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CHROMADEX AND BAYER AG COMPLETE TECHNOLOGY TRANSFER AGREEMENT ON THE YET2.COM ONLINE MARKETPLACE
Yet2.Com Connects Growing Supplier of Phytochemical Reference Standards with International Health Care and Chemicals Conglomerate for the First Time
CAMBRIDGE, Mass. -- October 29, 2001 -- yet2.com, the first global marketplace for the exchange of intellectual assets on the Internet, announced today that ChromaDex, Inc. and Bayer AG have completed a yet2.com-enabled technology transfer agreement. Under the terms of the agreement, Bayer AG will license its bioluminescence, thin-layer chromatography toxicity (BIO-TLC) technology to ChromaDex, a leading supplier of phytochemical reference standards and toxicity screening tools to the nutraceutical, dietary supplement, vitamin, and food and beverage industries.
In addition, the agreement states that ChromaDex and Bayer will jointly trademark products that ChromaDex develops which incorporate the Bayer BIO-TLC technology. Using the Bayer BIO-TLC technology, ChromaDex plans to manufacture a toxicity screening test that will enable nutraceutical, vitamin and functional food manufactures to rapidly screen products for general toxicity at a lower cost than ever before. Bayer AG will also gain an equity stake in ChromaDex.
"This deal represents a new trend in technology transfer," said Chris De Bleser, CEO of yet2.com. "In the past, the 'old boy network' would drive tech transfer deals, meaning that small companies with little name recognition would have no chance at making a licensing deal with a Fortune 500 company. Through our online marketplace, yet2.com has made a powerful connection between U.S.-based ChromaDex and Germany-based Bayer. This agreement sends a new message to small companies from all over the world that through yet2.com, they, too, now have the opportunity to benefit from tech transfer deals with major corporations, regardless of their size or geographic location."
"Developing this rapid, cost effective, general toxicity screening test has always been one of our main business initiatives, but trying to develop this test from scratch would have been time consuming and cost prohibitive. We saw in-licensing of patented, proprietary technology as a key element in achieving our product development goals. However, until we discovered yet2.com, I did not know how easy it could be to find such technologies," said Frank Jaksch, president and CEO of ChromaDex. "As a fast growing company, we are unable to devote years of our time on R&D because we need to generate revenue now. By working this out as an all-equity deal with Bayer we will be able to quickly commercialize BIO-TLC technology and generate revenue immediately. The events on and after September 11th have brought chemical and bio-terrorism to the forefront of food safety concerns and this state-of-the-art BIO-TLC toxicity screen will allow food and beverage manufacturers to quickly and cost effectively screen their products for a wide range of possible toxic contamination. Using the yet2.com global marketplace is a perfect fit for our business model, as it allows us to find existing technologies that fit our niche."
"Bayer had the need for developing such a thin-layer chromatography bioluminescent assay in-house to support our drug-discovery projects. We decided to offer this valuable technology utilizing yet2.com's marketplace for licensing, because we are obviously not a manufacturer and seller of lab supplies," said Ralf DuJardin, Manager New Business Development, at Bayer AG. "Bayer gained an introduction from yet2.com that led us to a fast-growing, innovative company, ready to extract the added-value from the R&D efforts we have pursued with our BIO-TLC technology in the food market segment. We agreed on an equity-based license so that both of us will benefit from ChromaDex's product development and expanding portfolio of customers. Taken together, these new opportunities provide Bayer with a number of ways in which we can generate increased revenue for our shareholders."
ChromaDex serves the nutraceutical, dietary supplement, vitamin and food and beverage industries in the areas of phytochemical reference standards, consulting services and scientific tools for toxicity screening and verification testing. Headquartered in Laguna Hills, California, USA, ChromaDex has offices in Florida, China and India. For more information visit www.chromadex.com. Bayer is an international, research-based group active in life sciences, polymers and chemicals. Bayer operates 15 business groups worldwide that deliver science-based solutions for the food and nutrition, health care, apparel, home and construction, electronics and transportation industries. Founded in 1863, the company operates in 350 countries and has 117,300 employees.
Other leading technology companies that have joined yet2.com's marketplace include 3M, Agfa-Gevaert Group, Arthur D. Little, Asahi Glass Company, BASF, Battelle, Bayer, The Boeing Company, Bosch, British Telecommunications, Caterpillar, Ciba Specialty Chemicals, Denso Corporation, Dow Chemical, DuPont, EPRI, Ford Motor Company, Fraunhofer Patent Center for German Research, General Mills, GKN, Hitachi, Honeywell, Hyundai Heavy Industries, Kao Corporation, LG Electronics Institute of Technology, Mitsubishi Chemical Corporation, Mitsubishi Heavy Industries, Mitsui Chemicals, NEC Corporation, Nippon Steel Corporation, NTT DoCoMo, Inc., Osaka Gas, Royal Philips Electronics, Polaroid Corporation, Porsche, Procter & Gamble, Rockwell, SAIC, Samsung Electronics, Sandia National Laboratories, Sharp Corporation, Shell Global Solutions, Siemens, SK Corporation, Sumitomo Chemical, Sumitomo Electric Industries, Takeda Chemical Industries, Toray Industries, Toshiba Corporation, Toyota Industries, Toyota Motor Corporation and TRW.
Combining a network of leading global technology companies, industry best practices, and online technology transfer market expertise, yet2.com is driving shareholder value by enabling efficient multi-industry, global technology transfer partnerships. yet2.com's business is centered on an online marketplace for buying and selling licensable technologies and offers a range of professional services and products tailored to assist companies as they grow and optimize their technology transfer and intellectual asset management programs. With its headquarters in Cambridge, Massachusetts, USA, yet2.com has offices in Europe and Asia. For more information visit www.yet2.com.