June 20, 2010 (FinancialWire) — Gen-Probe Inc. (NASDAQ: GPRO) said it has made a $50 million strategic investment in Pacific Biosciences, a private sequencing company.  In addition, the companies say they will work together to explore co-development of new integrated clinical diagnostics systems based on Pacific Biosciences' Single Molecule Real Time platform and Gen-Probe's experience in diagnostics.

Gen-Probe and Pacific Biosciences say they will initially collaborate on an exclusive basis for up to 30 months, with the goal of developing a longer-term, preferred business relationship aimed toward improving the diagnosis of human diseases.  The companies can also purchase certain of each others' products on preferential terms.

Gen-Probe said its $50 million investment is part of a larger Series F private round of financing by Pacific Biosciences.

California-based Pacific Biosciences has developed a technology platform for the real-time detection of biological events at single molecule resolution. The technology, called Single Molecule Real Time Biology is designed to reveal the underlying networks that define living systems.

The first application for the SMRT Biology platform is an approach to DNA sequencing.  The company said that the SMRT Sequencing System should ultimately make it possible to sequence individual genomes as part of routine medical care. California-based Gen-Probe is engaged in the development, manufacture and marketing of molecular diagnostic products and services that are used primarily to diagnose human diseases, screen donated human blood, and ensure transplant compatibility.

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