BIOSITE DIAGNOSTICS INCORPORATED LAUNCHES BIOSITE DISCOVERY
Biosite Launches Program Aimed at Expanding
Portfolio of Novel Diagnostic Products
SAN DIEGO, March 16 /PRNewswire/ -- Biosite Diagnostics Incorporated (Nasdaq: BSTE) today announced the introduction of Biosite Discovery, a collaborative diagnostics development program focused on the identification of new protein markers for acute diseases. Biosite Discovery will seek to use Biosite's expertise in antibody development to help pharmaceutical and biotechnology partners accelerate their research processes. In return, Biosite will obtain diagnostic rights to the proteins under study. Biosite also announced that Biosite Discovery has signed its first collaboration with Mountain View, CA-based Scios Inc. (Nasdaq: SCIO). Terms of the agreement were not disclosed.
To rapidly evaluate a protein's utility as a diagnostic marker for a disease, Biosite intends to use a high throughput screening capability to screen identified protein targets against a large bank of clinical samples. Initially, Biosite will focus on disease target markers in four core areas: oncology, cerebrovascular, cardiovascular and infectious disease. Once diagnostic utility of a marker has been established, its clinical utility will then be assessed for commercialization potential, with high value markers being added to Biosite's product development pipeline.
"Biosite Discovery may allow Biosite to derive value from our unique capabilities in developing high affinity antibodies for the characterization and validation of protein targets associated with diseases," said Gunars Valkirs, PhD, vice president, research and development. "By identifying and licensing rights for new protein markers from genomics and proteomics programs throughout the biotechnology and pharmaceutical industries, Biosite Discovery has the potential to expand and enhance our diagnostic product pipeline while providing a valued service for our partners."
"Biosite's Omniclonal(TM) antibody technology may enable Scios to rapidly characterize cardiovascular disease targets initially identified through our functional genomics efforts," said John Lewicki, PhD, vice president of research for Scios, Inc. "Additionally, through Biosite Discovery, Scios may be able to screen up to 50 targets over the next two years, a larger number than would have otherwise been possible."
Biosite Discovery utilizes Biosite's proprietary Omniclonal antibody development technology to develop commercial quantities of specific antibodies that can be used to identify and validate protein markers. The Omniclonal technology combines antibody phage display capabilities and a highly efficient antibody expression and purification process. Utilizing Omniclonal antibodies, Biosite Discovery has the potential to provide high affinity proprietary antibodies for hundreds of protein targets each year. Furthermore, Omniclonal antibodies specific for a target are available in substantial quantities only three months from receipt of the target molecule.
"Biosite Discovery's ability to rapidly develop commercial quantities of specific antibodies for use in characterizing and validating protein markers related to disease may be unique within the industry," said Valkirs. "Consequently, we have established a multi-layered intellectual property estate around our Omniclonal capability, to protect our investment in this technology."
Since its inception in 1988, Biosite Diagnostics Incorporated has been dedicated to meeting important clinical needs in growing markets by speeding the flow of critical diagnostic information. The Company's position as a leading provider of Immediate Response Diagnostics(TM) has been driven by its focus on medical impact benefits, customer satisfaction and technological innovation. Biosite's Triage(R) products are used in 45 percent of US hospitals, as well as in several international markets.
Except for historical information contained herein, this news release contains predictions and other forward-looking statements that involve risks and uncertainties, including whether Biosite Discovery will accelerate disease targets characterization and validation, whether Biosite Discovery will allow Biosite to derive value from its proprietary capabilities, whether other companies will enter into agreements with Biosite Discovery, whether any collaborations with Biosite Discovery will be successful, whether Biosite's intellectual property estate will protect Biosite's extensive investment in its Omniclonal technology, and the other risks detailed in the Company's Annual Report on Form 10-K, quarterly reports on Form 10-Q and other SEC filings. The Company disclaims, however, any intent or obligation to update these forward-looking statements.
Biosite(R), Triage(R), Omniclonal(TM), Immediate Response Diagnostics(TM) and the Company's logo are registered trademarks or service marks of Biosite Diagnostics Incorporated. SOURCE Biosite Diagnostic Incorporated
-0- 03/16/99 /CONTACT: Nadine Padilla, Director, Investor Relations and Corp. Communications for Biosite, 619-455-4808 ext. 3187/
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(BSTE SCIO)
CO: Biosite Diagnostic Incorporated; Scios Inc. ST: California IN:
MTC SU: PDT