NEW YORK, Nov. 25 (GenomeWeb News) - Rigaku of Tokyo, Japan, said today that it has converted its X-ray crystallography contract services and consulting division into an independent, wholly owned subsidiary called PharmAxess.
PharmAxess is capitalized at 30 million yen ($274,000) and located in Harima Science Garden City, home to Japan's SPring-8 (SP-8) synchrotron. The company will offer contract protein crystallography services by leasing time at SP-8 or using Rigaku's in-house HomeLab LightSource X-ray diffraction systems.
Contract services will be based upon milestone payments. Rigaku said the subsidiary should see sales of 200 million yen ($1.8 million) in 2004.
Yukiteru Katsube, former head of the Institute for Protein Research at Osaka University, will become president and CEO of PharmAxess, which will initially employ 10 staffers.