice in the future, based on new information, future events, or otherwise, but undertakes no obligation to do so. Forward-looking statements in this press release should be evaluated together with the many uncertainties that affect Chemizon’s business, including, but not limited to, the health of the global life sciences industry, the growth of the outsourcing business model and the ability of Chemizon to derive value from successful collaborations.

Contact:

Chemizon Ramesh Subramanian, 856-637-2232 VP, Business Development sramesh@chemizon.com

Source: Chemizon

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