Advanced NMR Systems announces extension of its exclusive contract with General Electric Medical Systems through June 1999 and signs new product collaboration agreement.WILMINGTON, Mass.--(BUSINESS WIRE)--Jan. 30, 1996-- Advanced NMR NMR: see magnetic resonance. Systems, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : ANMR ANMR Acoustic Nuclear Magnetic Resonance ) today announced it has reached an agreement with General Electric Medical Systems (GEMS) to extend the contract between the companies whereby ANMR is the exclusive system integrator for GE 3 and 4 Tesla (3T/4T) very high field research magnetic resonance imaging magnetic resonance imaging (MRI), noninvasive diagnostic technique that uses nuclear magnetic resonance to produce cross-sectional images of organs and other internal body structures. systems through June 1999. These systems are sold for investigational use only and, therefore, are not yet commercially available. Each system sold under the contract will result in a minimum of $1.5 million in revenues to ANMR. In addition, GEMS has sent ANMR a letter identifying an opportunity for ANMR to become a strategic supplier for RF cartridges. Payment of a forfeiture due to ANMR under an agreement between the companies dated June 1994 has been extended to June 1996. ANMR has been the exclusive systems integrator for 3T/4T systems since June 1994. Over this period, very high field MR systems have been delivered to The National Institutes of Health, The University of Pittsburgh, University of Pittsburgh, University of, main campus at Pittsburgh; private with some state support; coeducational; chartered and opened as an academy 1787, called Western Univ. of Pennsylvania 1819–1908. California at Los Angeles (UCLA UCLA University of California at Los Angeles UCLA University Center for Learning Assistance (Illinois State University) UCLA University of Carrollton, TX and Lower Addison, TX ) and University of Florida University of Florida is the third-largest university in the United States, with 50,912 students (as of Fall 2006) and has the eighth-largest budget (nearly $1.9 billion per year). UF is home to 16 colleges and more than 150 research centers and institutes. at Gainesville. Two additional systems are scheduled for March 1996 shipment to Japanese customers. Under the agreement extended today, in addition to continuing to be the exclusive 3T/4T systems integrator, ANMR will be developing hardware components and software to improve the system's capabilities for clinical applications. Near term, these units will be marketed to research institutions worldwide as investigational devices for research purposes. Commenting on today's announcement, Jack Nelson, ANMR's Chairman and Chief Executive Officer said: "There has been growing and successful application of very high field technology in pioneering investigations in psychiatry, neurology, cardiac function and the effect of pharmaceuticals on metabolic and other functions. Our collaboration with GE places ANMR in the forefront of this research activity." Advanced NMR Systems, Inc. develops and manufactures ultrafast magnetic resonance imaging technology for clinical applications and advanced research and is a provider of diagnostic imaging and rehabilitation services through its wholly-owned subsidiary, Medical Diagnostics, Inc. The company is developing other components and systems for functional neuroimaging and orthopedic applications. Its majority-owned subsidiary, Advanced Mammography Systems, Inc. (NASDAQ: MAMO) has completed a prototype of its dedicated MR Breast Imaging System and expects to ship its first system to a customer site in February. FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. clearance for commercial marketing of this product is pending. CONTACT: Advanced NMR Systems Inc. Eileen Kirrane, 508/657-8876 or 800/229-7226 |
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