Pacific Biometrics Announces Letter of Intent to Acquire Rights to Patch Technology.IRVINE, Calif.--(BW HealthWire)--Sept. 18, 1997--Pacific Biometrics Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :PBMI PBMI Pala Band of Mission Indians (California) ) Thursday announced that it has signed a letter of intent with Sudormed Inc. and Sudor Partners to acquire an exclusive worldwide license to all applications of Sudor Partners' skin patch skin patch, transdermal patch, or transdermal delivery system, adhesive patch used to deliver a controlled dose of a drug through the skin over a period of time. technology for diagnostic applications except for those relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc alcohol and drugs of abuse. Sudormed and Sudor Partners are the licensors of the skin patch for the application of measuring bone loss markers in sweat which is the basis for the company's Osteopatch system currently in clinical trials. Subject to due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. and execution of definitive agreements by Dec. 31, 1997, the company will pay Sudor Partners $2.8 million over a 15 month period with an ongoing royalty payment based on the sales of products developed from this technology. Paul Kanan, Pacific Biometrics president and chief executive officer, commented: "This offers a tremendous opportunity for us to develop a series of innovative diagnostic products that are convenient and inexpensive to use. "Upon completion of an agreement for the expanded use of the patch technology, the company will broaden its platform technology, build on its research expertise from the Osteopatch development, and strengthen its position in the non-invasive testing marketplace." This sweat collection device consists of a unique gas-permeable membrane with adhesive on one side, and a cellulose fiber pad that serves as an absorbent absorbent /ab·sor·bent/ (-sor´bent) 1. able to take in, or suck up and incorporate. 2. a tissue structure involved in absorption. 3. a substance that absorbs or promotes absorption. matrix. It can be worn on the skin for several days during which time it accumulates and concentrates certain analytes in sweat on the absorbent pad. This enables the sweat patch to provide a time-integrated sample that reflects the average concentration of an analyte over time. The company is developing proprietary methods and assays for extracting and measuring these analytes. The patch technology is protected by 11 patents with an additional four patents pending. Sweat is, under certain circumstances, an ideal body fluid for analysis in the determination of clinical status. Its similarity to blood in terms of its biological content renders it suitable for analyzing a wide range of analytes. Small diffusable molecules can be found in sweat in concentrations approaching those in blood. The company intends to examine the potential for the sweat patch technology in areas such as cardiovascular disease Cardiovascular disease Disease that affects the heart and blood vessels. Mentioned in: Lipoproteins Test cardiovascular disease , cancer and pediatrics. Pacific Biometrics is an early stage company engaged in non-invasive diagnostics and laboratory services to improve the detection and management of chronic diseases. -0- This news release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. as defined by the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These statements are subject to uncertainties and risks including, but not limited to, the ability to complete due diligence and negotiate a definitive agreement and the ability to successfully identify and develop additional patch applications and the ability to raise sufficient capital to do so, of which there can be no assurance. CONTACT: Pacific Biometrics, Irvine Ellen Rudnick, 847/205-1429 www.pacbio.com |
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