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Mitsubishi, HTS Forge Partnership, Consider Distribution Deal

NEW YORK, Dec 5 – In the wake of its recent $1.9 million first round of financing and an announcement last week regarding a collaboration deal with Protein Sciences Corporation, HTS Biosystems said Tuesday it had entered into a strategic partnership with Japan’s Mitsubishi Chemical Corporation.

Under the terms of the agreement, Mitsubishi will have pre-market access to HTS Biosystems' bioanalysis system, which can monitor 400 biomolecular reactions on a one-by-one-centimeter chip. The system is based on HTS Biosystems' proprietary surface plasmon resonance array technology.

Mitsubishi has agreed to an initial purchase of systems for its internal use, with an option to purchase additional systems, and will also buy the disposable biosensor chips to be used with the HTS systems.

The companies are also currently negotiating a distribution agreement that would give Mitsubishi exclusive distribution rights to HTS Biosystems products in Japan, and give HTS Biosystems exclusive rights to distribute any Mitsubishi products derived from its technology in non-Pacific Rim countries.

Under the distribution agreement, Mitsubishi would also make an investment in HTS Biosystems, although the amount of the investment has not been disclosed.

Neither company was immediately available for comment.

" Mitsubishi is taking a leadership role in the growing Japanese proteomic market and they have chosen our SPR technology as a key component of their effort following an extensive evaluation," Greg Freitag, president of HTS Biosystems, said in a statement.

HTS Biosystems provides high-throughput bioanalytical systems for proteomics. In addition to its recent collaborations with Protein Sciences and Mitsubishi, HTS has forged further partnerships with Topix and Ciencia.

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