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Mitsui Invests in Correlogic, Mulls Possible Japan-Based Joint Venture

NEW YORK, Feb. 10 (GenomeWeb News) - Tokyo-based Mitsui & Co. said today that it has made an undisclosed equity investment in clinical proteomics firm Correlogic Systems of Bethesda, Md.

The two companies have also signed a memorandum of understanding to "explore the possible creation of a Japan-based joint venture for deployment of Correlogic's diagnostic testing technology," Mitsui said in a statement.

Correlogic is the first US-based proteomics investment for the Bio-business Development Department of Mitsui's Performance Chemicals Unit, the company said.

Mitsui is "committed to developing molecular diagnostic business, especially for cancer, and is constantly searching for business partners to expand this core business interest," said Ryu Ogawa, COO of the Performance Chemicals Unit, in a statement.

Mitsui said it would validate Correlogic's technology with Japanese patients for a number of disease states, including cancers most prevalent in Japan.

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