Avitar, Inc. in preliminary pact with Trinity Biotech PLC.CANTON, MA--(BUSINESS WIRE)--March 31, 1997--Avitar, Inc. (Nasdaq SmallCap Market:AVIT AVIT Aarupadai Veedu Institute of Technology AVIT Audiovisual Instructional Technology (Common Stock); AVITW (Redeemable Warrants)) today announced the signing of a preliminary agreement with Trinity Biotech plc (Nasdaq SmallCap Market:TRIBY) of Dublin, Ireland. Pursuant to the preliminary pact, Trinity will, over the next 60 days, evaluate the performance of Avitar's point-of-care urine drugs of abuse tests against other technologies. Trinity has agreed not to enter into any agreements with other suppliers of drugs of abuse tests during the 60-day evaluation period Evaluation period The time interval over which funds assess a money manager's performance. . During the evaluation period, the companies intend to negotiate an agreement for the sale by Trinity of Avitar's drugs of abuse products, including future distribution of saliva based drugs of abuse tests currently under development by Avitar. Peter Phildius, Chairman and Chief Executive Officer of Avitar stated, "The proposed arrangement will expand Avitar's distribution of its current and future drugs of abuse test product line through a company internationally recognized as a leader in point-of-care testing point-of-care testing Lab medicine The analysis of clinical specimens as close as possible to the Pt, including bedside, ward–unit, or 'stat' regional response labs that service specified areas–eg, the ER or ICU products. We are enthusiastic about discussing an association with Trinity because of their experience in the point-of-care marketplace and their technical excellence in critical technologies." Avitar, Inc. designs, develops, manufactures and markets healthcare products, including a proprietary line of polyurethane wound care dressings and rapid diagnostic test products. The company also provides healthcare cost containment cost containment, n the features of a dental benefits program or of the administration of the program designed to reduce or eliminate certain charges to the plan. services to employers and third- party payers. Trinity Biotech plc develops, manufactures and markets rapid tests for the clinical laboratory, point-of-care and over the counter markets. It is the only company to have submitted a rapid one-step whole blood HIV test HIV test Various tests have been used to detect HIV and production of antibodies thereto; some HTs shown below are no longer actively used, but are listed for completeness and context. See HIV, Immunoblot. to the 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. for approval. "Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " statement under the Private Securities Reform Act of 1995: This release contains forward looking statements that are subject to risks and uncertainties as detailed from time to time in the company's filings with the Securities and Exchange Commission. CONTACT: AVITAR, INC. Peter Phildius, Chairman of the Board (617) 821-2440 Jay Leatherman, Chief Financial Officer (203) 265-3594 |
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