Navigation Links
3M, Gen-Probe to Discontinue Molecular Food Testing Collaboration
Date:11/8/2007

- Companies to Focus Resources on Partnership to Develop Rapid Molecular

Tests for Healthcare-Associated Infections -

SAN DIEGO, Nov. 8 /PRNewswire-FirstCall/ -- Gen-Probe (Nasdaq: GPRO) announced today that 3M has informed the Company it no longer intends to fund the companies' collaboration to develop rapid molecular assays for the food testing industry. The companies expect to formally terminate the collaboration in the coming days.

"Gen-Probe continues to believe that rapid molecular tests have the potential -- over time -- to increase the safety of the world's food supply," said Hank Nordhoff, Gen-Probe's chairman, president and chief executive officer. "In fact, the early technological successes we have achieved reinforce this belief. Nonetheless, our collaboration relies on 3M to assess the commercial readiness of the food testing market and to provide funding for our development efforts. Since 3M has decided not to continue funding our food testing collaboration, we plan to redeploy these resources to other high-value projects, including our separate partnership with 3M to develop rapid molecular tests for healthcare-associated infections."

Despite the expected termination of the food agreement, Gen-Probe anticipates recording milestone revenue of $2 million in the fourth quarter of 2007 associated with achieving technological feasibility for potential food testing assays. This revenue potential was contemplated in the financial guidance the Company provided on October 30. In 2008, the Company expects collaborative research revenues to be approximately $2 million less than previously anticipated due to the absence of development reimbursement from 3M related to the food testing collaboration.

"Food safety remains an important growth platform for 3M," said Chuck Kummeth, vice president and general manager, 3M Medical Division. "But we have chosen to focus on opportunities other than molecular food testing that are more economically attractive. This decision does not affect our separate partnership with Gen-Probe to develop nucleic acid tests to detect dangerous healthcare-associated infections such as methicillin-resistant Staphylococcus aureus (MRSA)."

About Gen-Probe

Gen-Probe Incorporated is a global leader in the development, manufacture and marketing of rapid, accurate and cost-effective nucleic acid tests (NATs) that are used primarily to diagnose human diseases and screen donated human blood. Gen-Probe has more than 24 years of NAT expertise, and received the 2004 National Medal of Technology, America's highest honor for technological innovation, for developing NAT assays for blood screening. Gen-Probe is headquartered in San Diego and employs approximately 1,000 people. For more information, go to http://www.gen-probe.com.

Caution Regarding Forward-Looking Statements

Any statements in this press release about our expectations, beliefs, plans, objectives, assumptions, future events or performance are not historical facts and are forward-looking statements. These statements are often, but not always, made through the use of words or phrases such as believe, will, expect, anticipate, estimate, intend, plan and would. For example, statements concerning management's objectives and future growth are forward-looking statements. Forward-looking statements are not guarantees of performance. They involve known and unknown risks, uncertainties and assumptions that may cause actual results, levels of activity, performance or achievements to differ materially from those expressed or implied by any forward-looking statement. Some of the risks, uncertainties and assumptions that could cause actual results to differ materially from estimates or projections in the forward-looking statement include, but are not limited to: (i) the risk that molecular testing methods will not penetrate the food testing market, (ii) the risk that development efforts for MRSA or other projects may not be timely or successful, (iii) the possibility that new products will not be competitive or gain market acceptance, and (iv) the risk that collaborations cannot be maintained. For additional information about risks and uncertainties we face and a discussion of our financial statements and footnotes, see documents we have filed with the SEC, including our Report on Form 10-K for the fiscal year ended December 31, 2006 and all our periodic filings made with the SEC. We assume no obligation and expressly disclaim any duty to update any forward-looking statement to reflect events or circumstances after the date of this news release or to reflect the occurrence of subsequent events.

Contact:

Michael Watts

Sr. director, investor relations and corporate communications

858-410-8673


'/>"/>
SOURCE Gen-Probe Incorporated
Copyright©2007 PR Newswire.
All rights reserved

Related medicine news :

1. A new molecular zip code, and a new drug target for Huntingtons disease
2. New knock-out gene model provides molecular clues to breast cancer
3. Molecular probe paints cancer cells in living animals, Stanford researchers find
4. Story ideas from molecular & cellular proteomics
5. SNM seeks novel approaches to molecular imaging to showcase at annual meeting
6. SNM seeks novel approaches to molecular imaging to showcase at annual meeting
7. Molecular fingerprint of breast-cancer drug resistance can predict response to treatment
8. Molecular profiling can accurately predict survival in colon cancer patients
9. Xceed Molecular Names Fran Tuttle to Its Board of Trustees
10. Virginia G. Piper Charitable Trust and Flinn Foundation launch molecular diagnostics initiative
11. Xceed Molecular Launches Ziplex(R) Automated Gene-Expression System at the Association for Molecular Pathology, Booth 84/85
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/25/2016)... ... June 25, 2016 , ... Austin residents seeking Mohs surgery services, can ... Surgery and to Dr. Russell Peckham for medical and surgical dermatology. , Dr. Dorsey ... cancer. The selective fellowship in Mohs Micrographic Surgery completed by Dr. Dorsey was under ...
(Date:6/25/2016)... ... 25, 2016 , ... "With 30 hand-drawn hand gesture animations, FCPX users can ... CEO of Pixel Film Studios. , ProHand Cartoon’s package transforms over 1,300 hand-drawn ... X . Simply select a ProHand generator and drag it above media or text ...
(Date:6/25/2016)... ... ... As a lifelong Southern Californian, Dr. Omkar Marathe earned his Bachelors in ... School of Medicine at UCLA. He trained in Internal Medicine at Scripps Green Hospital ... at the UCLA-Olive View-Cedars Sinai program where he had the opportunity to train in ...
(Date:6/25/2016)... ... ... Friday, June 10, Van Mitchell, Secretary of the Maryland Department of Health and Mental ... exemplary accomplishments in worksite health promotion. , The Wellness at Work Awards took place ... BWI Marriott in Linthicum Heights. iHire was one of 42 businesses to receive an ...
(Date:6/24/2016)... ... June 24, 2016 , ... A recent article published ... unfamiliar with. The article goes on to state that individuals are now more comfortable ... less common operations such as calf and cheek reduction. The Los Angeles area medical ...
Breaking Medicine News(10 mins):
(Date:6/23/2016)... , June 23, 2016 Research ... MEMS Devices Medical Market Analysis 2016 - Forecast to 2022" ... The report contains up to date financial data ... analysis. Assessment of major trends with potential impact on the ... analysis of market segmentation which comprises of sub markets, regional ...
(Date:6/23/2016)... -- , , , WHEN: , ... , , , LOCATION: , , , Online, with free ... EXPERT PANELISTS:  , , , Frost & Sullivan,s Global Vice President ... Industry Analyst, Divyaa Ravishankar and Unmesh Lal, Program Manager , ... is witnessing an exceptional era. Several new demand spaces, such as ...
(Date:6/23/2016)... N.J. , June 23, 2016  Guerbet announced ... Premier Inc.,s Supplier Horizon Award . ... year, Guerbet was recognized for its support of Premier ... creation through clinical excellence, and commitment to lower costs. ... to receive this recognition of our outstanding customer service ...
Breaking Medicine Technology: