Laval, QC – September 14, 2004 – Biotechnology company Genomics One says it has signed an agreement to acquire all the rights to a new microarray technology from Accurate Biogene Systems, an early-stage Toronto-based company.
The company says the technology it is acquiring avoids some of the technical limitations of current microarray technology, and will enable the production of accurate and reliable microarrays. According to the market research and consulting group Frost & Sullivan, the worldwide market for microarrays and related technologies is growing at a rate of 65% per year, and should reach $3.3 billion in 2004.
“Genomics One will create a new biochip division by adding this innovative technology and its team to our organization,” says Dr Suzanne L Lebel, the company’s president and chief executive officer. Two of the co-founders of Accurate Biogene System will join Genomics One on a full-time basis while the third co-founder, a surgeon at the Toronto General Hospital, will act as a consultant to the corporation. The biochip division will provide microarray services, products and licenses to existing and new customers. This new division will be based in Toronto.
Genomics One says it has entered into a non-binding letter of intent to acquire the technology, which is protected under a US-patent application and under an international patent cooperation treaty application. This acquisition is subject to due diligence, the execution of a formal purchase agreement as well as regulatory and board approvals. The acquisition is expected to be completed by the end of this month.