CHICAGO, Oct. 18, 2004 (PRIMEZONE) -- Molecular Diagnostics, Inc. (OTCBB:MCDG) ("MDI") and its wholly owned subsidiary, AccuMed International, Inc. ("AccuMed") collectively ("MOI" Group), based in Chicago, Illinois, and Monogen, Inc. ("MonoGen"), based in Vernon Hills, Illinois, jointly announce the settlement of their dispute arising from the "AccuMed/MonoGen License" by which AccuMed, in December 2000 granted to MonoGen a license to specific AccuMed related technologies that may be used, in part, for early cancer detection, diagnosis and monitoring. As part of the settlement, AccuMed assigned to MonoGen all of the AccuMed patents, patent applications, trade secrets, trademarks, copyrights and know-how covering the subject AccuMed patents and technology, as well as all applicable AccuMed equipment and spare parts.
Also, MonoGen granted to MDI Group a nonexclusive, royalty-bearing license to AccuMed technology for use only with proprietary products manufactured by MDI Group that use primarily fluorescent probes for cervical or ovarian cancer screening, and MDI Group has agreed to reimburse MonoGen for a portion of MonoGen' s patent expenses. MonoGen retains exclusive rights in all other fields of use and nonexclusive rights for such use with cervical or ovarian cancer screening.
Denis O'Donnell, President of MDI Group, indicated that, "These technologies hereby assigned to MonoGen are not used in the Molecular Diagnostics CVX cervical screening system. MDI Group obtained this license although such technology is not currently used or plans to be used by MDI Group.
About MonoGen, Inc.
MonoGen is a privately held corporation focused on providing products to automate anatomic and molecular pathology laboratories, particularly the process of preparing and analyzing cellular specimens. MonoGen's products have been designed not only to improve automated Pap test preparation and analysis, but also to serve as a unique platform for more sensitive and effective tests for non-gynecological cancers. Relatively few competitors exist in this market, with the largest being Cytyc Corporation (Nasdaq: CYTC). MonoGen's intrinsic value is protected by a broad-patent portfolio in microscope slide preparation, molecular diagnostics and imaging and information systems.
About Molecular Diagnostics, Inc.
Molecular Diagnostics develops cost-effective cancer screening systems, which can be utilized in a laboratory or at the point-of-care to assist in the early detection of cervical, gastrointestinal and other cancers. The InPath System is being developed to provide medical practitioners with a highly accurate, low-cost cervical cancer screening system that can be integrated into existing medical models or at the point-of-care. More information is available at: www.Molecular-Dx.com.
Certain statements in this release are forward-looking. These statements are based on current expectations of Molecular Diagnostics and involve many risks and uncertainties, such as the inability to obtain sufficient financing, the possibility that clinical trials will not substantiate expectations, and other factors set forth in reports and documents filed by Molecular Diagnostics with the Securities and Exchange Commission. Actual results may differ materially from current expectations depending upon a number of factors affecting Molecular Diagnostics. Except as required expressly by law, Molecular Diagnostics undertakes no obligation to publicly update or revise any forward-looking statements contained in this release.