CHICAGO, Oct. 10, 2001 (PRIMEZONE) -- Molecular Diagnostics, Inc., (MDI) (OTCBB:MCDG) announced today a strategic venture with a leading provider of tissue analysis systems whereby the partner will purchase upwards of $1 million of MDI's AcCell automated microscopy platforms as the strategic imaging platform for their tissue analysis systems. For strategic purposes, the venture partner shall remain anonymous until later this month. MDI is to commence shipment of the instruments immediately.
Under terms of the strategic venture, the partner will focus its delivery of the tissue imaging systems based on MDI's AcCell 2001 and 2500 automated microscopy systems in a configuration specifically adapted to the partner's needs. The AcCell will provide the high-volume robotic and computer-controlled means of digitally analyzing microscope-slide based tissue samples. MDI has also based its own Slide Based Test platform on the AcCell. The Slide Based Test is an automated platform for the analysis of liquid-based cervical cytology samples stained with MDI's proprietary Cocktail-CVX or In-Cell HPV assays. The Slide Based Test with Cocktail-CVX is in clinical trials now to validate its ability to replace the Pap test as the primary method of screening samples for cervical disease.
"While it is a preference to disclose the name of the partner, per their wishes, we will withhold this information for the time-being," said Eric Gombrich, vice president of business development for MDI. He added, "We anticipate issuing a joint-release with the partner later this month that may allow us to disclose confirmed expansion of the agreement to include their use of other MDI technologies. We expect this to be the first of several similar agreements with this, and other strategic partners."
About Molecular Diagnostics
Molecular Diagnostics (formerly Ampersand Medical Corporation) develops cost-effective cancer screening systems which can be utilized at the point of care or in a laboratory, to assist in the early detection of cervical, gastrointestinal and other cancers. The InPath(tm) System is being developed to provide medical practitioners with a highly accurate, low-cost, point-of-care cervical cancer screening system. Other products include SAMBA(tm) Telemedicine software used for medical image processing, database and multimedia case management, telepathology and teleradiology.
Certain statements throughout this press release are forward-looking. These statements are based on the current expectations of both companies, and involve many risks and uncertainties, such as the possibility that clinical trials will not substantiate either of the Companies' expectations with respect to the InPath System or the Quantf(x) system , and other factors set forth in reports and documents filed by Molecular Diagnostics, Inc, and TissueInformatics, Inc. with the Securities and Exchange Commission. Molecular Diagnostics, Inc. and TissueInformatics, Inc. undertake no obligation to publicly update or revise any forward-looking statements contained herein.
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