ProCognia completes global glycoanalysis center
The center's three branches in the US, Germany, and India will provide analysis of complex sugar molecules in biological medicines and biosimilars.
14 January 13 11:41, Kobi Yeshayahou
ProCognia (Israel) Ltd. (TASE:PRCG) has completed construction of its global glycoanalysis center for analyzing and monitoring sugar structures in biological medicines and biosimilars for biopharmaceutical companies. The center is part of the company's strategy to expand its services and product lines.
At the glycoanalysis center, ProCognia will use a range of proven applied glycoanlysis technologies, and it plans to begin offering products and services immediately. The company believes that the center will greatly boost sales, shorten sale processes, and might facilitate future collaborations.
The new center will strengthen ProCognia's presence in its key markets in the US, Europe, and Asia, where most biopharmaceutical companies are located. The company will have local marketing and customer support centers to improve customer access in the target markets.
Glycoanalysis is a critical part of the development and production of biological medicines and biosimilars, which are genetically engineered proteins that include complex sugar molecules. The structure of these molecules has a material effect on the medicines' characteristics, efficacy, and safety profiles. Consequently, demand for glycoanalysis by the drugs' developers, which totaled $128 billion in 2011, is growing 11% a year.
ProCognia CEO Dr. Ruth Ben-Yakar said, "In view of the growth in the company's sales and our focus on the marketing and sale of glycoanalysis services for biological medicines through the use of a range of technologies, we decided to greatly expand our access to customers worldwide, and we established the new center and its branches. Establishment of the center will enable us to provide an optimal response to the market's needs, expand our access to our customers, and increase awareness of the high added value of the company's services. The new center is now operating in our main markets through three support centers in Germany, the US, and India, and should help our sales teams to greatly boost the company's sales."
ProCognia's share price rose 10% by midday to NIS 0.56, giving a market cap of NIS 13 million.
Published by Globes [online], Israel business news - www.globes-online.com - on January 14, 2013
© Copyright of Globes Publisher Itonut (1983) Ltd. 2013
