Molecular Devices Acquires Transfluor(R) Imaging Technology From Xsira Pharmaceuticals
10 March 2005 - 8:30AM
PR Newswire (US)
Molecular Devices Acquires Transfluor(R) Imaging Technology From
Xsira Pharmaceuticals SUNNYVALE, Calif., March 9
/PRNewswire-FirstCall/ -- Molecular Devices Corporation
(NASDAQ:MDCC) today announced that it has acquired the complete
portfolio of Transfluor(R) technology assets from Xsira
Pharmaceuticals, Incorporated (formerly Norak Biosciences,
Incorporated) for $11 million cash. This transaction strengthens
Molecular Devices' leadership position as a provider of tools for
both imaging and G-protein coupled receptor (GPCR) assays, two of
the most important and fastest-growing areas of drug discovery.
Transfluor(R) technology, comprising proprietary assays that
operate on imaging platforms such as Molecular Devices' Discovery-1
and ImageXpress(R) systems, offers a robust way to visualize key
cellular events and to detect receptor activation. Because of its
nearly universal applicability to all types of GPCRs, the leading
class of drug targets, Transfluor(R) technology has become a
popular tool for drug discovery. Commenting on the transaction, Dr.
Michael Sjaastad, Molecular Devices' Director of Marketing,
Imaging, said, "Transfluor(R) technology is a perfect fit for
Molecular Devices and further confirms our commitment to provide
novel imaging solutions to the drug discovery market. With a
product portfolio that includes Transfluor(R) technology, our
Fluorometric Imaging Plate Reader (FLIPR(R)), and reagents,
Molecular Devices now offers best-in-class screening solutions for
every major type of GPCR target." Xsira Pharmaceuticals, which
commercialized Transfluor(R) technology based on research conducted
at Duke University, will now focus on its own drug discovery
program using a license to Transfluor(R) technology granted by
Molecular Devices. "We are excited to see Molecular Devices, a
world-class bioanalytical tools company, step into the role of
commercializing Transfluor(R) technology and managing its further
evolution," said Roger Blevins, Pharm.D., President and Chief
Executive Officer of Xsira. "Transfluor(R) technology has proven to
be an enabling system for GPCR-based drug discovery at Xsira and
many other pharmaceutical companies, and we are confident that
Molecular Devices is the best company to ensure its continued
success." Molecular Devices plans to begin licensing Transfluor(R)
technology and related materials to customers in the second quarter
of 2005. Parties interested in Transfluor(R) technology should
contact their Molecular Devices sales representative. About
Molecular Devices Corporation Molecular Devices Corporation is a
leading developer of high-performance, bioanalytical measurement
systems that accelerate and improve drug discovery and other life
sciences research. Molecular Devices' systems and consumables
enable pharmaceutical and biotechnology companies to leverage
advances in genomics and combinatorial chemistry by facilitating
the high-throughput and cost-effective identification and
evaluation of drug technologies that integrate its expertise in
engineering, molecular and cell biology, and chemistry. Molecular
Devices enables its customers to improve research productivity and
effectiveness, which ultimately accelerates the complex process of
discovering and developing new drugs. Molecular Devices' website is
at http://www.moleculardevices.com/. About Xsira Pharmaceuticals,
Inc. Xsira Pharmaceuticals, Inc., headquartered in Research
Triangle Park, North Carolina, is a private biotechnology company.
Xsira is using various technologies including Transfluor(R) to
become a world leader in the discovery and development of drugs
that regulate GPCRs. For more information about Xsira, please visit
the company's website at http://www.xsira.com/. Forward-Looking
Statements This press release contains "forward-looking"
statements, including statements related to the commercial
potential of the Transfluor(R) technology and Molecular Devices'
plans to begin licensing Transfluor(R) technology and related
materials to customers. Any statements contained in this press
release that are not statements of historical fact may be deemed to
be forward-looking statements. Words such as "believes,"
"anticipates," "plans," "expects," "will," and similar expressions
are intended to identify forward-looking statements. The
forward-looking statements are subject to risks and uncertainties,
including, but not limited to, risks associated with technology
acquisitions, such as the potential inability to realize the
expected benefits of the transaction, potential difficulties in the
assimilation of the acquired technology and the risk of diversion
of management attention from other business concerns, and general
business risks including, among others, risks detailed from time to
time in Molecular Devices' SEC reports, including its Quarterly
Report on Form 10-Q for the quarter ended September 30, 2004.
Molecular Devices Corporation does not undertake any obligation to
update forward-looking statements. DATASOURCE: Molecular Devices
Corporation CONTACT: Tim Harkness of Molecular Devices Corporation,
+1-408-747-3533 Web site: http://www.moleculardevices.com/
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