AnaSpec News

AnaSpec Acquires HiLyte Biosciences, Inc. (HiLyte)

San Jose, California, September 3, 2003 -- AnaSpec, Inc., a leading supplier of peptides and antibodies, today announced its acquisition of HiLyte Biosciences, Inc. (HiLyte). Both AnaSpec and HiLyte are based in San Jose, California. HiLyte develops, manufactures and markets bioanalytical research reagents and kits to scientists engaged in life science research and drug discovery. HiLyte specializes in fluorescence/luminescence technologies and offers a rapidly expanding list of products that are classified into the following groups: 1) Reactive fluorescent/luminescent probes and biotins used for labeling small drug molecules and biopolymers; 2) Fluorescent and luminescent stains for proteins, nucleic acids and live cells; 3) Fluorescent and luminescent probes for detecting enzymes; 4) Novel fluorescent reagents for cell signaling; 5) Fluorescent physiological and neurological probes, e.g., calcium indicators, membrane potential probes and reagents for second messengers, e.g., IP3, cAMP/cGMP, ATP, GTP.

Dr. Zhenjun Diwu, co-founder of HiLyte, is a well-established researcher in the fluorescence technology industry. Dr. Diwu has authored and co-authored more than 70 publications that are related to fluorescence technologies. Prior to founding HiLyte, he was Director of Chemistry at Molecular Devices Corporation. Before joining Molecular Devices, Dr. Diwu held increasingly senior positions at Molecular Probes, Inc., culminating in his roles as Research Manager and Principal Research Scientist. "HiLyte's expertise will significantly strengthen AnaSpec's R&D capability," stated Dr. Anita Hong, President of AnaSpec. "The acquisition of HiLyte will significantly broaden our product lines and strengthen our intellectual property portfolio. The combination of HiLyte's fluorescent probes with AnaSpec's antibodies will generate a number of novel reagents and kits for our customers in drug discovery and life sciences". Dr. Anita Hong further stated, "The merged company will be able to create a number of value-added products. We expect to see significant revenue and earning growth within the next few years."

Commenting on the acquisition, Dr. Zhenjun Diwu, the co-founder and President of HiLyte, said "The great synergy of AnaSpec and HiLyte is the main reason for the merger. The considerable marketing and sale resources of AnaSpec will accelerate the penetration of HiLyte's technologies into new markets, and AnaSpec's excellent ISO 9001:2000 certified manufacturing facilities and great production infrastructure will provide a springboard for HiLyte to rapidly launch its new products."

The integration of the operations will be completed within two weeks. Dr. Zhenjun Diwu will assume the role of Chief Scientific Officer at AnaSpec.

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