Business Wire - July 11, 2002
Named Rapid 1-2-3 HEMA, the test has been in development in the United States for the past 18 months. It is an assay that includes a test strip, as well as a state-of-the-art test housing (patents pending), designed to be easy-to-use, efficient, and minimize the possibility of sample cross-contamination. The test will be manufactured and distributed at a low cost outside of North America.
ABMC will manufacture the bulk test strips, a component of the Rapid 1-2-3 HEMA, at its Bridgeport, New Jersey production facility.
"This is an important agreement for ABMC, because it further broadens our efforts in contract manufacturing, as well as in infectious disease diagnostics," said ABMC chairman and chief executive officer Gerald Moore. "The need for diagnostics that offer reliability at a low cost is great, particularly with regard to HIV, and I am sure this product will be welcomed."
"ABMC's reputation for efficiency, as well as its regulatory and quality control programs, made ABMC a clear choice to help with the production of this product," said HDS chairman and president Lawrence Salvo. "Our combined efforts will yield a test that produces consistent results on this product and we intend to incorporate our new and unique design technology into a number of new additional tests targeting other infectious diseases. We realize that a reliable supply of an accurate and low-cost product is necessary and of the utmost importance, not just worldwide, but in developing and third world countries, and we intend to meet those needs.
About Hema Diagnostic Systems
Established in December 2000, Hema Diagnostic Systems is a privately held company located in Miami Beach, Florida, that specializes in the design, manufacture and distribution of rapid diagnostic tests for infectious diseases, using whole blood, serum or plasma. Hema Diagnostic Systems is now in the process of establishing a network for worldwide distribution and also intends to enter into the trial process for U.S. approvals.
About American Bio Medica Corporation
American Bio Medica Corporation is a biotechnology company that develops, manufactures and markets inexpensive, accurate immunoassay diagnostic test kits, including some of the world's most effective on-site drugs-of-abuse tests. The Company and its worldwide distribution network target the workplace, government, corrections, clinical and educational markets. ABMC's Rapid Drug Screen(R), Rapid One(TM) and Rapid Tec(TM) test for the presence or absence of drugs of abuse in urine, while OralStat6(TM) tests for the presence or absence of drugs of abuse in saliva. ABMC was recently listed among the top ten biotechnology companies on the Deloitte & Touche 2001 Technology Fast 500, a ranking of the fastest growing companies in North America.
This release may contain forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause actual results to differ, and such differences could be material. Such risks and uncertainties include, but are not limited to, the following: continued acceptance of the Company's products, increased levels of competition in our industry, the acceptance of new products, inherent risks associated with product development and intellectual property rights, the Company's dependence on key personnel, third party sales and suppliers. There can be no assurance that the Company will be successful in addressing such risks and uncertainties. Investors are strongly encouraged to review the section entitled "Risk Factors" in the Company's annual report on Form 10-KSB for the transition period ended December 31, 2001, and quarterly reports on Form 10-QSB on file with the Securities and Exchange Commission for a discussion of risks and uncertainties that could affect operating results and the market price of the Company's common shares.
CONTACT: American Bio Medica Corporation Gerald A. Moore, 800/227-1243 Fax: 518/758-8171 Email: gerald@americanbiomedica.com Web: www.americanbiomedica.com or HDS Lawrence Salvo, 305/535-6123 Fax: 305/535-0019 Email: LAS@RAPID123.com Web: www.RAPID123.com
SOURCE: American Bio Medica Corporation
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