August 11, 2004 - Research Triangle Park, NC.
Norak Biosciences, Inc. announced today the signing of a collaboration agreement with BASF, the world's leading chemical company, to utilize its Transfluor® technology for the discovery of active ingredients against selected G protein-coupled receptor (GPCR) targets. Under the terms of the agreement Norak will employ its proprietary Transfluor® technology to screen a selected portion of its larger compound library against GPCR targets developed by BASF. BASF is interested in further optimizing and developing positive compounds from such screening for crop protection products.
Financial terms are not disclosed. However, Norak will receive technology access and screening fees, as well as milestones and royalties.
"This is our first such collaboration with a partner in the Agricultural industry." commented Dr. Roger D. Blevins, Norak president and CEO. “This type of collaboration demonstrates Transfluor®'s value beyond pharmaceutical discovery.” Dr. Peter Eckes, Head of BASF's Agricultural Products Research: “This cooperation with an experienced partner will extend and strengthen our innovation resources.”
Norak's Transfluor® technology is a patented, universal GPCR drug discovery technology designed to be the most direct and accurate method for screening compound libraries against GPCR targets, whether known or orphan. Transfluor® was licensed in 1999 by Norak from technology developed at Duke University Medical Center and represents the combined research into GPCR signaling pathways over several decades by Norak's scientific founders, Drs. Marc Caron, Robert Lefkowitz, and Larry Barak.
About Norak:
Norak Biosciences, Inc., headquartered in Research Triangle Park, NC, is a private biotechnology company. Norak is utilizing its proprietary Transfluor® technology to become a world leader in the discovery and development of drugs that regulate G protein-coupled receptors. For more information about Norak Biosciences, Inc., please visit the Company's website at www.norakbio.com .
About BASF:
With sales of €3,176 million in 2003, BASF's Agricultural Products division is a leader in crop protection and a strong partner to the farming industry providing well-established and innovative fungicides, insecticides and herbicides. Farmers use these products and services to improve yields and quality of agricultural crops. Other uses include public health, structural/urban pest control, turf and ornamental plants. BASF aims to turn knowledge rapidly into market success. The vision of BASF's Agricultural Products division is to be the world's leading innovator, optimizing agricultural production, improving nutrition, and thus enhancing the quality of life for a growing world population. Further information can be found on the web at www.agriculturalproducts.basf.com .
BASF is the world's leading chemical company. Our goal is to grow profitably and further increase the value of our company. We help our customers to be more successful through intelligent system solutions and high-quality products. BASF's portfolio ranges from chemicals, plastics, performance products, agricultural products and fine chemicals to crude oil and natural gas. Through new technologies we can tap into additional market opportunities. We conduct our business in accordance with the principles of sustainable development. In 2003, BASF had sales of about € 33 billion (circa $42 billion) and over 87,000 employees worldwide. Further information on BASF is available on the Internet at www.basf.com .
Contact Norak :
Terry E. Willard, Executive Vice President
Norak Biosciences, Inc.
7030 Kit Creek Road
Morrisville, NC 27560
Phone: 919-248-8000 ext. 8804
Fax: 919-248-8033
twillard@norakbio.com
Contact BASF :
Bernd Gerling
BASF Agricultural Products
Global Communications
Phone: +49-621-60-28655
bernd.gerling@basf-ag.d
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