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Perkin-Elmer, Dr. J. Craig Venter, And TIGR Announce Formation Of New Genomics Company

NORWALK, Conn. and ROCKVILLE, Md., May 9, 1998 -- The Perkin-Elmer Corporation (NYSE:PKN), Dr. J. Craig Venter, and The Institute for Genomic Research (TIGR) announced today that they have signed letters of intent relating to the formation by Perkin-Elmer and Dr. Venter of a new genomics company. Its strategy will be centered on a plan to substantially complete the sequencing of the human genome in three years.

The new company's goal is to become the definitive source of genomic and associated medical information that will be used by scientists to develop a better understanding of the biological processes in humans and deliver improved healthcare in the future. Using breakthrough DNA analysis technology being developed by Perkin-Elmer's Applied Biosystems Division, applied to sequencing strategies pioneered by Dr. Venter and others at TIGR, the company will operate a genomics sequencing facility with an expected capacity greater than that of the current combined world output.

Concurrently, the new company also intends to build the scientific expertise and informatics tools necessary to extract valuable biological knowledge from genomic data, including the discovery of new genes, development of polymorphism assay systems, and databases for the scientific community. Perkin-Elmer and Dr. Venter believe that this information has significant commercial value and that the new company can provide this information more rapidly and more accurately than is currently possible.

"The fundamentals of healthcare delivery and medical practice will be transformed by molecular medicine. We believe that the information developed by this new company will become the cornerstone of this new paradigm and accelerate development of new therapies, targeted diagnostics, and individualized medicine - providing therapies tailored specifically to a disease in an individual," noted Tony L. White, Perkin-Elmer's chairman, president and chief executive officer.

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Contact: Timothy Sipols
t.sipols@noonanrusso.com
212-696-4455 ext.272
Noonan/Russo Communications
9-May-1998


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