DIANON SYSTEMS INC. ANNOUNCES TECHNOLOGY LICENSING AGREEMENT AND EQUITY INVESTMENT WITH APROGENEX, INC.
STRATFORD, Conn., June 9 /PRNewswire/ -- DIANON Systems, Inc. (NASDAQ: DIAN) announced today that an agreement has been reached with Aprogenex, Inc. for a strategic alliance in the area of genetic testing. Under the terms of the agreement, DIANON has licensed for a specific term Aprogenex' DNA probe technology designed to identify certain chromosome abnormalities in fetal cells separated from the maternal circulation. Additionally, DIANON will have the right of first refusal for any exclusive license to future genetic technologies developed by Aprogenex. The agreement includes a license fee and royalty payments. DIANON will also purchase approximately $700,000 of Aprogenex convertible preferred stock and warrants to purchase additional shares of convertible preferred stock. As part of the agreement, Jack Davis, president and Co-CEO of DIANON, will join the Aprogenex board of directors. Aprogenex of Houston, Texas, uses proprietary DNA probe technology in the development of medical diagnostic products focused in genetics, oncology, virology and microbiology. James B. Amberson, M.D., vice president of marketing at DIANON, noted that, "The technology licensed to DIANON is designed to identify the rare fetal cells circulating in the mother's blood and to analyze those cells for the presence of genetic defects. We believe this technology will offer our customers the promise of major improvements in the accuracy of blood screening for fetal abnormalities as well as avoiding the cost and risk associated with amniocentesis." DIANON Systems is a leading provider of innovative testing services and diagnostic information to cancer treating physicians and gynecologists in the United States and Europe. -0- 6/9/93 /CONTACT: Richard A. Sandberg, chairman and co-chief executive officer, 203-381-4022, or John P. Davis, president and co-chief executive officer, 203-381-4033, both of DIANON Systems, Inc./ (DIAN)
CO: DIANON Systems, Inc.; Aprogenex, Inc. ST: Connecticut IN: MTC SU: LIC
TM -- NY003 -- 6851 06/09/93 08:00 EDT
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|Date:||Jun 9, 1993|
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