CITY OF INDUSTRY, Calif., Feb. 8, 2005 (PRIMEZONE) -- U.S. BioDefense (OTCBB:UBDE) is pleased to announce today that it has signed a secrecy agreement with the office of technology transfer at a NYSE listed $4 Billion Biomedical company to further explore the potential of a new product commercialization relationship in line with its Stem Cell technology transfer initiative. There is definitely a strong interest in leveraging a California based stem cell technology transfer initiative by both companies and this is another example of rapid progress being spearheaded on the west coast.
David Chin, CEO, stated, "Due to the very sensitive and complicated nature of a specific technology it took a sincere effort by both parties to finally outline a confidential framework for moving deeper into serious discussions. Because our companies are so synergistic and centrally located, hopefully we will be able to collaborate on a broad spectrum of new technology we are identifying for growing each others product pipeline in years to come."
According to Reuters, the Biomedical company is a member of the S & P 400 and its 2004 fiscal year Revenues were over $2 billion with a Net income of over $200 million of which results reflect increased clinical diagnostics and biomedical research sales, partially offset by over $190 million in R&D expenses.
U.S. BioDefense is a Department of Defense central contractor that researches, develops, and commercializes leading-edge biotechnology. U.S. BioDefense recently announced a new stem cell separation and insertion technology license agreement with a major University. It has filed its Small Business Innovation Research (SBIR) Grant proposal Number C051-117-0060 with the Department of Defense Chemical Biological Defense Agency in response to SBIR (dodsbir.net) Topic number CBD05-117 'Stem Cell Technology and Autologous Bioengineered Skin for the Treatment of Cutaneous Vesicant Injury'.
U.S. BioDefense, Inc. recently entered into a Commercial Evaluation License Agreement with the National Institutes of Health (NIH). The biotechnology is related to a method for universal inactivation of viruses, parasites and tumor cells. These inactivated agents can be used as vaccines against the diseases caused by such viruses, parasites and tumor cells. The National Institutes of Health Biodefense budget for Fiscal Year 2005 is over $1.7 Billion. The company has published its white paper on Stem Cell technology transfer analyzing California University and industry participants intellectual property resources including ViaCell (Nasdaq:VIAC), Geron (Nasdaq:GERN), Aastrom Biosciences (Nasdaq:ASTM), and StemCells, Inc. (Nasdaq:STEM).
Safe Harbor Statement - Forward-Looking Statements
Included in this release are certain "forward-looking" statements, involving risks and uncertainties, which are covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the U.S. BioDefense's financial performance. Such statements are based on management's current expectations and are subject to certain factors, risks and uncertainties that may cause actual results, events and performance to differ materially from those referred to or implied by such statements. In addition, actual future results may differ materially from those anticipated, depending on a variety of factors, including continued maintenance of favorable license arrangements, success of market research identifying new product opportunities, successful introduction of new products, continued product innovation, the success of enhancements to the U.S. BioDefense's brand image, sales and earnings growth, ability to attract and retain key personnel, and general economic conditions affecting consumer spending, including uncertainties relating to global political conditions, such as terrorism. Information with respect to important factors that should be considered is contained in the U.S. BioDefense's Annual Report on Form 10-K as filed with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The U.S. BioDefense does not intend to update any of the forward-looking statements after the date of this release to conform these statements to actual results or to changes in its expectations, except as may be required by law.