QUANTECH LTD. TO ACQUIRE HYBRILOGIC CORP.
ST. PAUL, Minn., July 27 /PRNewswire/ -- Quantech Ltd. (NASDAQ: QQQQ) today announced that it has executed a letter of intent with the Portland, Ore., based company, HybriLogic Corp., to acquire all of its outstanding stock in exchange for approximately 600,000 shares of Quantech Ltd. HybriLogic Corp. is a privately held profitable company specializing in the manufacture and sale of antibodies for use in diagnostic testing. Its current customer base includes such institutions as the Scripps Institute. HybriLogic has conducted preliminary work in the area of "anti-idiotypic cancer therapeutics," a method of treatment, to be employed in conjunction with other methods, and, hopefully, is effective in the amelioration of many forms of cancer. It is the intent of Quantech Ltd. to support the development of HybriLogic Corp.'s compounds while focusing on the base business of HybriLogic. The acquisition will also provide the antibody development needed for Quantech's diagnostic SPR system without reliance on outside sources or expansion of the Quantech facility. HybriLogic will continue to operate under the presidency of Dr. Paul Yoshihara as a wholly owned subsidiary of Quantech Ltd. Dr. Robert McKiel, vice president of Quantech Ltd., and Yoshihara of HybriLogic believe that the synergistic relationship of the companies will lead to rapid commercialization of Quantech's SPR instrument and disposable line. Further, the infrastructure expansion of HybriLogic, as provided by Quantech, will enable it to expand its sales and marketing base rapidly into a broader, more profitable field. -0- 7/27/93 /CONTACT: Jill Miller, co. relations mgr., 612-647-6370, of Quantech/ (QQQQ)
CO: Quantech Ltd.; HybriLogic Corp. ST: Minnesota, Oregon IN: MTC SU: TNM
DB -- MN024 -- 6484 07/27/93 17:53 EDT
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|Date:||Jul 27, 1993|
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