Focuses AccuDx Efforts on the Development of New Business and Commercialization of Newly Developed Nanoparticle Security Marker and DNA Testing Technologies
BEVERLY HILLS, Calif.--(BUSINESS WIRE)--Feb. 23, 2004-- Vencor International, Inc., (Pink Sheets:VNCO - News) announced the appointment of Mr. Paul F. Fasi as Managing Director of AccuDx Corporation, Vencor's biotechnology research and development product manufacturing and marketing company. The move was made to strengthen AccuDx management and accelerate AccuDx's new business and technology commercialization efforts. Mr. Fasi, who had been the Managing Director of an AccuDx affiliate in Asia, had been consulting on other business activities in Asia since Vencor's acquisition of the biotechnology company in 2003. In addition to executive management of AccuDx Mr. Fasi will focus on new business development and the commercialization of AccuDx's newly developed technologies. Mr. Fasi has extensive experience in the development of international strategic alliances, business and product development in Asia; a major market targeted for AccuDx point-of-care rapid test products. Mr. Fasi was responsible for setting up the first US standards esoteric clinical reference laboratories in Asia as well as obtaining investment funding for various business ventures established between US and Asia based business partners.
Mr. Fasi will focus on the conclusion of negotiations currently underway with a major product and brand security and protection company for the long-term exclusive license to use AccuDx's CLIRMARKT technology. CLIRMARKT is AccuDx's innovative proprietary nanoparticle technology. Additionally, Mr. Fasi is finalizing an exclusive distribution relationship with a major multinational diagnostic company to sell AccuDx point-of-care rapid test products.
In a new development, Vencor announces that AccuDx is initiating the commercialization of its newly developed innovative ultra rapid PCR (polymerase chain reaction) DNA/Gene testing platform (Patent Pending) invented by Dr. Ravi Pottathil. This new testing platform technology will detect and measure the amount of disease pathogen (virus, bacteria, etc.) by amplifying and detecting the DNA of targeted virus using PCR technology in patient specimens within 15 minutes. Dr. Pottathil lead the development of the Roche AmplicorR PCR DNA detection diagnostic test product, the most commercially successful molecular diagnostic product ever developed, while at Roche Diagnostics. Leading market research firm Frost & Sullivan have estimated that the DNA testing market will reach $5 billion by 2007. AccuDx's new DNA testing technology positions it to very profitably participate in the rapidly growing molecular diagnostic market and provides AccuDx with a long-term position within the multibillion-dollar worldwide diagnostic market.
Vencor is clearly demonstrating value to its shareholders by taking our proprietary cutting edge medical technology and offering it to the world markets, which we believe will generate revenues and profits.
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Vencor International, Inc. Mark Yamazaki, 310-289-3488 (Investor Relations) firstname.lastname@example.org
Source: Vencor International, Inc.