Just One of Many Deals Taking Place Thanks to Yet2.Com’s Connecting of Buyers and Sellers of Technology on the Internet
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 (BIO-TLC) technology to ChromaDex, a leading supplier of phytochemical reference standards and scientific tools to the nutraceutical, dietary supplement, vitamin, and food and beverage industries.
The agreement states that ChromaDex and Bayer will jointly trademark products that ChromaDex develops which incorporate the Bayer BIO-TLC technology. ChromaDex plans to manufacture a toxicity screening test that will enable nutraceutical, vitamin and functional food manufacturers to rapidly screen products for general toxicity at a lower cost than ever before. Bayer AG will also gain an equity stake in ChromaDex.
For ChromaDex, developing a rapid, cost effective, general toxicity screening test has always been a main business initiative, but trying to develop the 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. "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.”
“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 utilising yet2.com’s marketplace for licensing, because we are obviously not a manufacturer and seller of lab supplies,” said Ralf DuJardin, manager of 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 licence 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.”
“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.”
In a separate deal also announced recently, the Procter & Gamble Company (P&G) have also completed a yet2.com-enabled licence of a technology from their beauty care division with an unnamed competitor licensee.
The P&G deal began after the licensee reviewed the offering on the yet2.com site. Brad Trucksis, associate director, external business development and global licensing of P&G said: “As it stands now, royalties on this deal alone will substantially cover our entire capital investment in yet2.com, and then some. If we hadn’t listed this technology on yet2.com, this deal may never have happened, or at least have happened as quickly as it did. At P&G, we are very serious about licensing core technologies and know-how and have more than 100 technologies listed on the yet2.com site. ”
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, Dai Nippon Printing Co. Inc., Denso Corporation, Dow Chemical, DuPont, EPRI, Ford Global Technologies, Fraunhofer Patent Centre for German Research, General Mills, GKN, Hitachi, Honeywell, Hyundai Heavy Industries, Kao Corporation, LG Electronics Institute of Technology, The Lubrizol Corporation, 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.
yet2.com is the first cross-industry global marketplace for the exchange of technology on the Internet. The company has enlisted a growing core of leading corporations and government agencies to pledge technology assets from every field of research. yet2.com is creating the most efficient method of streamlining research and development and extracting value from intellectual assets. With its headquarters in Cambridge, Massachusetts, USA, yet2.com has offices in Europe and Asia. For a short time, a two-week complimentary search membership is available. Visit www.trial.yet2.com and enter the code “press1” to view detailed technology descriptions on the site or visit www.yet2.com for more information.
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.
P&G is unlocking additional value from its treasure trove of nearly 27,000 active patents by licensing, selling, and in some cases, donating technologies to outside parties. P&G markets more than 250 brands including Pampers®, Tide®, Ariel®, Always®,
Whisper®, Pantene®, Bounty®, Pringles®, Folgers®, Charmin®, Downy®, Lenor®,
Iams®, Olay®, Crest®, Vicks® and Actonel®. P&G employ nearly 106,000 people in more than 80 countries worldwide. For more information about P&G, please visit www.pg.com.
For further information:
Jo McLean ,
Yet2.com press office,
Tel: 020 8339 9214/07901 917110,
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