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EXHIBIT 99.1
PRESS RELEASE
SOURCE: EPOCH BIOSCIENCES, INC.
Epoch Biosciences Acquires Synthetic Genetics Corporate Strategy Expands to
Include Probe Manufacturing
BOTHELL, WASH., NOV. 21 /PRNEWSWIRE/ -- Epoch Biosciences, Inc. (Nasdaq: EBIO -
news), a developer of proprietary chemistry with commercial applications in the
fields of genomics and molecular diagnostics, announced today it has acquired
privately held Synthetic Genetics, a division of Immune Complex Corporation, for
$3.1 million in cash.
The acquisition provides Epoch with the capacity to manufacture probes for
corporate partners as well as to introduce a proprietary line of probes
incorporating its technologies to enhance genetic analysis. The Company will
manufacture MGB TaqMan probes for Applied Biosystems at Synthetic Genetics under
the agreement announced August 18, 2000.
Synthetic Genetics, located in San Diego, was founded in 1985 and provides a
broad line of modified oligonucleotides, including research probes, to the
research market. Its customers include researchers in academic, biotechnology
and pharmaceutical laboratories. Synthetic Genetics also makes products for
resale by commercial partners.
"Our acquisition of Synthetic Genetics moves Epoch up the value chain to higher
margin manufacturing operations and eventually to marketing our own line of
probes while we continue to pursue our existing technology licensing strategy.
Moreover, with Synthetic Genetics, we believe that we can increase short term
revenues and accelerate our progress toward profitability," said William G.
Gerber, M.D., Epoch's CEO. "Synthetic Genetics has a reputation for quality, and
extensive experience in manufacturing high margin modified oligonucleotides,
with a strong commitment to customer support."
"We expect continued growth in our core business as we service our existing
customers," said Stephen T. DeGraw, General Manager of Synthetic Genetics, "and
we are excited about the opportunity to access Epoch's proprietary technologies
to expand our current product line and customer base."
Epoch will conduct a live webcast on Monday, November 27 at 4:00 p.m. Eastern
Standard Time to discuss the acquisition of Synthetic Genetics and its impact on
Epoch's financial projections. Interested parties may listen via the Internet at
http://www.vcall.com.
Epoch Biosciences develops proprietary products with commercial applications in
the fields of genomics and molecular diagnostics, including the detection of
inherited diseases and single nucleotide polymorphisms to identify individuals
at risk for disease or adverse drug reactions. The company licenses its
proprietary chemistry to leading genomics companies, including Applied
Biosciences and Third Wave Technologies, for distribution to end users. Epoch
believes that its technologies can be adapted to genetic analysis systems in use
and being developed by itself and others. Information about the Company,
including reports and other information filed by Epoch with
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the Securities and Exchange Commission, is available on the worldwide web at
http://www.epochbio.com.
Except for the historical information contained herein, the matters set forth in
this press release are forward-looking statements within the meaning of the
"safe harbor" provisions of the Private Securities Litigation Reform Act of
1995. Such forward-looking statements include statements regarding future
revenue, costs and profitability. These forward-looking statements are subject
to risks and uncertainties that may cause actual results to differ materially.
Such potential risks and uncertainties include, but are not limited to the
possibility that Epoch's technology may at any time be found to be ineffective
or, although effective, that products utilizing our technology may be
uneconomical to market; that third parties could hold proprietary rights that
preclude Epoch or its licensees from marketing its products, or that third
parties could market superior or equivalent products. Additionally, because we
have limited manufacturing experience, there are risks associated with our
ability to produce and supply products to our customers for commercial use. More
detailed information on these and additional factors which could affect the
operating and financial results of Epoch Biosciences, Inc. are described in the
Epoch's Forms 10-QSB, 10-KSB and other reports, filed or to be filed with the
Securities and Exchange Commission. Epoch urges all interested parties to read
these reports to gain a better understanding of the many business and other
risks that the company faces. Additionally, Epoch undertakes no obligation to
publicly release the results of any revisions to these forward-looking
statements, which may be made to reflect events or circumstances occurring after
the date hereof or to reflect the occurrence of unanticipated events.
