TORONTO, Nov. 19 /PRNewswire-FirstCall/ - Spectral Diagnostics Inc. today announced that it has entered into a non-exclusive license and material supply agreement with Bio-Rad Pasteur S.A., a leader in the manufacturing and distribution of a broad range of products for the life science research and clinical diagnostics markets. Under the terms of the agreement, Spectral will provide Bio-Rad with its leading single chain Troponin I reagents.
"We are very pleased to partner with a company of Bio-Rad's stature and market reach. Bio-Rad's readiness to partner with us is a testament to our ability to generate and commercialize products of high quality, value and utility," said Dr. Paul Walker, President and CEO of Spectral Diagnostics. "Most significantly, the consistent revenue stream over the term of the agreement will continue to provide our company with the non-dilutive capital necessary to focus on Spectral's core business, the commercialization of our FDA cleared EAA(TM) Endotoxin Activity Assay for the detection of endotoxemia and the subsequent risk for Sepsis."
Spectral's proprietary single chain Troponin I reagents are now in use by five major international reagent supply and instrumentation companies.
About Bio-Rad Pasteur S.A.
Bio-Rad Pasteur S.A. is a subsidiary of Bio-Rad Laboratories Inc , a company that has remained at the center of scientific discovery for more than 50 years manufacturing and distributing a broad range of products for the life science research and clinical diagnostics markets. The company is renowned worldwide among hospitals, universities, major research institutions, as well as biotechnology and pharmaceutical companies for its commitment to quality and customer service. Founded in 1952, Bio-Rad is headquartered in Hercules, California, and serves more than 85,000 research and industry customers worldwide through its global network of operations. The company employs over 6,300 people globally and had revenues of nearly $1.3 billion in 2006. For more information, visit www.bio-rad.com.
About Spectral Diagnostics
Spectral is a developer of innovative technologies for comprehensive disease management. Spectral technologies provide accurate and timely information to clinicians enabling the early initiation of appropriate and targeted therapy. Current products include Spectral's FDA approved rapid diagnostic for sepsis (EAA(TM)) and its FDA approved rapid diagnostic for West Nile Virus (RapidWN(TM)), as well as a range of other biological reagents. Spectral is listed on TSX under the symbol SDI.
Information in this news release that is not current or historical factual information may constitute forward-looking information within the meaning of securities laws. Implicit in this information, particularly in respect of the future outlook of Spectral and anticipated events or results, are assumptions based on beliefs of Spectral's senior management as well as information currently available to it. While these assumptions were considered reasonable by Spectral at the time of preparation, they may prove to be incorrect. Readers are cautioned that actual results are subject to a number of risks and uncertainties, including the availability of funds and resources to pursue R&D projects, the successful and timely completion of clinical studies, the ability of Spectral to take advantage of business opportunities in the biomedical industry, the granting of necessary approvals by regulatory authorities as well as general economic, market and business conditions, and could differ materially from what is currently expected.
The TSX has not reviewed and does not accept responsibility for the
adequacy or accuracy of this statement.
CONTACT: Dr. Paul Walker, President & CEO, (416) 626-3233 ex. 2100; James
Smith, Investor Relations, (416) 815-0700 ext. 229, firstname.lastname@example.org