Cytyc Acquires Exclusive Patent Rights to Nastech's Mammary Aspirate Device.Business Editors/Health/Medical Writers BOXBOROUGH, Mass. and BOTHELL, Wash.--(BUSINESS WIRE)--July 16, 2003 Cytyc Corporation (Nasdaq: CYTC) and Nastech Pharmaceutical Company Inc. (Nasdaq NMS See NetWare Management System. : NSTK), a leader in nasal drug delivery technology, announced today an agreement under which Cytyc will acquire exclusive world-wide patent rights to products that make use of Nastech's FDA-approved Mammary mammary /mam·ma·ry/ (mam´ah-re) pertaining to the mammary gland, or breast. mam·ma·ry adj. Of or relating to a breast or mamma. mammary pertaining to the mammary gland. Aspirate as·pi·rate v. To take in or remove by aspiration. n. A substance removed by aspiration. Aspirate The removal by suction of a fluid from a body cavity using a needle. Specimen Cytology cytology (sītŏl`əjē), in biology, the study of the structure of all normal and abnormal components of cells and the changes, movements, and transformations of such components. Test (MASCT). The MASCT is a non-invasive, non-powered device that draws Nipple Aspirate Fluid (NAF NAF National Arbitration Forum NAF National Academy Foundation NAF National Abortion Federation NaF sodium fluoride NAF Naval Air Facility NAF National Ataxia Foundation NAF New America Foundation (think tank) ) from the breast for cytological cytological, cytologic pertaining to cytology. cytological examination examination of material for purposes of cytology. Carried out on cerebrospinal fluid, joint fluid, aspirates of body cavities and cystic lesions. examination or molecular analysis. SunTrust Robinson Humphrey Capital Markets assisted Nastech in this transaction. "The agreement with Cytyc will enable us to participate in the upside potential Upside potential The amount by which analysts or investors expect the price of a security may increase. upside potential The potential price or gain that may be expected in a security or in a security average, generally stated as the dollar of this important product for the early detection and treatment of breast cancer while allowing us to continue to focus on our core technology in tight junction tight junction n. An intercellular junction between epithelial cells in which the outer layers of the cell membranes fuse, reducing the ability of larger molecules and water to pass between the cells. modulation and nasal drug delivery programs," stated Steven C. Quay, M.D., Ph.D., chairman, president, and chief executive officer of Nastech. "We believe this technology is very complementary to our FirstCyte(TM) Breast Test and our recently announced research initiatives," said Daniel J. Levangie, president and chief executive officer of Cytyc Health Corporation, a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Cytyc Corporation. "In the future, we believe that the identification of specific molecular markers within NAF may aid in further stratifying patients at highest risk for developing breast cancer." Terms of the agreement were not disclosed. About Cytyc Cytyc Corporation designs, develops, manufactures, and markets the ThinPrep(R) System for use in medical diagnostic applications primarily focused on women's health Women's Health Definition Women's health is the effect of gender on disease and health that encompasses a broad range of biological and psychosocial issues. . The ThinPrep System is widely used for cervical cancer Cervical Cancer Definition Cervical cancer is a disease in which the cells of the cervix become abnormal and start to grow uncontrollably, forming tumors. screening and is the platform from which the Company has launched its expansion into breast cancer risk assessment with the FirstCyte (TM)Breast Test. The ThinPrep System consists of the ThinPrep(R) 2000 Processor, ThinPrep(R) 3000 Processor, ThinPrep(R) Imaging System, and related reagents, filters, and other supplies. Cytyc is traded on The Nasdaq Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. under the symbol CYTC. Cytyc and ThinPrep are registered trademarks of Cytyc Corporation. FirstCyte is a trademark of Cytyc Corporation for which registration has been applied. For Cytyc Investors Forward-looking statements in this press release are made pursuant to the provisions of Section 21E of the Securities Exchange Act of 1934. Investors are cautioned that statements in this press release which are not strictly historical statements, including, without limitation, statements relating to the Company's financial condition, operating results and future economic performance, and management's expectations regarding future growth opportunities, product acceptance and business strategy, constitute forward-looking statements. These statements are based on current expectations, forecasts and assumptions that are subject to risks and uncertainties, which could cause actual outcomes and results to differ materially from those statements. Risks and uncertainties include, among others, dependence on key personnel and proprietary technology, uncertainty of product development efforts, product acceptance, management of growth, risks associated with litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. , competition and competitive pricing pressures, risks associated with 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. regulatory approval processes and any healthcare reimbursement policies, and other risks detailed in the Company's filings with the Securities and Exchange Commission, including under the heading "Certain Factors Which May Affect Future Results" in its 2002 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. and its most recent Quarterly Report on Form 10-Q Form 10-Q See 10-Q. filed with the Commission. The Company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date they were made. The Company disclaims any obligation to publicly update or revise any such statements to reflect any change in Company expectations or events, conditions, or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements. About Nastech Nastech Pharmaceutical Company Inc. is a formulation science company and is recognized as a leader in nasal drug delivery technology. Formulation science is a systematic approach to drug development using biophysics biophysics, application of various methods and principles of physical science to the study of biological problems. In physiological biophysics physical mechanisms have been used to explain such biological processes as the transmission of nerve impulses, the muscle , physical chemistry and pharmacology to maximize therapeutic efficacy and safety, which sometimes involves a change in route of administration. Nastech's nasal drug delivery technology is essential in designing an optimized, customizable dosage form and in delivering proteins and large-molecule drugs that can currently only be delivered by injection or other non-optimized routes. Additional information about Nastech is available at http://www.nastech.com/. For Nastech Investors Statements contained herein that are not historical fact may be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are subject to a variety of risks and uncertainties. There are a number of important factors that could cause actual results to differ materially from those projected or suggested in any forward-looking statement made by the Company. These factors include, but are not limited to: (i) the Company's ability to successfully complete product research and development, including pre-clinical and clinical studies and commercialization; (ii) the Company's ability to obtain required governmental approvals, including product and patent approvals; (iii) the Company's ability to attract and/or maintain manufacturing, sales, distribution and marketing partners; and (iv) the Company's ability to develop and commercialize its products before its competitors. In addition, significant fluctuations in quarterly results may occur as a result of varying milestone payments and the timing of costs and expenses related to the Company's research and development program. Additional factors that would cause actual results to differ materially from those projected or suggested in any forward-looking statements are contained in the Company's filings with the Securities and Exchange Commission, including, but not limited to, those factors discussed under the caption "Risk Factors" in the Company's most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, which the Company urges investors to consider. The Company undertakes no obligation to publicly release the revisions to such forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrences of unanticipated events, except as otherwise required by securities or other applicable laws. |
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