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Nanogen, Inc. (Nasdaq: NGEN), developer of molecular and rapid diagnostic products, has entered into an agreement with A. Menarini Diagnostics S.r.l., a division of The Menarini Group, the leading Italian pharmaceutical and diagnostics group, to commercialize CE marked IVD infectious disease kits based on Nanogen's proprietary MGB technology.
The arrangement combines Nanogen's strength in real-time PCR IVD product development with Menarini's significant market presence in the major EU countries and their rapidly expanding reach into the developing Eastern European markets. Under the terms of the agreement the kits will be manufactured by Nanogen and branded as Menarini products. The first products are expected to be introduced to the market in 2009 and will target infectious disease diagnostics.
"Molecular diagnostics is a high growth segment of the global IVD market and real-time PCR has become a gold standard diagnostic technology," said Howard Birndorf, CEO of Nanogen. "We are pleased to have a partner like Menarini that can help bring our innovative technology to the $1 billion European market. We believe our strong technology and product capabilities together with Menarini's local sales strength will open a new market and revenue stream for Nanogen and will make a highly competitive offering in Europe."
About Nanogen, Inc.
Nanogen provides innovative, high quality diagnostic products to clinicians, physicians and researchers worldwide, making it easier to predict, diagnose and, ultimately, help treat disease in a timely fashion. The company's products include molecular diagnostic kits and reagents and kits for rapid, point-of-care diagnostic tests. Nanogen has pioneered research in areas involving nanotechnology, biomarkers, and molecular biology to bring better results to diagnostics and healthcare.
Menarini is a leading pharmaceutical company formed over a century ago (1886) with a consolidated turnover above €2.5 billion. Today, the Menarini Group has many licensing partners for the European market and an excellent reputation as an effective and efficient partner, both in the development of new products and new scientific information. Additional information is available on the company's website: www.menarini.com.
Nanogen Forward-Looking Statement
This press release contains forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements, including whether patents owned or licensed by Nanogen will be developed into products, whether the patents owned by Nanogen offer any protection against competitors with competing technologies, whether products under development can be successfully developed and commercialized, whether results reported by our customers or partners can be identically replicated, and other risks and uncertainties discussed under the caption "Factors That May Affect Results" and elsewhere in Nanogen’s Form 10-K or Form 10-Q most recently filed with the Securities and Exchange Commission. These forward-looking statements speak only as of the date hereof. Nanogen disclaims any intent or obligation to update these forward-looking statements.
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