Stratagene (NASDAQ:STGN)
Historical Stock Chart
From Jun 2019 to Jun 2024
Stratagene Corporation (NASDAQ:STGN), a developer,
manufacturer and marketer of specialized life science research and
diagnostics products, announced today that Bayer HealthCare,
Diagnostics Division, a member of the Bayer Group (NYSE:BAY), will
purchase customized Mx3005P(TM) instrument systems for use in a new
platform Bayer is developing for performing molecular diagnostic tests
worldwide.
Under the terms of the agreement, Stratagene will develop
customized software and system features for the Mx3005P instrument for
Bayer. Stratagene will receive milestone payments based upon its
completion of this customization and regulatory activities needed to
meet Bayer's clinical requirements. Bayer will utilize Stratagene's
Mx3005P instruments as components of its modular quantitative
Polymerase Chain Reaction (QPCR) systems which will expand Bayer's
product portfolio to address a broad customer base in the in vitro
diagnostic market.
Stratagene's Cedar Creek facility, where the Mx3005P systems will
be manufactured for Bayer, currently has ISO 13485 (International
Organization for Standardization) certification as a medical devices
developer and manufacturer. This certification indicates that
Stratagene has established and maintains an acceptable quality system
with management control to meet all applicable regulatory
requirements.
"We chose to standardize on Stratagene's instrument technology
because the Mx3005P system offers a full-featured and reliable
platform that is small and economical," said Tom Warekois, Senior Vice
President of Global Strategic Marketing, Bayer HealthCare, Diagnostics
Division. "In addition, Stratagene has a reputation for high-quality
manufacturing and innovative design and we are confident that it will
be able to further develop the Mx3005P system to meet our clinical
needs."
"This agreement with Bayer is a very significant milestone for
Stratagene," said Joseph A. Sorge, MD, President and CEO of
Stratagene. "Our long-term strategy is to successfully create a full
suite of products for the molecular diagnostics marketplace. We
believe that Bayer's decision to partner with us validates our
assertion that the Mx3005P system offers a unique value proposition
for the growing market."
Quantitative PCR is the most widely used technology for molecular
diagnostics testing, which is estimated to be a $1.5 billion
marketplace. Molecular testing has improved the process of detecting
the presence of agents that cause both viral and non-viral infectious
diseases. Using nucleic acid-based diagnostics for the detection of
DNA or RNA, clinical laboratories can deliver results within hours,
allowing patients to receive appropriate treatment faster than with
traditional testing methods. The greater sensitivity of quantitative
PCR testing methods allows for the detection of microorganisms even
when present in very low concentrations.
About Stratagene Corporation
Stratagene is a developer, manufacturer and marketer of
specialized life science research and diagnostic products. The
Company's life science research unit supports advances in science by
inventing, manufacturing and distributing products that simplify,
accelerate and improve research. These products are used throughout
the academic, industrial and government research sectors in fields
spanning molecular biology, genomics, proteomics, drug discovery and
toxicology. The Company's diagnostic unit develops and manufactures
products for urinalysis as well as high quality automated instrument
and reagent systems that use blood samples to test for more than 1,000
different allergies and autoimmune disorders. In addition, by
combining its expertise in diagnostics and molecular biology, as well
as its experience with FDA regulatory procedures, the Company is
pursuing opportunities to expand its product portfolio to include
molecular diagnostic kits and instrumentation. More information is
available at www.stratagene.com.
About Bayer HealthCare, Diagnostics Division
Bayer HealthCare, Diagnostics Division, based in Tarrytown, New
York, U.S.A., is one of the world's market leaders in diagnostic
systems, with operations in more than 100 countries. The Company
offers an extensive portfolio of laboratory testing for urinalysis,
DCA (hemoglobin A1C), immunology, blood gas, hematology, molecular and
clinical chemistry testing to assess and manage health in a myriad of
disease states, including cardiovascular, kidney and infectious
diseases, oncology, and virology.
The Company provides diagnostic systems, laboratory automation and
productivity solutions and services to hospitals and health care
systems, laboratories and physician's offices across the world.
Bayer HealthCare Diagnostics Division operates as part of Bayer
HealthCare LLC, a member of the worldwide Bayer HealthCare group.
Safe Harbor Statement
Certain statements in this news release that are not historical
fact constitute "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. Stockholders and
other readers are cautioned not to place undue reliance on these
forward-looking statements. Stratagene generally identifies
forward-looking statements by using words like "believe," "intend,"
"target," "expect," "estimate," "may," "should," "plan," "project,"
"contemplate," "anticipate," "predict" or similar expressions. You can
also identify forward-looking statements by discussions of strategies,
plans or intentions. Such forward-looking statements involve known and
unknown risks, uncertainties and other factors, which may cause the
actual results of Stratagene to be materially different from
historical results or from any results expressed or implied by such
forward-looking statements. Among the important factors that could
cause actual results to differ materially from those contained in or
implied by the forward-looking statements are risks associated with
the company's inability to sufficiently anticipate market needs and
develop products and product enhancements that achieve market
acceptance, including molecular diagnostic testing kits and related
products, the company's ability to compete effectively in the
diagnostics and life sciences research markets, variability of the
company's quarterly revenues and operating results, the failure of the
company to retain key employees, the company's ability to obtain
additional debt or equity financing, the possibility of declining
sales due in part to a reduction in research and development budgets
or government funding, the company's ongoing ability to protect its
own intellectual property rights and to avoid violating the
intellectual property rights of third parties, extended manufacturing
difficulties and currency fluctuations. For more information about
these and other factors that could cause actual results to differ
materially from those contained in or implied by the forward-looking
statements please see "Factors that May Affect Future Results"
included in Stratagene's Annual Report on Form 10-K for the year ended
December 31, 2004 and in other reports filed by Stratagene from time
to time with the Securities and Exchange Commission, including
Quarterly Reports on Form 10-Q.
This news release contains forward-looking statements based on
current assumptions and forecasts made by Bayer Group management.
Various known and unknown risks, uncertainties and other factors could
lead to material differences between the actual future results,
financial situation, development or performance of the company and the
estimates given here. These factors include those discussed in our
public reports filed with the Frankfurt Stock Exchange and with the
U.S. Securities and Exchange Commission (including our Form 20-F). The
company assumes no liability whatsoever to update these
forward-looking statements or to conform them to future events or
developments.