DUBLIN, Nov. 14, 2003 (PRIMEZONE) -- Trinity Biotech plc (Nasdaq:TRIB) today announced that the recent fundraising undertaken by HiberGen has not been successful. As a consequence, the Board of HiberGen has decided to cease trading with immediate effect.
Trinity invested US$1.37m in HiberGen in October 2000. Despite the fact that certain milestones have been achieved by HiberGen, the rate of progress was such that Trinity decided not to invest further in the Company and to concentrate all its resources on expanding its core business.
Trinity owns 43% of HiberGen and treated the investment in its financial statements as an investment in an associated company. Losses consolidated in the Trinity income statement were US$317,000 in 2002 and US$157,000 in the first three quarters of 2003. The carrying value in Trinity's balance sheet at September 30, 2003 was US$968,000 and this amount will be written off as an exceptional charge in the current quarter.
Trinity Biotech develops, acquires manufactures and markets over 500 diagnostic products for the point-of-care and clinical laboratory segments of the diagnostic market. The broad line of test kits are used to detect infectious diseases, sexually transmitted diseases, blood coagulation disorders, and autoimmune diseases. Trinity Biotech sells worldwide in over 80 countries through its own salesforce and a network of international distributors and strategic partners. For further information please see the company's website: www.trinitybiotech.com.
Forward-looking statements in this release are made pursuant to the "safe harbor" provision of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties including, but not limited to, the results of research and development efforts, the effect of regulation by the United States Food and Drug Administration and other agencies, the impact of competitive products, product development commercialisation and technological difficulties, and other risks detailed in the Company's periodic reports filed with the Securities and Exchange Commission.