Release - December 10th 2002
IdentiGEN
signs Licensing Deal in Saudi Arabia
Irish
Biotechnology company, IdentiGEN Ltd, today announced a licensing deal
with a leading food testing organisation in Saudi Arabia.
The
deal, with the King Faisal Specialist Hospital & Research Centre in
Riyadh, involves a Technology Transfer Agreement and the Licensing of
proprietary DNA diagnostic tests that have been developed by IdentiGEN.
IdentiGEN's
Managing Director, Mr. Ciaran Meghen said: "The licensing agreement
represents a major step forward for IdentiGEN opening up new
opportunities and new markets for our products and services. We see in
the King Faisal Hospital an ideal partner, with both the market
credibility, access and technical expertise to develop the market for
DNA based food diagnostics within the Gulf Region."
The
King Faisal Hospital has recently completed new state-of-the-art
facilities for its Food Testing Unit, and has secured exclusive rights
for all official DNA analyses for the detection of GMOs in Saudi Arabia.
It also has plans to develop the market for DNA based food diagnostics
within the Gulf Region, leveraging off its strong brand recognition and
the presence of satellite offices in neighbouring countries.
In
addition to DNA Food diagnostics, the deal will facilitate the
co-development of DNA based Halal Certification systems. This follows
recent research carried out by IdentiGEN for European Food Control
Authorities, where a number of fresh and processed food products, in
some instances Halal certified, were found to contain detectable levels
of DNA from pigs.
Commenting
on the deal the Director of Toxicology and Food Testing at the King
Faisal Hospital Dr. M. Al-Tufail said: "The deal follows a thorough
technical and commercial evaluation of companies offering this type of
service globally. IdentiGEN offered the best combination of technical
expertise, customised services and commercial know-how."
The
market for DNA Food Diagnostics in the Gulf region is estimated to be
worth 50 million Euro annually.
