BioProjects International PLC
30 October 2002
BioProjects International PLC ('BioProjects' or 'the Company')
Date: 30 October 2002
BioProjects International PLC takes up ViaLogy option
The AIM-quoted company, BioProjects International PLC, which provides finance
for early-stage bio-tech companies, has taken up a $500,000 option on additional
shares in its main investment, ViaLogy Corp. This brings BioProjects' total
investment in ViaLogy to $2.95m, a holding of 27.78%.
ViaLogy is developing performance-enhancing software products, which increase
the sensitivity of standard detection systems by up to 10,000 times. The
technology captures and characterises ultra-weak signals embedded in complex
background 'noise'. Such signals are currently beyond the detection capabilities
of other signal identification technologies in use today. ViaLogy's patented
technology uses advanced mathematical and signal processing methods developed
following work in quantum physics by the founders.
In the pharmaceuticals industry, ViaLogy expects its platform to have genomic,
proteomic, high-throughput drug screening, molecular diagnostic and biosensor
applications. The opportunity also exists to develop products that may be
applied to a number of other industries. Conceptually, the ViaLogy technology
may be used in remote sensing and defense applications and seismology.
Development in these areas is being actively pursued.
ViaLogy has made successful presentations to leading companies in the
micro-array industry in the USA and in Europe. It is hoped that these
presentations will in due course result in substantial commercial contracts. In
particular, the company has proved that in the area of micro-arrays its
technology is ultra-sensitive and is uniquely able to solve the problem of
quantitation of gene samples.
'Taking up our option means that we have acquired a strong position in ViaLogy
at the original valuation,' said BioProjects' chairman Jim Slater. 'We are
encouraged by the unique technology and the able management team. We believe the
company is now well placed to make significant commercial progress.'
Further information from:
Terry Bond, Managing Director, BioProjects International.
Telephone: 01235 834734.
This information is provided by RNS
The company news service from the London Stock Exchange