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Gold/Mining/Energy : Procyon Biopharma Inc.
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To: thebeach who wrote (307)3/21/2001 2:34:59 PM
From: thebeach  Read Replies (1) of 356
 
Procyon Biopharma (PBP - TSE)
Closed at $0.95 March 19th, 2001

March 20th, 2001

Company Update

Procyon Biopharma has announced that they have entered a licensing agreement
with IMI International Medical Innovations (IMI-TSE) for Procyon's COLOPATH test
for colorectal cancer. COLOPATH has been shown effective in clinical evaluations
and is minimally invasive, rapid and economical. The agreement consists of upfront
and milestone payments as well as royalty payments on sales of the test.

IMI has also developed a screening test for colorectal cancer that identifies different
markers from the ones used by COLOPATH. IMI plans to bundle the two test
together to help identify colorectal pathology earlier in its development and allow for
faster intervention. This is a reversal from an earlier developmental agreement
between the Procyon and IMI that was shelved as the companies decided to
develop their respective products independently.

This gives Procyon some additional marketing muscle and the bundling of the two
tests together is an excellent marketing move. We had anticipated that some
marketing agreement would be signed for the COLOPATH test and are glad that it
has occurred this quickly.

We are maintaining our $3.50 year end target on PBP.
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