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EXHIBIT 99.1
FOR IMMEDIATE RELEASE
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Contact: AFFYMETRIX, INC.
Edward M. Hurwitz Anne Bowdidge
Vice President and Director of Investor Relations
Chief Financial Officer (408) 731-5925
(408) 731-5000
Affymetrix Completes Acquisition of Neomorphic
SANTA CLARA, Calif., Oct. 31 -- Affymetrix, Inc., (Nasdaq: AFFX) announced today
the completion of its acquisition of Neomorphic, Inc., a privately-held,
internationally recognized, computational genomics company located in Berkeley,
California. In connection with the completion of the acquisition, the
stockholders of Neomorphic will be receiving approximately 1.4 million shares of
Affymetrix common stock in exchange for all of their outstanding shares and the
assumption of all of Neomorphic's stock options. Affymetrix has agreed to
register the resale of the Affymetrix stock issued in the transaction following
the closing and at such time the aggregate number of Affymetrix stock that the
Neomorphic stockholders will receive may be increased or decreased depending on
Affymetrix' stock performance prior to the effective date of the registration
statement. In lieu of any such increase in the aggregate number of shares of
Affymetrix stock to be issued in the transaction, Affymetrix has the option of
paying cash in an aggregate amount not to exceed $20 million. The transaction is
being accounted for as a purchase transaction.
Affymetrix will focus on integrating and applying Neomorphic's computational
genomics and bioinformatics capabilities to develop new products based on
information from the Human Genome Project and from the genomes of model
organisms such as mouse, rat, Drosophila and Arabidopsis. It is anticipated that
products resulting from this effort will include whole genome, high-density
GeneChip(R) arrays, new data analysis tools and a series of internet-accessible
information products. Affymetrix is a leader in developing and commercializing
systems to acquire, analyze and manage complex genetic information in order to
improve the quality of life. The Company's GeneChip system consists of
disposable DNA probe arrays containing gene sequences on a chip, reagents for
use with the probe arrays, a scanner, and other instruments to process the probe
arrays and software to analyze and manage genetic information. The Company's
spotted array system enables individual researchers to create and analyze custom
microarrays on an easy-to-use, cost efficient platform. Additional information
on Affymetrix and GeneChip technology can be found at WWW.AFFYMETRIX.COM.
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, uncertainties relating to technological approaches, product
development, manufacturing, market acceptance, personnel retention, equity
dilution, uncertainties related to the ability to realize benefits from
acquisitions, uncertainties related to cost and pricing of Affymetrix products,
dependence on collaborative partners, uncertainties relating to sole source
suppliers, 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' Annual Report on Form 10-K for the year ended
December 31, 1999 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.
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NOTE: Affymetrix, GeneChip and the Affymetrix logo are registered trademarks
used by Affymetrix, Inc.
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