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For Immediate Release, August 15, 2001 Chalon
Biotech Inc. and Borealis Biosciences Inc. Toronto, Canada - August 15, 2000 - Chalon Biotech Inc. ("Chalon"), a leader in structural proteomics and purified proteins production, and Borealis Biosciences Inc. ("Borealis"), a leader in protein-protein interaction, today announced they have completed a merger into a newly formed entity, Integrative Proteomics, Inc. ("IPI"). The merger will create a leader in the emerging post-genomics field of proteomics and a pioneer in innovative technologies that will enable drug companies to bridge the gap between genomics and drug discovery. The company expects to announce shortly the completion of a US$8 million financing. Chalon and Borealis were founded by leading experts in proteomics at the University of Toronto's Banting and Best Department of Medical Research and the Ontario Cancer Institute, the research arm of Princess Margaret Hospital. The founding scientists include Dr. Aled Edwards, Dr. Cheryl Arrowsmith and Dr. Jack Greenblatt. IPI owns technology platforms for high throughput protein expression and purification, protein-protein interaction and three-dimensional structural determination. In addition, IPI is developing a proprietary relational proteomics database of protein structure and function that will be mined using computational knowledge discovery tools. "This merger will allow the companies to rapidly expand their operations and maintain their technological lead," Dr. Aled Edwards, CEO of IPI said. "Proteomics will eclipse the size of the entire genomics market and we intend to leverage our proprietary technological advantages to become the dominant proteomics company in this field," he added. For more information, please contact: Integrative
Proteomics, Inc. Contact:
Dr. Joanne E. Harack |