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Charles River, Proteome Systems Launch Joint Venture

NEW YORK, Oct. 2-Proteome Systems and Charles River Laboratories are launching a joint venture to provide contract-based proteomics testing and analysis services, the two companies said today.

 

The new service company will be known as Charles River Proteomics Services. It will use Proteome Systems' bioinformatics system, BioinformatIQ, and the company's proteomics platform, which includes protein separation, identification and characterization tools.

 

Charles River will own 80 percent of the joint venture, and Proteome Systems the remaining 20 percent, with an option to increase its position to 40 percent before March 2003. Charles River also has an option to purchase the entire company in January 2006.

 

The venture has been capitalized with $6 million in cash and loans from the two companies.

 

It will be located in Worcester, Massachusetts, in Charles River's drug discovery and development labs, and include space for automated sample handling machines, mass spectrometry hardware and computer systems. The 10,000-square-foot area will also be used as a demonstration facility for Proteome Systems to market its products.

 

Charles River Laboratories is a major provider of lab tools, supplies and services.

 

Proteome Systems develops technology for drug discovery and diagnostics., It is based in Sydney, Australia, with a US base in Woburn, Mass.

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