Biosearch Technologies and Seegene Finalize Oligonucleotide Supply and BHQ®, CAL Fluor® and Quasar® Licensing Agreements
NOVATO, CA (Wednesday, October 20, 2010) – Biosearch Technologies, Inc. (Biosearch), a leading supplier of sophisticated oligonucleotide components to the rapidly growing molecular diagnostics industry, today announced that the company has licensed access to the BHQ®, CAL Fluor® and Quasar® patents to Seegene (KOSDAQ; Korea Securities Dealers Automated Quotations). In addition, Biosearch will manufacture both research and IVD grade oligonucleotides for Seegene. Based in Seoul, Korea with a subsidiary in Rockville, Maryland, Seegene develops molecular diagnostic products based on PCR and real-time PCR technology. Seegene’s Magicplex and Anyplex systems developed based on Seegene’s proprietary DPO and READ technologies are being sold in Human IVD, applied and research markets.
“Seegene’s multiplex PCR technology, combined with Biosearch’s BHQ, CAL Fluor, Quasar IP and oligo manufacturing expertise are a powerful and innovative solution in multiplex molecular diagnostics on real time PCR platforms” said Marc Beal, Director of Corporate Development at Biosearch Technologies. “We look forward to working with Seegene as they commercialize their current Seeplex, Magicplex and Anyplex product lines in Europe, Asia and the U.S.” Dr. Sang-Kil Lee, Seegene’s Director of Business Development comments, “We are pleased to have a good partner in Biosearch Technologies, who can supply us sophisticated and high quality oligonucleotide components. We believe Seegene’s real time PCR products will offer both companies a whole new business opportunity in the global market, delivering a powerful multiplicity, sensitivity and specificity over a wide range of [future] applications such as sepsis and MDR-TB.”
About Biosearch Technologies, Inc.
Biosearch Technologies, Inc. is a privately held, ISO 9001:2008 certified company, located in northern California. Founded in 1993, Biosearch is a leader in the design, development and manufacture of sophisticated oligonucleotide-based tools. Products include fluorophores (CAL Fluor®, Quasar® and Pulsar® dyes) and dark quenchers (Black Hole Quencher® dyes) to be included in custom-synthesized probe formats for real-time, quantitative PCR and other genomic-based applications.
In addition to basic R&D applications, Biosearch now leverages its demonstrated expertise in fully assembled RUO kits and the cGMP manufacture of oligonucleotide components for molecular diagnostic assays. Biosearch Technologies is registered with the FDA (registration number 3003009025), and as such, its contract manufacturing processes conform to all applicable GMP requirements per 21 CFR Part 820. Biosearch markets include pharmaceutical, in-vitro diagnostic, biotech, ag/bio, environmental and food testing, public health, and biodefense sectors.
Seegene, Inc. is molecular diagnostic (MoDx) company that has been turning dreams of molecular diagnostic fields into reality through its pioneering R & D activities and novel technologies. Founded in Seoul, Korea in 2000 and with having subsidiary in Rockville, MD, U.S.A., Seegene, Inc. has continued to develop innovative technology platforms, ACP™ (Annealing Control Primer), DPO™ (Dual Priming Oligonucleotide), and READ™ (Real Amplicon Detection) and expand globally to better respond to the needs of its valued customers.
Seegene recently announced its successful initial public offering on the KOSDAQ (Korea Securities Dealers Automated Quotations). The company sold 636,500 shares for USD 26.16 (WON 30,500) each, raising USD 16.6 million and giving Seegene a market capitalization of USD 167 million. The company plans to invest the fresh capital in expanding its international market presence, with an emphasis on United States and Japan, where it is seeking regulatory approval for its portfolio of multiplex diagnostic PCR tests.
For additional information about Seegene, visit www.seegene.com.