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Modular Genetics, Inc., Achieves Year One Milestones In Agreement With Monsanto Company (MON)


4/24/2006 11:57:53 AM

CAMBRIDGE, Mass., April 24 /PRNewswire/ -- Modular Genetics, Inc. (Modular) announced the achievement of all year-one milestones under its three-year research collaboration agreement with Monsanto Company to advance Monsanto's protein optimization platform. Achievement of these milestones triggers payments to Modular. Additional payments from Monsanto are based on the achievement of further milestones. Specific financial terms of the agreement were not disclosed.

"We are delighted with the progress that we have made to date in our collaboration with Modular Genetics," said Tom Adams, Monsanto's director of yield and emerging technologies. "The rapid accomplishment of these milestones has allowed us to produce and test a number of new gene variants that could ultimately lead to exciting agricultural technology that benefits farmers."

"Modular's proprietary automated technology enables rapid engineering of valuable new products. We are confident that our work with Monsanto will continue to produce significant results as other milestones are achieved," said Modular President and Chief Scientific Officer Kevin A. Jarrell.

About the agreement

In March 2005, Modular and Monsanto entered into a three-year collaboration agreement. Modular has developed and patented breakthrough protein optimization platforms, which are used for the screening, identification and assembly of proteins for research. As part of the terms of the three-year collaboration, Monsanto has an exclusive license to use Modular's platform for use in agricultural applications. Use of this platform enables Monsanto to accelerate its ability to identify and develop new traits, such as enhanced nutritional content and improved yield properties.

About Modular Genetics, Inc.

Modular Genetics, Inc. of Cambridge, Mass., is a privately held growth-stage biotechnology company developing products via automated gene engineering. See: http://www.modulargenetics.com.

Contact: Catalina Guillermety of Modular Genetics Inc., +1-617-441-6000

Modular Genetics, Inc.

CONTACT: Catalina Guillermety of Modular Genetics Inc., +1-617-441-6005



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