Avitar, Inc. signs agreement with Sun Biomedical Laboratories.WALLINGFORD, Conn.--(BUSINESS WIRE)--Nov. 12, 1996--Avitar, Inc. (Nasdaq SmallCap Market:AVIT AVIT Aarupadai Veedu Institute of Technology AVIT Audiovisual Instructional Technology (Common Stock); AVITW (Redeemable Warrants)) today announced that it has signed an agreement with Sun Biomedical bi·o·med·i·cal adj. 1. Of or relating to biomedicine. 2. Of, relating to, or involving biological, medical, and physical sciences. Laboratories of Cherry Hill Cherry Hill, township (1990 pop. 69,319), Camden co., W central N.J.; name was changed from Delaware township to Cherry Hill in 1961. Largely residential, Cherry Hill has been marked by great development and housing growth, especially since the 1970s. , New Jersey, to develop a series of saliva- based, rapid screening tests for drugs of abuse. Sun Biomedical Laboratories currently has 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. approval to market six urine-based, rapid screening tests for drugs of abuse as well as a pregnancy test pregnancy test Any test used to detect or confirm pregnancy; in early pregnancy, all PTs measure hCG, the developing placenta's principal hormone, which is detectable as early as 6 days after fertilization; in clinical laboratories, serum levels of hCG are , all marketed under the Visuline II trademark. The saliva test will use Avitar's proprietary saliva collection system, with Avitar having the exclusive, world-wide manufacturing and distribution rights to the tests when the development is completed. In addition to the development agreement, Avitar will begin manufacturing the currently-marketed urine-based tests and will have non-exclusive distribution rights to these tests. Avitar also announced that Dr. Ming Sun, President of Sun Biomedical Laboratories, will join Avitar's Scientific Advisory Board. Peter Phildius, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and Chairman of the Board of Avitar, commented, "The signing of the agreement to develop saliva-based drugs of abuse test and the appointment of Dr. Sun to our Scientific Advisory Board are important steps in our strategy to leverage our proprietary polyurethane saliva collection technology into the larger, world-wide diagnostic test market. Dr. Sun's appointment, along with Dr. Carl Good's recently-announced appointment to the Scientific Advisory Board, helps us to establish the technical base to integrate into the diagnostic testing Diagnostic testing Testing performed to determine if someone is affected with a particular disease. Mentioned in: Von Willebrand Disease markets. Also, the first step of producing the urine-based tests will allow the Company to develop a manufacturing capability in diagnostic tests to enhance our ability to integrate the production of the saliva-based tests when they are available for sale." This release contains forward looking statements that are subject to risks and uncertainties, including, but not limited to, competitive products and pricing, product demand and market acceptance, new product development, 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 Hydrasorb, 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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