Abbott Laboratories exercises option to license Chondrex arthritis test from NovaDx.VANCOUVER, British Columbia--(BUSINESS WIRE)--Jan. 7, 1997-- NovaDx International Inc. (VSE See DOS/VSE. VSE - Virtual Storage Extended :NVN NVN National Videotex Network NVN Never Winter Nights (game) ) Tuesday announced the receipt of notice from Abbott Laboratories (NYSE NYSE See: New York Stock Exchange :ABT ABT About ABT Abteilung (German: Department) ABT Abbott Laboratories (stock symbol) ABT American Ballet Theatre ABT Associação Brasileira de Telemarketing ABT Abort ABT Availability Based Tariff ) indicating that Abbott will exercise its option to license Chondrex, an arthritis blood test, from NovaDx. Under terms of a December, 1995 agreement, Abbott held a renewable one-year option to acquire non-exclusive worldwide license to NovaDx's diagnostic technology and biochemical assays for detecting arthritis. With the exercise of this option the companies will have six months to finalize a license contract subject to terms contained in the option agreement. As part of the agreement, NovaDx will receive an up-front payment to be used for continued preclinical testing of the Chondrex assay. Arthritis is one of the most prevalent diseases in North America, affecting more than 40 million people in the United States and Canada, and 90 million worldwide. The Arthritis Foundation projects that by the year 2020 the prevalence of arthritis will increase 57% from its present level. An in vitro in vitro /in vi·tro/ (in ve´tro) [L.] within a glass; observable in a test tube; in an artificial environment. in vi·tro adj. In an artificial environment outside a living organism. assay for arthritis may provide physicians with increased precision and prognostic capabilities not currently available and could allow them to monitor patients' response to treatment. NovaDx, with headquarters in San Diego, Calif., is developing and commercializing in vitro diagnostic tests for arthritis and osteoporosis. Chondrex is NovaDx's first product now being finalized for commercialization. NOTE TO EDITORS: The Vancouver Stock Exchange Vancouver Stock Exchange (VSE) A securities and options exchange in Vancouver, British Columbia, (Canada), specializing in venture capital companies. Vancouver Stock Exchange See Canadian Venture Exchange (CDNX). has neither approved nor disapproved of the information contained herein. CONTACT: NovaDx International, San Diego Eric Button, 619/793-5976 Vanessa Watkin, 619/793-5975 |
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