SOURCE: Bio-Quant, Inc.
Bio-Quant Awarded the Department of Defense Sponsored -SPAWAR- Center for Commercialization of Advanced Technology -CCAT- Grant.
Company Using its Mutliplex Absorbance ELISA Technology To Develop First 1 hour Blood Multiplex West Nile Virus/St Louis Encephalitis Virus Testing Kit.
SAN DIEGO--April 28, 2003-- Bio-Quant, Inc. today announced that it has been awarded a Department of Defense sponsored Center for Commercialization of Advanced Technology (CCAT) grant.
The grant will be used to develop the first 1-hour blood multiplex West Nile Virus/St-Louis Encephalitis Virus Testing Kit using the company's proprietary Multiplex Absorbance Technology (AMT). The AMT technology was developed with the objective of providing from the same testing sample information of the presence and stage of a particular disease or infectious agent.
According to Dr. Damaj, Bio-Quant' President & CEO and inventor of the AMT technology, ``The grant will partially support the development of the company's first second multiplex diagnostic testing kit, which anticipates the filing of the FDA 510k for marketing clearance in the U.S. within 6 months. The selection of Bio-Quant's AMT technology among many applicants is an important step in the recognition of the validity, importance and uses of such technology in the detection of bioterroristic agents and the acceleration of disease diagnosis and prognosis. CCAT’s decision to grant Bio-Quant a second award represents a definitive confirmation of the success of the AMT technology and the Company behind it. The Company is planning to use its technology to develop multiplex testing kits for plague and small pox and other potential bioterroristic agents.''
AMT is a novel and advanced version of Enzyme Linked Immunosorbant Assay (ELISA) with the ability to detect multiple markers from the same blood sample and at the same time. The AMT is a breakthrough in the filed of diagnostics because it gives the physician information on the presence and stage of a disease. Expanded application of the technology allows the detection of multiple diseases from the same patient sample.
About Bio-Quant, Inc.
Bio-Quant translates scientific discoveries into safer, more effective topical treatments for people with immune and other life threatening diseases. Armed with a proprietary natural product chemical library, an in-house developed drug screening platform, and state-of-the-art translational research tools, the company has developed a robust revenue- generating product pipeline. In addition, the Company has novel types of disease diagnosis called ``Multiplex Technologies'' that permits the simultaneous detection of multiple diseases at the same time and from the same sample in blood, urine and tissues. For more information, visit Bio-Quant's web site at www.bio-quant.com.
About the Center for Commercialization of Advanced Technology (CCAT)
CCAT - supported by Congress and funded by the Department of Defense - is a public-private collaborative partnership between academia, industry, and government. Partners include San Diego State University (SDSU) Foundation and Entrepreneurial Management Center, the University of California, San Diego (UCSD) Jacobs School of Engineering and UCSD CONNECT, and ORINCON Technologies, Inc. with support from the Space and Naval Warfare Systems Center, San Diego. The consortium-style CCAT intends to bridge the gap that exists between the generators of technology, the Department of Defense and the commercial marketplace. For more information about CCAT, visit www.ccatsandiego.org.
When used anywhere in this document, the words ``expects'', ``believes'', ``anticipates'', ``estimates'' and similar expressions are intended to identify forward-looking statements. Forward-looking statements herein may include statements addressing future financial and operating results of Bio-Quant and the timing, benefits and other aspects of the proposed merger. Bio-Quant has based these forward-looking statements on its current expectations about future events. Such statements are subject to risks and uncertainties including, but not limited to, the successful implementation of Bio-Quant's strategic plans, the acceptance of new products, the obsolescence of existing products, the resolution of existing and potential future patent issues.
These risks and uncertainties could cause actual results to differ materially from results expressed or implied by forward-looking statements contained in this document. These forward-looking statements speak only as of the date of this document. Bio-Quant disclaims any undertaking to publicly update or revise any forward-looking statements contained herein to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
Contact:
Porter, LeVay & Rose, Inc.
Michael J. Porter, President 212/564-4700
or
Bio-Quant, Inc.
Bassam Damaj, Ph.D., CEO & CSO 858/663-1159