Trading at .10/.13...this out now...
La Jolla Diagnostics' Subsidiary, DiagnosTech, Enters
Sales Agreement for Eastern Europe
LA JOLLA, Calif.--(BW HealthWire)--Sept. 15, 1999--La Jolla Diagnostics Inc. (OTCBB:LAJD - news) announced that its
subsidiary, DiagnosTech Inc. has entered into a preliminary sales and marketing agreement for its TB test kit with Logistic
Worldwide LLC.
The agreement provides Logistics with an option for exclusive distribution rights within a territory including Poland, Slovak,
Belarus, Estonia, Latvia and the Czech Republic.
Under the terms of the agreement with DiagnosTech, Logistics is to complete registration of DiagnosTech's rapid test for active
tuberculosis within 90 days. Provided that such registration can be obtained, Logistics will be required to purchase a minimum
of 250,000 TB tests within the 12 months following registration in order to maintain their exclusive marketing rights. No
assurance can be given that Logistics will be successful in obtaining the required local regulatory approvals within this
timeframe, or that any subsequent purchases will be sufficient to maintain the exclusive sales and marketing agreement.
TB represents a major threat to health throughout the world. Up to one-third of the world's population is infected with the
organism responsible for TB, of which approximately 10% are expected to develop active disease and thus require treatment.
The World Health Organization estimates that approximately 1 billion TB tests will be performed worldwide in the year 2000.
La Jolla Diagnostics, through its DiagnosTech subsidiary, offers this rapid test for the detection of active tuberculosis disease.
Unlike other tests designed to demonstrate infection, the DiagnosTech test is believed to demonstrate the presence of active
disease. As such, the company feels it has the potential for widespread clinical acceptance as useful in determining which
patients require treatment.
The company is in the initial stages of preparing to submit data to the FDA as a prerequisite for marketing its TB test in the
United States. All sales and marketing activities are currently limited to regions outside the U.S.
Forward-looking statements in this release are made pursuant to the ''safe harbor'' provisions of the Private Securities
Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risk and uncertainties.
Contact:
La Jolla Diagnostics Inc.
Don Brucker, 800/454-6790, Fax 619/454-7851
lajd.com
lajd96@aol.com |
