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Genaissance Stock Leaps 24.18 Percent on News of ParAllele Collaboration

NEW YORK, April 6 (GenomeWeb News) - Shares in Genaissance Pharmaceuticals were up 24.18 percent, or $.30, at $1.52 in mid-afternoon trading after the company said it and ParAllele BioScience would co-market ParAllele's upcoming MegAllele DME-T assay panel.

 

Under the terms of the agreement, ParAllele will license more than 400 proprietary SNPs from Genaissance. These will be combined with SNPs from the public domain to make up a total of around 1,500 SNPs that ParAllele will incorporate into MegAllele DME-T, which will assay around 160 genes involved in drug metabolism and transport pathways.

 

Genaissance will market the panel for research use only in GLP-compliant environments.

 

In mid-March, ParAllele said that it had  teamed with Eli Lilly to make the DME-T panel available for contract research organizations to genotype Lilly's clinical trial participants. This application for the assay panel is expected to be available by August or September.

 

ParAllele also said at the time that it would file for FDA approval to market a version of the assay as an in vitro diagnostic.

 

The panel will run on Affymetrix's GeneChip platform.

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