Competition Ouch! Let's hope it's like McDonalds and Burger King, they always locate near each other and it draws even more business for both. Not that they've ever made much on cholesterol testing.
Dave
Thursday April 3 8:59 AM EDT
Cholestech Corporation announces Cholestech L.D.X System to provide cholesterol
screening at Wal-Mart stores
HAYWARD, Calif.--(BW HealthWire)--April 3, 1997-- Cholestech Corp today announced that it has signed a two-year, minimum $2 million agreement
with Health Management Systems Corporation (HMSC) of Richardson, TX to offer consumers testing of individual cholesterol levels using the
Cholestech L.D.X(R) System at selected Wal-Mart stores across the country.
The Cholestech L.D.X System is a telephone-sized diagnostic device which employs a single-use state-of-the-art disposable cassette to perform multiple
tests from a single drop of whole blood. The system has been shown to provide results -- in less than five minutes -- that are as accurate as similar tests
performed in clinical and hospital labs.
It is currently the only point-of-care multi-analyte system that is waived under the Clinical Laboratory Improvement Amendments (CLIA) of 1988,
meaning that it can be operated reliably by anyone without requiring specific medical training.
"We believe that this agreement will make it easier for Wal-Mart customers to take control of their health," said Warren E. Pinckert II, president and chief
executive officer, Cholestech Corporation. "For the first time, consumers will be able to obtain an accurate measurement of their heart disease risk in a
matter of minutes, at a convenient location, and have the added value of on-site counseling provided by trained HMSC screeners."
The Cholestech L.D.X System provides a full lipid panel of total cholesterol, high-density lipoprotein (HDL, or "good" cholesterol), low-density
lipoprotein (LDL, or "bad" cholesterol), triglycerides, glucose levels, and risk factors.
Consumers can be tested in their local Wal-Mart store, counseled by trained screeners about their personal risk of heart disease and advised, when
appropriate, to follow-up with their personal physician. This service will be available at local stores on advertised dates and times.
"Heart disease, often a result of high cholesterol, takes one million American lives each year. We are excited to be able to offer our customers around the
country the opportunity to monitor their level of risk in a convenient, everyday low-cost manner," said Bob Dufour, Director of Professional Relations,
Wal-Mart Stores, Inc.
Having begun in the state of Florida, cholesterol screenings using the Cholestech L.D.X System will be available soon in selected Wal-Mart stores across
the country.
About Cholestech
Cholestech Corporation manufactures and markets a proprietary system to healthcare and disease management professionals at the point of care. The
Cholestech L.D.X System is positioned to benefit from the increasing emphasis on preventative health care and disease management. Cholestech's
portfolio of CLIA-waived products is designed to offer efficient and economic screening and monitoring options which will ultimately enable people to
lead longer, healthier, and more active lives.
This press release, as it relates to product announcements and other company matters, contains forward-looking statements which are made pursuant to
the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
Investors are cautioned that all forward-looking statements involve risks and uncertainties including, without limitation, risks relating to development of
technology, manufacturing capabilities, dependence on third-party suppliers, market acceptance of and demand for the company's products, impact of
competitive products and pricing, U.S. and International regulations, and intellectual property rights.
Investors are directed to the Risk Factors section and other information contained in the company's filing with the Securities and Exchange Commission,
including the company's 1996 Form 10-K and interim Forms 10-Q, Registration Statement on Form S-1, and prospectus dated June 28, 1996, copies of
which are available from the company without charge, for a more complete description of the risks and uncertainties relating to material in this release as
well as other aspects of the company's business.
The company's actual results could differ materially from those anticipated in these forward-looking statements.
CONTACT: Cholestech Corporation
Lola Moenich, 510/293-8096
lmoenich@aol.com
cholestech.com
or
Wal-Mart Stores, Inc.
Alex Clark, 501/273-4314
or
Manning, Selvage & Lee (Media)
Amy Gartner, 212/213-0909 or 408/453-7188 |
