Heska Corporation Announces Platform Technology Agreement with Rapid Diagnostek
Published: May 04, 2011
LOVELAND, Colo., May 4, 2011 /PRNewswire/ -- Heska Corporation (NASDAQ: HSKA; "Heska" or the "Company"), a leading provider ofadvanced diagnostic and specialty products to veterinarians, today announced the addition of new platform technology for the growth of its advanced diagnostic product line. The Company announced a research, development and commercial agreement with Rapid Diagnostek, Inc. ("RDI"). The agreement calls for Heska to conduct certain research and development activities, to collaborate with RDI on product development and to make certain milestone payments to RDI.
Heska has the worldwide exclusive right to sell resulting products in the companion animal health market worldwide. The platform uses biosensors with a battery-powered instrument to detect pathogens, proteins and other bio-molecules in 60 seconds from blood, urine, saliva or other liquids.
"Heska is pleased to announce this important alliance," commented Michael McGinley, President and Chief Operating Officer of Heska. "This is yet another avenue for us to offer veterinarians innovative solutions and state-of-the art technologies to meet their needs."
Heska Corporation (NASDAQ: HSKA) sells advanced veterinary diagnostic and other specialty veterinary products. Heska's state-of-the-art offerings to its customers include diagnostic and monitoring instruments and supplies as well as single use, point-of-care tests, vaccines and pharmaceuticals. The company's core focus is on the canine and feline markets where it strives to provide high value products and unparalleled customer support to veterinarians. For further information on Heska and its products, visit the company's website at www.heska.com.
About Rapid Diagnostek, Inc.
Rapid Diagnostek is a privately held company developing and commercializing a patented biosensor platform that offers rapid, high sensitivity results in 60 seconds, in one step, without reagents, using a low-cost battery powered handheld-sized instrument to detect pathogens, proteins and bio-molecules in whole blood, urine, saliva, water or other liquids. RDI intends to commercialize this diagnostic technology in the veterinary, human, food safety, agricultural, environmental, biohazard, bioterrorism and manufacturing process control testing markets.
This announcement contains forward-looking statements regarding Heska's future financial and operating results. These statements are based on current expectations and are subject to a number of risks and uncertainties including risks related to Heska's reliance on a third party, RDI, to deliver instruments and affiliated consumables of appropriate quality and quantity; uncertainties regarding Heska's ability to successfully commercialize new products; uncertainties regarding Heska's ability to market, sell and distribute products; uncertainties related to Heska's ability to successfully conduct research and development activities; competition; uncertainties regarding the performance of products in field use as compared to current expectations; uncertainties regarding the outcome of any collaborations between Heska and any third party, including RDI; uncertainties related to the future development efforts of any third party; and the risks set forth in Heska's filings and future filings with the Securities and Exchange Commission, including those set forth in Heska's Annual Report on Form 10-K for the year ended December 31, 2010.
SOURCE Heska Corporation