NEW YORK, June 11 - NetGenics has been selected by Schering AG to build a corporate-wide gene database, the company announced on Monday.
The database will link worldwide R&D efforts for Berlin-based Schering by providing a single point of access to curated and annotated gene, sequence, and expression data, according to NetGenics.
Financial terms of the agreement were not disclosed.
The system will be custom built for Schering and will include technology from NetGenics Component Library and IBM's DiscoveryLink, which NetGenics is authorized to distribute as part of an agreement made with IBM in April.
"Schering AG has a unique set of needs and we're excited about working with them to help solve their specific problems," NetGenics vice president of solutions development Richard Resnick said in a statement. "This project represents an important development effort for NetGenics, as it allows us to bring our considerable software and scientific component-base to bear on a distinct customer need."
In January, NetGenics laid off 29 people, cutting its workforce by nearly 30 percent. The company attributed the layoffs to its stalled initial public offering. NetGenics CEO Manuel Glynias said at the time that the company had "enough cash for at least a year" and did not intend to raise more money privately.