Paracelsian Announces Asian Developments in Environmental Business
Friday January 31, 10:38 am ET
ITHACA, N.Y., Jan. 31 /PRNewswire-FirstCall/ -- Paracelsian, Inc. (PRLN: PK) announced today it has signed two significant agreements with DR. Chip Biotech, Inc., a company based in Taiwan (
bio-drchip.com.tw .)
Paracelsian signed a License Agreement that assigns to DR. Chip the exclusive right to manufacture, develop, and sell Paracelsian's Ah-Immunoassay® in the People's Republic of China and Southeast Asia. Compensation payable to Paracelsian under this agreement includes license fees and royalties.
In addition, Paracelsian and DR. Chip signed a Letter of Intent to establish within 90 days a Joint Venture company to manufacture and market Ah- Immunoassay® test kits and testing services in China and Southeast Asia. The two companies intend to include in this joint venture an institutional party from China, to assist in management, research, and marketing. Further, under the Letter of Intent Paracelsian and DR. Chip will explore a collaborative Research and Development program to accelerate improvements to the Ah-Immunoassay®, as well as other business opportunities, including but not limited to dietary supplement products.
"This partnership will create a whole new area of opportunity for Paracelsian, in an area of the world that is experiencing explosive economic growth," said Noriyoshi Inoue, Paracelsian's CEO & President. "And the opportunity will not be measured in revenue alone -- we will gain the ability to manufacture test kits on a low cost basis and, perhaps most important, we will gain access to resources for the further improvement of the Ah-Immunoassay® technology," added Mr. Inoue. "We could not have found a better partner than DR. Chip for implementing this strategy -- this company is a biotech leader in Taiwan, supported by a strong capital base and entrepreneurial management team," concluded Mr. Inoue.
In other news, the Japanese EPA has approved the methodology of Paracelsian's Ah- Immunoassay® for the testing of sediments for dioxin and dioxin-like compounds. This approval has been communicated to the Mayors of cities, and the Governors of prefectures, throughout Japan. The Ah-Immunoassay® is marketed in Japan by Paracelsian's licensee, Kubota Corporation (NYSE: KUB - News).
DR. Chip Biotech, Inc. is a biotech company focused on the development of biomedical devices and instruments for clinical diagnosis. The company is a leader in the new field of biochip technology. Its biochips, among the first on the market, are encoded with the DNA patterns of viruses and programmed to look for matching patterns in samples of blood or saliva. (http://www.bio-drchip.com.tw/home2eng/index.asp)
Paracelsian, Inc. is a unique biotechnology company with two primary areas of focus. Paracelsian develops technologies useful in the detection and monitoring of environmental contaminants such as dioxin. And second, Paracelsian develops functional bioassays, which are the basis of its BioFIT(tm) Quality Assurance program for herbs, botanicals and other dietary supplements. (http:// www.paracelsian.com).
Notice: This news release may contain forward-looking statements. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including but not limited to, the results of research and development efforts, the effect of regulation by the United States Food and Drug Administration and other agencies, the impact of competitive products, product development, commercialization and technological difficulties, and other risks detailed in the Company's periodic reports filed with the Securities and Exchange Commission.
No forward-looking statement is a guarantee of future results or events, and one should avoid placing undue reliance on such statements.
Source: Paracelsian, Inc. |
