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Biotech / Medical : ACMI - Accumed Inc.
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To: Frank Buck who wrote (1751)6/29/1998 10:12:00 AM
From: trofala  Read Replies (1) of 1894
 
CHICAGO, June 29 /PRNewswire/ -- AccuMed International, Inc. (Nasdaq: ACMIC - news) announced today that it has completed the acquisition of one million shares of the common stock of Oncometrics Imaging Corp. from Xillix Technologies Corp. which represents the one-third interest in Oncometrics not previously owned by AccuMed International. As a result, Oncometrics is now a wholly-owned subsidiary of AccuMed International. The terms of the transaction were not disclosed.

Paul F. Lavallee, Chairman, President and CEO of AccuMed, stated that ''The completion of this final acquisition phase will result in significant R&D cost savings and synergistic benefits as Oncometrics operations and the AcCell- Savant technology become centralized at AccuMed's headquarters in Chicago.'' Mr. Lavallee added, ''This acquisition and consolidation step helps to differentiate AccuMed as the company that is improving cytology processes(TM).''

Norman J. Pressman, Ph.D., Chief Scientific Officer and Sr. VP of R&D of AccuMed, stated that ''Oncometrics has developed quantitative DNA stains and analytical computer software that have been integrated with AccuMed's high- precision computer-aided microscopy AcCell(TM) workstations. The jointly developed AcCell-Savant(TM) product line is an integral component of AccuMed's product strategy that may speed the development of automated cancer screening and diagnostic support systems.
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