ChemTrak Signs Contract Research Pact With Pfizer Inc.SUNNYVALE, Calif.--(BUSINESS WIRE)--June 10, 1998--ChemTrak Inc. (Nasdaq:CMTR CMTR Certified Material Test Report CMTR Combined Marginal Tax Rate ) Wednesday announced that it has signed an agreement with Pfizer Inc. of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of (NYSE NYSE See: New York Stock Exchange :PFE 1. (text, editor) PFE - Programmer's File Editor. 2. (language) PFE - Portable Forth Environment. ) to develop a disposable, quantitative, fingerstick whole blood test for one of Pfizer's drugs in development using ChemTrak's patented AccuMeter technology. As part of the agreement, Pfizer will pay ChemTrak approximately $400,000 in quarterly installments over the next 18 months to develop the test. Pending successful clinical trials of the Pfizer drug, ChemTrak will remain the exclusive manufacturer of the AccuMeter Test. ChemTrak's proprietary AccuMeter platform is covered by 15 active patents and has four patents pending. Its technology is the foundation of three ChemTrak products; the CholesTrak Home Cholesterol Test Cholesterol Test Definition The cholesterol test is a quantitative analysis of the cholesterol levels in a sample of the patient's blood. Total serum cholesterol (TC) is the measurement routinely taken. , available at drug and mass merchandiser outlets, that allows consumers to monitor their progress while on a cholesterol lowering program; the AccuMeter H. pylori Test, used to detect the presence of antibodies to the bacterium associated with ulcers; and the ChemTrak AccuMeter Theophylline theophylline /the·oph·yl·line/ (the-of´i-lin) a xanthine derivative found in tea leaves and prepared synthetically; its salts and derivatives act as smooth muscle relaxants, central nervous system and cardiac muscle stimulants, and Test, recently cleared by 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. , to monitor the concentration of the asthma drug Theophylline in blood. The technology is easily adaptable to monitor therapeutic drugs. "We are extremely pleased Pfizer has chosen ChemTrak to develop a test for their drug," said Edward F. Covell, President and Chief Executive. "We have been systematically streamlining and restructuring our R & D department to reflect our increased dedication to becoming a consumer-oriented marketing company. This has enabled us to focus our resources on the most innovative and productive R & D projects," he continued. "Securing this new fully funded R & D project illustrates Pfizer's faith in the ease of use and dependability of our AccuMeter platform and it represents an excellent opportunity to become an OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and (Original Equipment Manufacturer) for Pfizer in addition to marketing our current product line," Covell said. ChemTrak's has a wide range of products for home use, which are available at all major chain drug and mass merchant outlets. ChemTrak's most recent addition to its over-the-counter line is the Parent's Alert Home Drug Test Service, a counselor supported home drug test service committed to helping parents prevent and eliminate drug abuse by their children. The CholesTrak Home Cholesterol Test, and the ColoCARE Home Test to Detect the Early Warning Signs of Colorectal Disease are both designed to help consumers take a more proactive role in their personal healthcare. Located in Sunnyvale, ChemTrak is a medical diagnostics company offering reliable and easy-to-use medical testing systems for in-home use and use in doctors' offices. ChemTrak medical tests are designed to screen and diagnose health conditions with accuracy comparable to laboratory tests. The statements in this release regarding products and revenues are forward looking and subject to risk and uncertainty, and future results could differ materially from past performance. For a detailed discussion of factors that may affect the company's operating results, interested parties should review the company's Securities and Exchange Commission reports, including the ChemTrak Form 10-Q Form 10-Q See 10-Q. for the quarter ended March 31, 1998, as well as the Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended Dec. 31, 1997, filed with the SEC. CONTACT: ChemTrak Inc., Sunnyvale, Calif. Donald V. Fluken, 408/773-8156 or Self & Associates Trudy M. Self, 818/880-5437 |
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