Affymetrix Completes Acquisition of Panomics
December 08 2008 - 8:00AM
Business Wire
Affymetrix, Inc. (Nasdaq:AFFX) today announced the completion of
its acquisition of Panomics, Inc., a privately held, Fremont,
Calif.-based company which offers a powerful suite of assay
products for a wide variety of low- to mid-plex genetic, protein,
and cellular analysis applications. �The acquisition of Panomics
will strengthen our position in the high-growth market segments of
validation and routine testing and create further operating
leverage,� said Kevin King, president of Affymetrix. �Customers
will benefit from a more complete workflow, beginning with
whole-genome Affymetrix microarray studies and then using Panomics
products to focus on genes and proteins of interest.� Panomics has
grown rapidly with a number of easy-to-use, low- to mid-plex
products and sells into an installed base of more than 5,600
instruments worldwide. These products cover a broad range of sample
types and offer a direct assay approach with high sensitivity and
specificity. The assays do not require nucleic acid extraction or
amplification, which streamlines workflows for applications such as
gene expression, copy number, and cytogenetics. Panomics products
complement Affymetrix� recently acquired liquid array technology
and will enable the company to address low- to mid-plex genetic
analysis requirements more effectively. In connection with the
completion of the acquisition, Affymetrix is paying approximately
$73 million in cash to acquire Panomics. Affymetrix will host a
conference call on January 29, 2009 at 2 p.m. PT to review its
operating results for the fourth quarter and fiscal year 2008. The
company will also discuss the impact of the acquisition on this
call. A live webcast can be accessed by visiting the Investor
Relation section of the Company�s website at www.affymetrix.com. In
addition, investors and other interested parties can listen by
dialing domestic: (866) 500-AFFX, international: (706) 643-2771.
About Panomics Panomics is a privately held life science company
which offers a platform of reagents and products that enable the
multiplex measurement of molecular events, such as intracellular
pathway analysis, cell signaling, and gene expression profiling, in
a quantitative and scalable manner. Panomics has grown rapidly on
the value of its proprietary branched DNA technology for gene
expression analysis in cell-based assays, as well as its signal
transduction and transcription factor assays. Formerly named
Genospectra, Panomics was founded in 2000 and is based in Fremont,
Calif. For more information, please visit www.panomics.com. About
Affymetrix Affymetrix GeneChip� microarray technology is the
industry-standard tool for analyzing complex genetic information.
After inventing microarray technology in the late 1980s, Affymetrix
scientists have been dedicated to developing innovative products
that provide researchers with a more complete view of the genome.
These products continue to accelerate genetic research and enable
scientists to develop diagnostics and tailor treatments for
individual patients by identifying and measuring the genetic
information associated with complex diseases. Today, Affymetrix
technology is used by the world�s top pharmaceutical, diagnostic,
and biotechnology companies, as well as leading academic,
government, and not-for-profit research institutes. More than 1,800
systems have been shipped around the world and more than 14,000
peer-reviewed papers have been published using the technology.
Affymetrix is headquartered in Santa Clara, Calif., and has
manufacturing facilities in Sacramento, Calif., Cleveland, Ohio,
and Singapore. The company has about 1,100 employees worldwide and
maintains sales and distribution operations across Europe and Asia.
For more information about Affymetrix, please visit the company�s
website at www.affymetrix.com. Forward-looking Statements All
statements in this press release that are not historical are
�forward-looking statements� within the meaning of Section 21E of
the Securities Exchange Act as amended, including statements
regarding Affymetrix� �expectations,� �beliefs,� �hopes,�
�intentions,� �strategies,� or the like. Such statements are
subject to risks and uncertainties that could cause actual results
to differ materially for Affymetrix from those projected,
including, but not limited to: risks and uncertainties relating to
the acquisition of the agreement with Panomics Inc. discussed in
this press release; risks of the company�s ability to achieve and
sustain higher levels of revenue, higher gross margins, and reduced
operating expenses; uncertainties related to technological
approaches, manufacturing, and product development; personnel
retention; uncertainties related to cost and pricing of Affymetrix
products; dependence on collaborative partners; uncertainties
related to sole-source suppliers; risks associated with past and
future acquisitions; uncertainties relating to FDA and other
regulatory approvals; competition; risks relating to intellectual
property of others and the uncertainties of patent protection and
litigation. These and other risk factors are discussed in
Affymetrix� Form 10-K for the year ended December 31, 2007, and
other SEC reports, including its Quarterly Reports on Form 10-Q for
subsequent quarterly periods. Affymetrix expressly disclaims any
obligation or undertaking to release publicly any updates or
revisions to any forward-looking statements contained herein to
reflect any change in Affymetrix� expectations with regard thereto
or any change in events, conditions, or circumstances on which any
such statements are based. NOTE: Affymetrix, the Affymetrix logo,
and GeneChip� are registered trademarks owned or used by Affymetrix
Inc.
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