Mimotopes to produce peptides for Invitrogen
Thursday, 06 October, 2005
Mimotopes, a wholly owned subsidiary of PharmAust (ASX:PAA), is to supply California-based life science technology group Invitrogen Corporation (NASDAQ:IVGN) with custom pre-clinical peptides for Invitrogen's customers worldwide.
The preferred outsourcing agreement is on a 12-month rolling term. An initial standing order of custom peptides has been placed valued at between AUD$130,000 and AUD$200,000 per month. Mimotopes expects to generate initial revenues of over AUD$1.5 million per annum from the contract.
With a market capitalisation of US$4 billion, Invitrogen provides technologies for disease research, drug discovery and commercial bioproduction to research institutions, pharmaceuticals and biotechnology companies.
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