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Bio-Quant, Inc. Expands its Natural Product Chemical Library Size and Diversity Through Alliance wit
Added: (Thu Aug 01 2002)
San Diego, California, July 30, 2002-- Bio-Quant, Inc. announced today that it has entered into an agreement with MolecularNature Ltd., Berkshire, UK to expand Bio-Quant's natural product chemical library (NPL) size and diversity. Under the terms of the agreement, MolecularNature will non- exclusively add its thousands of new and proprietary small molecular weight natural products to Bio-Quant's NPL 30,000 library. In exchange of the transfer of compounds, MolecularNature will receive payments, license fees and royalties from Bio-Quant. "MolecularNature's library will be an important asset to our library in terms of its novelty, drug like characteristics, purity and diversity" said Dr. Damaj, President & CEO of Bio-Quant. We are aggressively expanding the size and quality of our library, and this alliance will advance our discovery and productivity activities in this area."
Mr. Parry, CEO of MolecularNature said "We are delighted to partner our unique knowledge and assets in natural products chemistry with Bio-Quant's innovative capabilities in drug discovery screening platforms. MolecularNature's proprietary processes enable us to access novel, biologically active compounds not represented in other chemical libraries. We expect that this collaboration will leverage effectively the complementary expertise of the two companies." Additionally, Dr. Damaj continued: "We are confident that this combination will generate new classes of chemical entities against challenging and medically important disease targets; we look forward to a productive and continued relationship with MolecularNature."
About Bio-Quant, Inc.
Bio-Quant is engaged in novel and proprietary types of drug discovery platforms including, chemotaxis and multiplex screening technologies, fluorescent probes, and instrumentations (Sci Imager, BioReader and ChemoReader) for High Throughput Screening and proteomics. Bio-Quant's imaging technology and molecular drug discovery tools provides the pharmaceutical and drug development industry with faster ways and less expensive tools to develop drugs. In addition, the Company has novel types of disease diagnosis called "Multiplex Technologies" that permits the simultaneous detection of multiple diseases at the same time and from the same sample in blood, urine and tissues. This technology has been chosen by the Department of Defense to develop the first multiplex ELISA PA Anthrax blood test. For more information, visit Bio-Quant's web site at www.bio-quant.com.
About MolecularNature
MolecularNature Limited (MNL) is a discovery company focusing on identifying novel bioactive chemicals from temperate plants that have a known therapeutic activity. The company's proprietary PhytoquestTM process is central to its ability to detect and isolate a diverse range of novel phytochemicals. In addition to significantly improving on current methodologies, MNL has developed unique expertise in identifying and purifying novel, low molecular weight, water- soluble components that are not exploited by other companies. MNL seeks to link these compounds with beneficial activity through external collaborations or through its own internal proprietary projects.
For more information, visit MNL's web site at www.molecularnature.com.
When used anywhere in this document, the words "expects", "believes", "anticipates", "estimates" and similar expressions are intended to identify forward-looking statements. Forward-looking statements herein may include statements addressing future financial and operating results of Bio-Quant and the timing, benefits and other aspects of the proposed merger. Bio-Quant has based these forward-looking statements on its current expectations about future events. Such statements are subject to risks and uncertainties including, but not limited to, the successful implementation of Bio-Quant's strategic plans, the acceptance of new products, the obsolescence of existing products, the resolution of existing and potential future patent issues. These risks and uncertainties could cause actual results to differ materially from results expressed or implied by forward- looking statements contained in this document. These forward-looking statements speak only as of the date of this document. Bio-Quant disclaims any undertaking to publicly update or revise any forward-looking statements contained herein to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
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Contact:
Porter, LeVay & Rose, Inc.
Michael J. Porter, President 212/564-4700
or
Bio-Quant, Inc.
Bassam Damaj, Ph.D., President and CEO 858/450-0142
MolecularNature Ltd.
Mr. Hadyn St. P. Parry, CEO, +44 1628 773583