"The launch of Luminase enzyme significantly expands our growing portfolio of fiber modification products. We believe that because of its ability to produce brighter, whiter paper with reduced amounts of chemicals, its ease of use in current pulp and paper manufacturing processes, and its 100 percent biodegradable nature, Luminase enzyme is an important addition for the multi- billion dollar worldwide paper industry," said Jay M. Short, Ph.D., Diversa's President and Chief Executive Officer.
"We believe that the potential cost savings and processing advantages allow Luminase enzyme to address a market of over $200 million. Using Luminase enzyme reduces the need for harsh bleaching chemicals by as much as 28 percent. All bleaching chemicals combined cost the paper industry nearly $2 billion dollars each year," continued Dr. Short.
Luminase enzyme can be used over a wider range of manufacturing conditions, including time, temperature, and alkalinity, than other enzyme products, which makes it useful to a broader range of customers. With more than 65 million tons of bleached kraft pulp fiber and 300 million tons of paper products produced each year worldwide, the launch of Luminase enzyme comes at a time when paper production has reached record levels and environmental regulations for chemicals are becoming more stringent.
Diversa manufactures Luminase enzyme and plans to sell the product to the pulp and paper industry worldwide.
About Luminase(TM) Enzyme
Luminase enzyme is a novel xylanase that improves the reactivity of pulp fiber to bleaching chemicals, such as chlorine dioxide. Luminase enzyme facilitates a significant reduction in harsh bleaching chemicals across a wide variety of pulp types and pulping processes. In addition to the cost savings offered by the use of Luminase enzyme, reducing bleaching chemicals can also improve the quality of waste water. Luminase enzyme works over a wide range of customer conditions, making it easier to use than other enzyme products. Luminase enzyme also works more rapidly than existing enzymes, allowing users more flexibility in managing and optimizing their processes. For many users, Luminase enzyme also allows pulp to be bleached to higher brightness than without enzyme, which may create new market or premium product opportunities. Additional information on Luminase enzyme is available at http://www.diversa.com/luminase.
About Diversa
Diversa Corporation is a leader in applying proprietary genomic technologies for the rapid discovery and optimization of novel protein-based products. Diversa is directing its integrated portfolio of technologies to the discovery, evolution, and production of commercially valuable molecules with pharmaceutical applications, such as optimized monoclonal antibodies and orally active drugs, as well as enzymes and small molecules with agricultural, chemical, and industrial applications. Diversa has established alliances and joint ventures with market leaders, such as BASF, Bayer Animal Health, The Dow Chemical Company, DSM Pharma Chemicals, DuPont Bio-Based Materials, Givaudan Flavors Corporation, GlaxoSmithKline plc, Invitrogen Corporation, Medarex, and XOMA. In addition, Diversa has formed a broad strategic relationship with Syngenta AG, a world-leading agribusiness company. Diversa has commercialized products both independently and in collaboration with strategic partners and licensees and expects one additional independent product to be commercialized in 2004. Additional information is available at Diversa's website: http://www.diversa.com/.
Forward-Looking Statements
Statements in this press release that are not strictly historical are "forward-looking" and involve a high degree of risk and uncertainty. These include statements related to Luminase enzyme's ability to improve the cost and quality of pulp processing, the marketing of Luminase enzyme and its potential market opportunity, the ability of Luminase enzyme to reduce chemicals usage, produce cost savings, and achieve other processing advantages, and other potential benefits of Luminase enzyme, and the expected commercialization of one additional independent product in 2004, all of which are prospective. Such statements are only predictions, and the actual events or results may differ materially from those projected in such forward-looking statements. Factors that could cause or contribute to differences include, but are not limited to, risks involved with Diversa's new and uncertain technologies, Diversa's dependence on patents and proprietary rights, Diversa's protection and enforcement of its patents and proprietary rights, Diversa's dependence on its existing collaborations and ability to enter into and/or maintain collaboration and joint venture agreements in the future, regulatory approval and marketing of Luminase enzyme outside the United States, Diversa's ability to commercialize products, including Luminase enzyme, Diversa's use of distributors to market Luminase enzyme and reliance on the efforts of those distributors, customer adoption of Luminase enzyme, the ability of customers to realize the expected benefits of using Luminase enzyme, delays in obtaining regulatory approval for the independent Diversa products expected to be commercialized in 2004, and the development or availability of competitive products or technologies. Certain of these factors and others are more fully described in Diversa's filings with the Securities and Exchange Commission, including, but not limited to, Diversa's Quarterly Report on Form 10-Q for the quarter ended March 31, 2004. These forward-looking statements speak only as of the date hereof. Diversa expressly disclaims any intent or obligation to update these forward-looking statements.
Note: Luminase is a trademark of Diversa Corporation. Contacts: Martin Sabarsky Corporate Development & Investor Relations Diversa Corporation (858) 526-5166 Jason Spark for Diversa Atkins + Associates (858) 527-3491
Diversa Corporation
© 2004 PR Newswire
