Avitar, Inc. intends acquisition of Diagnostic Products Company.WALLINGFORD, Conn.--(BUSINESS WIRE)--October 31, 1996--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 letter of intent to acquire Genua
Genua is a fictional city from Terry Pratchett's Discworld novels. Its most significant appearance in the books is in Witches Abroad. , Inc., a privately-held medical company specializing in diagnostic products. Avitar will acquire substantially all of the assets of Genua in exchange for shares of Avitar common stock and additional consideration based on Avitar's future sales of diagnostic products. The acquisition is subject to the execution of a definitive agreement between Avitar and Genua. Genua has developed and has been testing its Rapid Saliva Kits for HIV HIV (Human Immunodeficiency Virus), either of two closely related retroviruses that invade T-helper lymphocytes and are responsible for AIDS. There are two types of HIV: HIV-1 and HIV-2. HIV-1 is responsible for the vast majority of AIDS in the United States. and hepatitis, which include a custom-designed form of Avitar's Accu-sorb saliva collection device. In addition, Genua has distribution rights to FDA-approved drugs-of-abuse and pregnancy tests. The positive results of Genua's correlation studies for their HIV and hepatitis tests, conducted at the Nassau County Nassau County is the name of two counties in the United States of America:
Peter Phildius, Chairman of the Board of Avitar, stated, "The HIV and hepatitis tests, combined with distribution rights to 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. approved drugs-of-abuse and pregnancy tests, will accelerate Avitar's participation in the expanding rapid diagnostic test market. We are excited by the combination of Genua's technology with Avitar's operational resources and management and technical expertise in the medical device industry." This release contains forward looking statements that are subject to risks and uncertainties, including, but not limited to, the consummation of a definitive agreement between Avitar and Genua, competitive products and pricing, product demand and market acceptance, the regulatory environment and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission. Avitar, Inc. designs, develops, manufactures and markets healthcare products and services including Hydrasorbd, a proprietary line of polyurethane wound care dressings. 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. CONTACT: AVITAR, INC. Peter Phildius, Chairman of the Board (617) 821-2440 Jay Leatherman, Chief Financial Officer (203) 265-3594 |
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