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AccuMed International Completes Negotiations for
Full Ownership of Oncometrics Imaging
Chicago, May 27, 1998 - AccuMed International, Inc. (NASDAQ: ACMCD) announced today that it has entered into a letter of intent with Xillix Technologies Corp.
whereby it has agreed to purchase Xillix's one-third interest in Oncometrics
Imaging Corp. AccuMed acquired a two-thirds ownership position in Oncometrics
in October 1996 to commercialize their quantitative microscopy imaging systems
technology and the results from their advanced research in early cancer
detection. The terms of the purchase agreement were not disclosed.
Paul F. Lavallee, Chairman, President and CEO of AccuMed stated that
"Oncometrics has developed quantitative cellular DNA stains and analytical
computer software that have been integrated with AccuMed's high-precision
computer-aided screening AcCell? workstations. The jointly developed
AcCell-Savant? product line is an important component of AccuMed's recently
focused product strategy that may speed the development of automated cancer
screening and diagnostic support systems for, among others, lung, cervical,
bladder and gastro-intestinal cancer detection."
"Oncometrics has recently completed a multi-national early lung cancer screening
field study involving more than a thousand samples demonstrating the feasibility
of the routine clinical use of quantitative microscopy techniques to nearly
double the detection rate of early stage, curable lung cancer cases," said
Norman J. Pressman, Ph.D., Chief Scientific Officer and Senior VP of R&D at
AccuMed. Pressman also indicated that "AccuMed's focus of cytometry systems is
resulting in screening systems with significant advantages for the clinical
diagnostic laboratory markets and will lead to improved diagnostic support
systems for physicians."
"The AccuMed and Oncometrics technologies will lead to improved detection of
early lung cancer cases. These newly detected cases will require localization
of the pre-cancerous and cancerous lesions. That represents a significant
opportunity for expanded use of the Xillix LIFE System platform of products,"
said Pierre Leduc, President and CEO of Xillix.
AccuMed International, Inc., headquartered in Chicago, is a global advanced
diagnostics and information solutions company. AccuMed is an emerging leader in
integrated, technology-driven systems that accommodate the clinical laboratory's
need to maintain quality while achieving more cost-effective operation. The
company manufactures and markets a full line of proprietary, FDA-cleared
bacterial microbiology disposable tests and instruments and integrated automated
cytopathology systems.
Except for the historical information contained herein, the matters discussed in
this news release are deemed "forward-looking statements" under federal
securities laws that involve risks and uncertainties. Actual results may differ
materially from those in the forward-looking statements depending on a number of
factors, including, among other things, the ability to maintain long-term
relationships with corporate partners, the ability to bring products to market
through the regulatory approval process, uncertainty of future profitability,
financing requirements, and other factors detailed in AccuMed's filings with the
Securities and Exchange Commission.
* * *
Visit AccuMed's web site at accumed.com
For investor information, contact Darlene Czaja
Telephone: (312) 397-7455
FAX: (312) 642-3492
e-mail: ir@accumed.com
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