I don't own a penny of Xillix, but have watched it for a year since it is a local Richmond company, and also my brother mentioned it when it was up around $3.00. Anyway, I thought this was an encouraging news release.
Xillix Technologies Corp
XLX
Shares issued 31,786,474
1999-12-17 close $0.21
Monday Dec 20 1999
Mr. Michael Perri reports
Xillix Technologies has received formal written notification that the Japanese patent office intends to grant the company a patent for an imaging system for detecting diseased tissue using native fluorescence in the gastrointestinal (GI) tract and respiratory (lung). This patent includes a number of Xillix's inventions that relate to the second generation Xillix Life-GI and Xillix Life-Lung fluorescence endoscopy system for the detection and localization of cancers of the gastrointestinal tract and lung. A corresponding patent was previously granted in July, 1997, under U.S. patent No. 5,647,368.
Pierre Leduc, president and chief executive offficer of Xillix Technologies, said:
"We are pleased that the Japanese patent office has decided to grant this important patent to Xillix. This patent highlights Xillix's success as an innovator and worldwide leader in fluorescence imaging and we intend to continue to aggressively expand and defend Xillix's intellectual property portfolio."
As reported in Stockwatch on July 22, 1999, Xillix commenced legal proceedings against its former joint development and distribution partner, Olympus Optical Co. Ltd., of Japan. Xillix's claims against Olympus, which were amended on Dec. 13, 1999, include claims for breach of contract, deceit, negligent misrepresentation, breach of fiduciary duty, breach of confidence, unlawful interference with
proprietary rights and civil conspiracy. These legal proceedings have been accepted for arbitration by the Japan Commercial Arbitration Association and all three arbitrators have been formally appointed. No date has yet been set for the arbitration hearings, although Xillix's legal advisers believe it will be completed before the end of 2000. As a result of these proceedings, Xillix has suspended all joint development and distribution of its products. Subsequently, as reported in Stockwatch on Aug. 17, 1999, Xillix was forced to permanently lay off almost 80 per cent of its professional and support staff in order to conserve capital for the prosecution of its claims against Olympus.
Xillix's fluorescence based medical imaging technology helps physicians diagnose early-stage lung and gastrointestinal cancers. When tissue containing abnormal cells is exposed to light from Xillix's patented fluorescence imaging devices, physicians are able to detect precancerous and cancerous cells. The Xillix Life-Lung fluorescence endoscopy system has been approved for sale in the
United States, Canada, Europe and Japan. Xillix's second product, the Xillix Life-GI system, was under development and about to enter the final stage of clinical testing when these legal proceedings against Olympus were filed. |
