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[6/7/2005] Susan Bromley Named Vice President Diagnostic Product Development of MetriGenix, Inc.
MetriGenix, Inc., a development-stage biotechnology company pioneering automated assay systems for clinical and research applications, announced that it has
completed the acquisition of Woburn, Massachusetts-based GeneXP Biosciences, Inc. GeneXP has been developing a portfolio of gene expression-based biomarker tests for
use in patient care. MetriGenix also has been developing biomarkers in a different set of diseases. The combination leverages technology, bioinformatics, talent, and
other assets to merge both companies' biomarker product development activities into a single portfolio and accelerate its development.
MetriGenix is currently completing field trials of the MGX-8 Expression System, a high-performance instrument based on the company's patented Flow-thru-Chip? technology
that enables "load, lock, and leave"” gene-expression profiling for eight focused array chips at a time. The fully automated system uses macro-porous silicon chips to
enhance assay precision, sensitivity and reproducibility, while reducing total assay time from the typical 12-14 hours, down to just three hours. Unlike traditional
systems where hybridization, imaging, and data quantification must be completed on different instruments, the MGX-8 performs all three functions in one complete system.
Benefits to research and clinical users will include lower cost, higher throughput, improved data quality, and single-shift turnaround times.
Michael L. Cohen, president of GeneXP, has been named chief executive officer of MetriGenix. The company will maintain operations in Toronto, Canada, and Woburn,
Massachusetts. Terms of the transaction were not disclosed.
"The combination of MetriGenix and GeneXP opens up a wealth of exciting opportunities," said Michael Cohen. "We are combining both companies' biomarker development
activities into a single portfolio that can be managed and developed faster and more efficiently. We are leveraging industry-leading low-cost, high-throughput array
technologies and other assets into an engine for accelerating the validation and commercialization of a selected set of biomarker products. Our lead product in autoimmune
disease is completing a very favorable 300 patient clinical validation trial, and gaining tremendous traction. Now, the combined company has the necessary
resources to aggressively pursue its strategy and speed new products to market."
MetriGenix, Inc. is headquartered in Toronto, Canada. Investors include VenGrowth Private Equity Partners Inc., Canada’s largest private equity firm, GeneLogic
(NASDAQ: GLGC), and Infineon Ventures GmBH. GeneXP Biosciences has facilities in Woburn, Massac.
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