NeoPath Acquires Undivided Interest in AutoCyte's Purchase Of Neuromedical Systems Intellectual Property
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REDMOND, Wash. and BURLINGTON, N.C., April 26 /PRNewswire/ -- NeoPath, Inc. (Nasdaq: NPTH - news) and AutoCyte, Inc. (Nasdaq: ACYT - news) today announced that they had entered into a definitive agreement in which NeoPath is to acquire an undivided interest in the intellectual property estate of Neuromedical Systems, Inc. (''NSI'') that AutoCyte had agreed to acquire from NSI under an agreement it had entered into on March 25.
The March agreement between AutoCyte and NSI provides that AutoCyte will acquire NSI's patent estate (including the right to pursue any claims relating to the patent estate and certain patent infringement claims that are the subject of current litigation between NSI and NeoPath), trademarks, copyrights, regulatory applications, clinical data and other intellectual and intangible property rights relating to the business of NSI. Concurrent with the execution of the agreement, NSI filed a voluntary Chapter 11 petition in the U.S. Bankruptcy Court for the District of Delaware. Pending approval by the bankruptcy court after a hearing that allows for competitive bids, AutoCyte will then acquire these NSI assets for $4.0 million in cash and the issuance of 1.4 million common shares of AutoCyte stock.
NeoPath Reports First Quarter Results Consistent With Prior Announcement
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REDMOND, Wash.--(BUSINESS WIRE)--April 20, 1999--NeoPath, Inc. (Nasdaq:NPTH - news) today reported financial results for the first quarter ended March 31, 1999.
As previously announced, total revenues for the quarter were $2.0 million, consisting of fee-per-use billings for NeoPath's AutoPap® System. Revenues in the comparable 1998 quarter were $3.6 million, $1.1 million of which were from fee-per-use billings.
Revenues in the quarter were primarily from domestic customers, compared to the first quarter of 1998 in which 23 percent of revenues were from international sources. NeoPath's principal focus is on placing AutoPap Systems under multi-year fee-per-use contracts in the United States. However, the Company expects that future quarters will include a mix of system sale and fee-per-use revenues due in part to an existing national pricing agreement with Kaiser Permanente that would result in significant revenues in the quarters in which Kaiser orders AutoPap Systems that are then shipped to its facilities. The Company also plans to continue placing systems internationally under sale contracts.
''We are pursuing a business plan that will position us for long-term revenue growth and gains in market share,'' said Ronald R. Bromfield, President and CEO of NeoPath. ''Our fee-per-use strategy and recent coverage determinations by Medi-Cal and other payors should increase AutoPap acceptance. As a result, we anticipate reporting improved results in future quarters.''
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