MetaMorphix Signs Deal to Develop Genetic Selection Tool Using Completed Cattle Genome
For Immediate Release: June 11, 2002
Contact: Mark Klein Cargill/Excel Corp. 952-742-6211
Mary Ellen DeFrancesco MetaMorphix, Incorporated 301.617.9080 ext. 227
Exclusive Agreement with Cargill's Caprock Cattle Feeders and Excel Corporation Expected to Result in Superior Beef for Consumers
SAVAGE, MD and Minneapolis - June 11, 2002 - Bringing scientific precision to the prediction of beef quality, MetaMorphix, Inc. today announced an exclusive agreement with Caprock Cattle Feeders and Excel Corporation, both part of Cargill, Incorporated, to develop and implement genomic selection tools that allow cattle breeders and feedlot operators to meet consumer demands for consistency and tenderness.
MetaMorphix, a privately held life sciences company dedicated to discovering and commercializing technologies that naturally improve the food supply and human health, anticipates spending over $100 million over the next few years to develop a major genomic franchise in the livestock industry.
For this initial project, Caprock and Excel will provide $10 million to MetaMorphix to support the development of innovative selection products for cattle. The tools are possible only through the use of the newly sequenced cattle genome and its SNP maps announced today by MetaMorphix and Celera Genomics.
MetaMorphix holds the exclusive rights to Celera's completed cattle genome. The sequencing of this genome and its SNP maps promise to produce precise selection and breeding methods in the cattle and dairy industries. MetaMorphix's wholly owned subsidiary, MMI Genomcs Inc., formed from the purchase of Celera's livestock and animal genotyping business, is specifically designed to host such animal production initiatives.
"We are excited to be part of this groundbreaking step forward for consumers and the beef industry," said Ed Quattlebaum, Ph.D., president, CEO and chairman of MetaMorphix. "As pioneers in animal genomics, we are happy to demonstrate how this unique technology ultimately could be applied for consumer benefit."
"The beef industry has made great strides over the last decade in identifying consumer desires and sharing that information within the industry. This tool will take that information to a new level, providing a road map for the quality and consistency of individual animals," said Zay Gilbreath, president of Caprock. "The resulting information will help ranchers, feedlot operators and other cattle producers make more accurate business decisions. The ultimate goal is to meet or exceed consumer expectations."
Bill Buckner, president of Excel, said, "This project is all about improving the overall quality of beef for consumers. As a beef processor, we will have a better idea of cattle quality coming into the plant so that we can direct them to the right product lines. Consumers want consistency and tenderness, and this project will be a huge leap forward in the beef industry's ongoing efforts to provide that."
About MetaMorphix, Inc.
Founded in 1994 and based in Savage, Md., MetaMorphix, Inc., a privately-held life sciences company, is dedicated to discovering and commercializing multiple technology platforms to naturally improve the food supply and human health.
Drawing on three distinct technology platforms - growth differentiation factors (GDFs), genomics/proteomics and immunopharmaceuticals - MetaMorphix has more than a dozen products in various stages of development. These products are intended to vastly improve livestock breeding and production and to create more nutritious, consistent-quality meat. Further, using MetaMorphix technologies, the company's partners are researching the potential applications of many of these products to serious human health conditions.
About Cargill, Caprock and Excel
Based in Minneapolis, Cargill, Incorporated is an international marketer, processor and distributor of agricultural, food, financial and industrial products and services with 90,000 employees in 57 countries. The company provides distinctive customer solutions in supply chain management, food applications and health and nutrition.
A wholly-owned subsidiary of Cargill, Excel Corporation is a leader in providing premium quality beef and pork products and programs to retail and commercial foodservice markets around the world. Based in Wichita, Kan., Excel employs approximately 20,000 people worldwide and has 21 production facilities in the United States, Canada and Australia. Among its leading brands are Sterling Silver®, AngusPride®, Northridge Farms® and Tender Choice®.
A division of Cargill, Caprock Cattle Feeders is one of the leading cattle feeding companies in the United States. Based in Amarillo, Texas, the 27-year-old business employs some 220 employees who feed an in excess of 600,000 head of cattle per year in its four feedlots located in Texas and Kansas.
Certain statements in this press release are forward-looking. These may be identified by the use of forward-looking words or phrases such as "believe," "expect," "intend," "anticipate," "should," "planned," "estimated," and "potential," among others. These forward-looking statements are based on MetaMorphix Inc.'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, MetaMorphix inc. 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 MetaMorphix Inc.'s businesses include but are not limited to; (1) unproven use of genomics information to develop or commercialize products; and (2) other factors that might be described from time to time in MetaMorphix Inc's filings with the Securities and Exchange Commission.
For additional information, visit the Hormel Foods Web site at www.hormel.com, the Cargill Web site at www.cargill.com or the Excel Web site at www.excelmeats.com