Molecular Devices (NASDAQ:MDCC)
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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/