TriPath Imaging Enters Into Agreement With Quest Diagnostics for Automated Screening of Pap Smears
March 1, 2000 09:01 AM
BURLINGTON, N.C., March 1 /PRNewswire/ -- TriPath Imaging, Inc. TPTH ("TriPath" or "the Company") today announced the Company had entered into a preferred provider agreement for automated screening of conventional Pap tests with Quest Diagnostics Incorporated DGX , the nation's leading provider of clinical testing, information and services. The new, multi-year supply agreement supercedes the previous contract that had been developed by the predecessor companies of Quest Diagnostics and TriPath and is effective retroactively to January 1, 2000.
Under the agreement, Quest Diagnostics will continue to use TriPath's AutoPap(R) Primary Screening System for screening of conventional Pap tests in select markets. In addition, TriPath and Quest Diagnostics will collaborate on advanced, next-generation screening technology, as well as on Internet- based software products for the digital storage and transmission of patient data and images. Additional terms were not disclosed.
"We are impressed with TriPath's intellectual property relating to cell image analysis and telemedicine," said Surya N. Mohapatra, Ph.D., President and Chief Operating Officer of Quest Diagnostics. "As the leader in clinical laboratory testing, information and services, we are committed to evaluating new technology with the potential for improving patient care. As the laboratory industry continues to consolidate, we believe there may be a broader opportunity to use TriPath's imaging products."
Dr. James Powell, President and Chief Executive Officer of TriPath, stated: "The new preferred provider contract represents a new beginning for the relationship between Quest Diagnostics and TriPath. We at TriPath are obviously pleased to continue our affiliation with the largest clinical laboratory in the United States. We believe that TriPath is uniquely positioned to meet Quest Diagnostics' emerging need for automated primary screening devices and image-enabled Internet software. TriPath will continue to work diligently to make this new partnership with Quest Diagnostics successful."
TriPath Imaging develops, manufactures and markets products to improve cancer screening. Improved slide preparation technology is delivered through the AutoCyte PREP System(TM), a proprietary automated thin-layer cytology sample preparation system that produces specimen slides with a homogeneous, thin-layer of cervical cells, and is one of only two sample preparation systems approved by the FDA as a replacement for the conventional Pap smear. The AutoCyte PREP System(TM) produced significantly fewer Unsatisfactory and Satisfactory But Limited By ("SBLB") cases as compared to the conventional Pap smear. TriPath delivers visual intelligence technology to increase accuracy and productivity in medical testing through the AutoPap(R) Primary Screening System, which utilizes proprietary technology to distinguish between normal Pap smears and those that have the highest likelihood of abnormality. In May 1998, AutoPap was approved by the FDA as the first and only fully automated device for primary screening of Pap smear slides. TriPath has submitted a supplement to the FDA for the screening of PREP slides by the AutoPap(R) Primary Screening System.
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 statements in this press release which are not strictly historical statements constitute forward-looking statements which involve risks and uncertainties including, without limitation, risks associated with uncertainties regarding FDA approval, uncertainties regarding market acceptance and additional cost, risks associated with technological change, the Company's history of operating losses and the uncertainty of future profitability, dependence on a limited number of products, dependence on third-party reimbursement, limited marketing and sales experience, limited number of customers and lengthy sales cycle, risks of adverse changes in general economic conditions, and in the healthcare industry specific risks associated with competition and competitive pricing pressures, and other risks detailed in the Company's filings with the Securities and Exchange Commission.
Contact: Dr. James B. Powell, President & Chief Executive Officer, or Eric W. Linsley, Chief Financial Officer TriPath Imaging, Inc., (336) 222-9707
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SOURCE TriPath Imaging, Inc.
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