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Structural Genomix to Acquire Prospect Genomics

NEW YORK, April 5 - Structural Genomix said Thursday it would acquire Prospect Genomics, a Belmont, Calif.-based company specializing in computational protein structure prediction. 

The deal extends Structural Genomix's x-ray crystallography-based protein structure determination capabilities into in silico  technologies, Structural Genomix CEO Tim Harris said in a statement.

"By means of the acquisition, Structural Genomix gains access to advanced technology for predicting protein structure by comparative and ab initio modeling techniques and to the largest collection of computer-modeled 3-D protein structures currently available," he said.  

In addition, Prospect Genomics is developing virtual chemical libraries to computationally screen against protein structures.

"These tools will enable a systematic approach to computer-aided docking of virtual small molecule libraries against both predicted and experimentally determined protein structures," Harris said.

The companies did not release financial terms of the merger. Structural Genomix is a privately-held company based in San Diego that has raised about $85 million in funding since its founding in late 1999.

Structural Genomics is currently in the middle of building a dual undulator beamline facility, which the company claims will determine protein structures with x-ray crystallography at a rate of 2,000 to 3,000 a year once it is completed at the end of the year. In 2001, the company expects to complete about 100 protein structures.

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