Printer Friendly

VIRAL TESTING SYSTEMS CORPORATION ACQUIRES RIGHTS TO EXPANDED DISTRIBUTION OF ALL SANOCHEMIA DIAGNOSTIC TESTS INTO GLOBAL MARKETS

 HOUSTON, Feb. 16 /PRNewswire/ -- Viral Testing Systems Corporation (AMEX: VTS) announced today that it has acquired the rights to distribute all of the diagnostic test products developed by its Austrian corporate partner, Sanochemia AG, in all of the Americas, Australia, New Zealand, Taiwan, China, Hong Kong, and certain Asian and Mid East countries.
 The expanded distribution area coincides with closer corporate ties between Sanochemia and VTS. VTS and Sanochemia have established a joint venture which will fund and co-sponsor Sanochemia's ongoing research and development activities and share ownership of the rights and patents to Sanochemia's new products. In exchange for these rights, VTS will issue 233,333 shares of its common stock to Sanochemia and warrants to acquire an additional 150,000 shares for two years at $1.50 per share. This will bring Sanochemia's interest in VTS to approximately 4 percent of VTS' outstanding shares.
 Paul J. Montle, president and chief executive officer of VTS, said that "this close corporate relationship with Sanochemia and expanded distribution area reflects the progress we have made introducing FLUOROGNOST HIV-1 in the United States. We have developed a number of promising distribution opportunities in other countries which we will now be able to pursue immediately. As Sanochemia's research laboratories develop more new products in areas outside the HIV diagnostic test field, we expect to be able to rapidly introduce them in global markets."
 For further information on product development, contact Professor Detlev Baurs-Krey, Viral Testing Systems Corporation, 33 Flying Point Road, Suite 200, Southampton, N.Y. 11968, phone: 516-287-3739.
 For technical and scientific information, contact Dr. Hermann Mucke, Sanochemia, Boltzmanngasse 11, A-1090 Wien, Austria, phone: 01143-1-319-1456.
 For investor relations questions, contact Holly Vaughan, Viral Testing Systems Corporation, Texas Commerce Tower, Suite 4750, 600 Travis, Houston, Texas 77002, phone: 713-228-1544.
 -0- 2/16/93
 /CONTACT: Holly Vaughan of Viral Testing Systems Corporation, 713-228-1544/
 (VTS)


CO: Viral Testing Systems Corporation ST: Texas IN: HEA SU: TNM

WB-OS -- NY077 -- 6913 02/16/93 12:10 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 16, 1993
Words:330
Previous Article:UNITED ASSET MANAGEMENT CORPORATION REPORTS RECORD FOURTH QUARTER AND FULL YEAR RESULTS
Next Article:ITW REPORTS RECORD 1992 FOURTH QUARTER AND FULL YEAR RESULTS
Topics:


Related Articles
THE JOURNAL OF CLINICAL MICROBIOLOGY REPORTS THAT A NEW FDA-APPROVED AIDS TEST WILL IMPROVE SPECIFICITY OF HIV CONFIRMATORY TESTING
VIRAL TESTING SYSTEMS WILL FOCUS ON THE ONLY FDA APPROVED TEST THAT CAN BOTH SCREEN AND CONFIRM FOR HIV
TRAVIS PARTNERS EXERCISES VIRAL TESTING SYSTEMS CORPORATION WARRANTS
VIRAL TESTING SYSTEMS WILL FOCUS ON THE ONLY FDA APPROVED TEST THAT CAN BOTH SCREEN AND CONFIRM FOR HIV; DR. HERMANN MUCKE WILL HEAD R&D
Digene Announces Development Agreement With MedImmune For HPV Testing.
Abbott Laboratories and Promega Corp. announce agreement for molecular diagnostics products.
Sanochemia Diagnostics and N-Dia Announce Licensing of AmniSure.
Sanochemia Diagnostics and N-Dia Announce Licensing of AmniSure(TM).
SANOCHEMIA USA: Operating Activities Commence and HIV-2.
SANOCHEMIA USA: Operating Activities Commence and HIV-2.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters