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FOR IMMEDIATE RELEASE

Date: July 30, 2002

 

Discovery Genomics, Inc. and AngioGenetics AB Initiate Joint Venture to Validate Function of Angiogenesis-Modulating Genes

Minneapolis, MN — Discovery Genomics, Inc. (DGI) and AngioGenetics AB (AG) today announced an agreement to undertake a joint study in which genes identified by AG will be validated in vivo by DGI. The focus of the study will be angiogenesis regulation, which deals with blood vessel formation. This study could eventually lead to breakthrough treatments for such diseases as cancer, heart disease and chronic wounds.

Through this collaboration, AG and DGI can speed up their processes of identifying and validating genes important to angiogenesis. By combining the different but highly complementary competencies of DGI and AG, the parties believe that value can be created in both companies at a much faster rate than could be accomplished by each company on its own. Revenues generated through this collaboration will be shared between AG and DGI.

“We are very satisfied having teamed up with DGI, pioneers in zebrafish knockdown technology, and we are confident this joint venture will lead to the generation of new valuable intellectual property on angiogenesis-regulating genes” says Mattias Kalén, CEO of AngioGenetics AB. John Haaland, DGI’s CEO says “this joint-venture lets us focus in a very high payoff area”.

DGI is a functional genomics company that uses its proprietary Morphant® Technology to rapidly discover the function of genes by knocking down, or “turning off” mRNA expression in zebrafish, a model system for humans. DGI, formed in October 2000 and based in Minneapolis, Minnesota, has an exclusive license to Morphant® Technology from the University of Minnesota. DGI’s mission is to discover and patent high-value intellectual property and provide gene function information services.

AngioGenetics is a Swedish drug-discovery company focusing on angiogenesis, the formation of new blood vessels. The company, based in Gothenburg, was incorporated in June 2001 as a spin-out from Gothenburg University and the Karolinska Institute. The focus of AngioGenetics is early drug discovery in the area of angiogenesis regulation, with the aim of developing drugs for diseases in which angiogenesis is central to the pathology. Such diseases, in which pro- or anti-angiogenic therapy could potentially revolutionize treatment, include cancer, ischemic heart disease, diabetic microangiopathy and chronic wounds.


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