Important note: Information in this article was accurate in 1996. The state of the art may have changed since the publication date.
PR Newswire, 810 Seventh Avenue, New York, NY 10019 - Wednesday, 2 October 1996
The test devices, including those for HIV, cholera, diabetes and pregnancy, have been shown to be among the fastest, most sensitive and cost-effective medical tests in the world.
Dr. Gaston Oxman and Dr. Jaime Puccio, respectively president and chairman of Novatek, told an audience of stockholders, U.S. and foreign health officials and other dignitaries how they have been able to establish joint venture agreements in countries such as Chile, Brazil and Argentina. "The trend in Latin America now is to get away from central government and quasi- government control," said Dr. Oxman. "The governments themselves realize that private involvement is a positive way to increase development.
The joint venture agreements with Novatek provide them not only a share of the profits, but the ability to eventually manufacture and distribute the devices themselves, and promote `transfer technology' to their countries."
Dr. Niel T. Constantine, Director of the Clinical Immunology Laboratory at the University of Maryland Medical Centers Department of Clinical Pathology, pointed out the importance of rapid result tests, especially in detection of the HIV virus. "Every day there are approximately 8,000 more people infected with the virus worldwide; 1,000 infected even as we meet," he noted.
Dr. Constantine, who is currently running clinical trials of Universal Health Watch's QUIX(TM) HIV 1&2 Sero Test, stated that there is a long list of point-of-care testing venues in which these rapid result tests would be of great benefit, such as emergency situations, physician's offices, and funeral homes. "With thousands of needle-stick injuries per week, and more than 15,000 exposures to HIV-infected blood per year by U.S. healthcare workers alone, quick diagnosis would allow for immediate treatment, which is now recommended," said Constantine.
According to David Bernstein, president of Universal Health Research and Development, Inc., "There have been over one million new cholera victims in Latin America since 1991, which speaks to the need for a test like Universal's five-minute QUIX(TM) Rapid Cholera Strip."
Bernstein noted that with rapid result testing, "The effects of these epidemics on individual suffering, healthcare systems, commerce, tourism and travel in the affected countries would be significantly lessened."
Novatek is currently in the process of negotiating similar agreements with Mexico and other countries in South America. In other business at the meeting, the shareholders unanimously voted to elect three new board members and to permit the option to change the name of the company to "Medical Diagnostics Products, Inc."
Novatek International, Inc., a Boynton Beach, Florida-based firm, has exclusive rights to market and distribute Universal Health Watch, Inc.'s rapid result diagnostic strip test devices in South America and the Bahamas.
CONTACT: Mindy L. Gaynor, 202-659-0330, or Mary Maguire, 202-659-0330, both for Novatek
Copyright (c) 1996/PR NewsWire. Reproduced with permission. Reproduction of this article (other than one copy for personal reference) must be cleared through the Permissions Desk, PR Newswire, 810 Seventh Avenue, New York, NY 10019.
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