NORWALK, Conn., May 9, 1998 -- The Perkin-Elmer Corporation (NYSE: PKN) announced today that it was nearing the end of development of a breakthrough DNA analysis technology that should enable the generation of sequencing data at an ultra-high throughput level. The Company is designing the 3700 DNA Analyzer to provide the catalyst for a major new genomics initiative. While production shipments are scheduled for the first quarter of calendar year 1999, Perkin-Elmer expects to shortly announce an early access program for customers interested in becoming test sites for the instrument late in calendar year 1998.
As reported in a separate news announcement made today, Perkin-Elmer, genomics pioneer Dr. J. Craig Venter, and The Institute for Genomic Research (TIGR) have signed letters of intent relating to the formation by Perkin-Elmer and Dr. Venter of a new genomics company which will be a beta test site for the instrument. The new company's strategy will be centered on a plan to substantially complete the sequencing of the human genome in three years.
The 3700 DNA Analyzer, to be priced at approximately $300,000, is the first model of a new product category in DNA sequencing and genetic analysis that is designed to enable applications requiring tens of thousands of samples produced weekly. This production-scale instrument will be marketed with the current 377 and 310 instruments as part of the ABI PRISM family of genetic analysis instruments. The 3700 DNA Analyzer, under development at the Applied Biosystems Division of Perkin-Elmer, combines proven capillary electrophoresis hardware and separation polymer chemistry, with new detection technology and automation.
The 3700 DNA Analyzer is designed for customers who require:
- Ultra-high throughput
- 24-hour, multi-run unattended automation, including gel-pouring and sample loading
- Operating costs that meet the requirements of very large projects such as the completion of the sequencing phase of the human genome
The Perkin-Elmer Corporation is a leading supplier of systems for life science research and related applications. It develops, manufactures, and markets life science systems and analytical instruments used in markets such as pharmaceutical, biotechnology, environmental testing, foods, agriculture, and chemical manufacturing. Headquartered in Connecticut, Perkin-Elmer had revenues of nearly $1.4 billion in fiscal 1997 and employs more than 6,000 people worldwide.
Certain statements in this press release and its attachments are forward-looking. These may be identified by the use of forward-looking words or phrases such as "believe," "expect," "anticipate," "intend," "should," "planned," "estimated," "potential," and "will" among others. These forward-looking statements are based on Perkin-Elmer's current expectations. The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for such forward-looking statements. In order to comply with the terms of the safe harbor, Perkin-Elmer notes that a variety of factors could cause actual results and experience to differ materially from the anticipated results or other expectations expressed in such forward-looking statements. The risks and uncertainties that may affect the operations, performance, development, and results of Perkin-Elmer's and the new company's businesses include but are not limited to (1) complexity and uncertainty regarding the development of new high-technology products; (2) loss of market share through competition; (3) introduction of competing products or technologies by other companies; (4) pricing pressures from competitors and/or customers; (5) changes in the life science or analytical instrument industries; (6) changes in the pharmaceutical, environmental, research, or chemical markets; (7) variable government funding in key geographical regions; (8) Perkin-Elmer's and the new company's ability to protect proprietary information and technology or to obtain necessary licenses on commercially reasonable terms; (9) the loss of key employees; (10) fluctuations in foreign currency exchange rates; and (11) other factors that might be described from time to time in Perkin-Elmer's filings with the Securities and Exchange Commission.