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Innogenetics receives 2 million euro milestone payment from Bayer

Innogenetics N.V. has announced receipt of a milestone payment from Bayer Corporation. The 2 million euro payment confirms the completion of a milestone study designed to show the clinical utility of the VERSANT ® HIV-1 Resistance Assays (LiPA).

In March 2001, Bayer acquired the exclusive worldwide rights for sales and marketing of Innogenetics’ LiPA HIV-1 and HCV products. Bayer now markets these assays under the brand name VERSANT ® in Europe and elsewhere.

“We are certainly very pleased with the outcome of this study. The results will enable Bayer to offer comprehensive diagnostic products for HIV-1 resistance testing, which may also be used for patient management in the future. The high-quality of the HIV-1 and HCV products demonstrate that Bayer and Innogenetics are key players in the molecular virology field,” commented Philippe Archinard, Chief Executive Officer of Innogenetics.

An abstract detailing the results of the study has been accepted for presentation at the upcoming XI International HIV Drug Resistance Workshop to be held in Seville, Spain on July 2-5, 2002.

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Source : Innogentics View Company Information

Posted on June 26, 2002