Grant Life Sciences Expects to Begin Generating Revenues from Sales of its Rapid Tests for Malaria and Dengue Fever Before Year's End Monday October 24, 9:45 am ET Products are now being manufactured and prepared for shipment to distribution channels that are already in place
MURRAY, Utah--(BUSINESS WIRE)--Oct. 24, 2005-- Grant Life Sciences (OTC Bulletin Board: GLIF - News) announced today that it expects to begin generating revenues this year, possibly within 30 days, on sales of its rapid tests for Malaria and Dengue Fever. These products, along with rapid tests for HIV-1 and HIV-2, were acquired earlier this year from AccuDx Corp., a biotechnology company based in La Jolla, Calif., founded by Ravi Pottahil, Ph.D., one of the world's leading authorities in the field of HIV/AIDS diagnostics and therapeutics. (Dr. Pottahil was the section manager for retroviruses and tumor markers and PCR diagnostics at Hoffman-La Roche from 1985 to 1992, when he co-founded Specialty BioSystems with Specialty Laboratories, one of the largest independent reference laboratories in California. Dr. Pottathil also was an advisor to the World Health Organization's Sexually Transmitted Diseases and Global Vaccination program.) Under the agreement with AccuDx, Grant Life Sciences controls the exclusive rights to AccuDx's rapid tests, as well as AccuDx's proprietary colloidal gold reagent. In addition, the agreement established the right for Grant Life Sciences to manufacture these products in AccuDx's 'maquiladora'-modeled contract facility in Tijuana, Mexico, which is registered with the FDA and is ISO 9002-certified. Dr. Pottahil is assisting Grant Life Sciences in expanding its product line to include rapid tests for Hepatitis, Rubella, and other common diseases.
"We are very pleased to report that Grant Life Sciences has been successful in re-establishing the first of several distribution channels previously utilized by AccuDx," said Dr. Hun-Chi Lin, President and Chief Scientist at Grant Life Sciences. "Indeed, we expect to have a working marketing-and-sales mechanism in place prior to the approval necessary for us distribute our blood tests in all of the major foreign markets," added Dr. Lin. "While we are very excited by the opportunity to begin generating revenues soon, this situation also solidly positions Grant Life Sciences for the eventual manufacturing and distribution of our core product, the immunological serum-based test for detecting Cervical Cancer and its precursors," Dr. Lin concluded.
"Having our manufacturing operations in place and our distribution channels ready is the most significant milestone yet for Grant Life Sciences," said Stan Yakatan, Chairman of Grant Life Sciences. "Being able to generate revenues from our products in specialty diagnostic markets outside of the U.S. will provide us with some of the resources necessary to move us forward with the clinical validation of our core product, a rapid test for detecting cervical cancer."
About Grant Life Sciences Inc.
Grant Life Sciences Inc. develops products to improve the efficiency of detecting and diagnosing cervical cancer, including a sensitive, reliable, non-invasive, point-of-care test. The diagnostic assay being developed by the Company has initial clinical validation indicating superior sensitivity and specificity in detecting cervical cancer and its precursors, a disease that kills in excess of 300,000 women annually. Currently there are more than 120 million cervical screening tests administered annually in the U.S. and Europe. More than 120 million eligible women 20+ years old in developed nations still do not get Pap smears, and globally more than 1.7 billion over the age of 20 have never been checked due to cultural, religious or economic reasons. Further information is available at: www.grantlifesciences.com.Posts: 211 | Registered: Oct 2004
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