La Jolla Diagnostics Inc. to Acquire New Technologies Including Breakthrough Test for TB
Business Wire - September 01, 1998 08:47
LA JOLLA, Calif.--(BW HealthWire)--Sept. 1, 1998--La Jolla Diagnostics Inc. (NASDAQ BB OTC:LAJD), announced Tuesday it has signed agreements to form a subsidiary and purchase the assets and technology of ATS Inc., a privately held company.
These assets include a proprietary, patent pending diagnostics test for active tuberculosis. The accuracy and efficiency of this TB test has been confirmed in three separate clinical trials, and it is currently approved for sale in several countries with approvals pending in numerous others. In addition, a major Japanese pharmaceutical company, having completed its own testing, is in the process of registering the product with the Japanese Ministry of health.
Other assets to be acquired by La Jolla Diagnostics include a rapid diagnostics test for HIV I & II, H. Pilori and Hepatitis B.
In addition, the top management of ATS -- Stephen C. Roberts, M.D. and G. Bruce Whitefield J.D. -- will be joining La Jolla Diagnostics.
Don Brucker, CEO of La Jolla Diagnostics stated: "I am very excited about this transaction. The technology being acquired is state-of-the-art, and the diagnostics test for TB is a unique breakthrough product for a disease which is a major problem in many countries, and is becoming a problem in certain areas of the U.S. because of drug resistant strains. The World Health Organization (WHO) projects that a total of 1 billion TB tests will be performed annually by the year 2000, and presently, there is no other test available that can rapidly determine if the disease is in an active state.
"In addition, there is tremendous synergy between the two companies. ATS has a well established network of international distributors already in place who are anxious to carry the La Jolla Diagnostics product lines, both diagnostics and nutraceutical such as our treatment for migraines. This should substantially accelerate our foreign market penetration."
La Jolla Diagnostics is a company engaged in the development and marketing of diagnostic tests, health care products and nutraceuticals. The healthcare and nutraceutical products are formulated using a patented clustered water technology.
(a) U.S. Patent 5711950
CONTACT: La Jolla Diagnostics Inc.
Shareholder Relations, 800/454-6790
lajd.com
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