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Genomic Solutions Expects Revenue Growth from Proteomics

NEW YORK, Sept 21 – Genomics and proteomics company Genomic Solutions (Nasdaq: GNSL) said Thursday it expects sales of its proteomics tools and services to comprise a greater proportion of revenues in 2000 than in 1999.

“Proteomics is definitely growing,” said Christine Ethier, vice president of the proteomics business unit at Genomic Solutions. “Proteomics accounted for 15 percent of sales last year and this year it will account for 20-25 percent of revenues.”

The company reported revenues of $8.5 million in the first half of the year, up from $5.5 million in the year ago period. The company sells services and products for such processes as 2-dimensional electrophoresis, gel processing, and image analysis.

On Thursday, Genomics Solutions also announced the opening of its new proteomic center. In addition to developing tools, the new center will also do in-house research and provide contract research services on a fee-for-service basis.

“Our goal is to be the premier proteomic-automation company and fee-for-service protein characterization laboratory in the marketplace,” Ethier said. “We have made a major investment in the infrastructure required to accomplish this including a more than doubling of our staff of highly recruited scientists.”

The proteomics center currently employs 25 people.

Ethier declined to disclose the amount the company invested in building the center. 

The company’s share price closed down 5/8, or 4.7 percent, at 12 ¾ on Thursday.

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