Pacific Biometrics Announces Letter of Intent to Acquire Rights to Patch Technology
IRVINE, Calif.–(BW HealthWire)–Sept. 18, 1997–Pacific Biometrics Inc. (NASDAQ:PBMI) Thursday announced that it has signed a letter of intent with Sudormed Inc. and Sudor Partners to acquire an exclusive worldwide license to all applications of Sudor Partners’ skin patch technology for diagnostic applications except for those relating to alcohol and drugs of abuse.
Sudormed and Sudor Partners are the licensors of the skin patch for the application of measuring bone loss markers in sweat which is the basis for the company’s Osteopatch system currently in clinical trials.
Subject to due diligence and execution of definitive agreements by Dec. 31, 1997, the company will pay Sudor Partners $2.8 million over a 15 month period with an ongoing royalty payment based on the sales of products developed from this technology.
Paul Kanan, Pacific Biometrics president and chief executive officer, commented: “This offers a tremendous opportunity for us to develop a series of innovative diagnostic products that are convenient and inexpensive to use.
“Upon completion of an agreement for the expanded use of the patch technology, the company will broaden its platform technology, build on its research expertise from the Osteopatch development, and strengthen its position in the non-invasive testing marketplace.”
This sweat collection device consists of a unique gas-permeable membrane with adhesive on one side, and a cellulose fiber pad that serves as an absorbent matrix. It can be worn on the skin for several days during which time it accumulates and concentrates certain analytes in sweat on the absorbent pad. This enables the sweat patch to provide a time-integrated sample that reflects the average concentration of an analyte over time.
The company is developing proprietary methods and assays for extracting and measuring these analytes. The patch technology is protected by 11 patents with an additional four patents pending.
Sweat is, under certain circumstances, an ideal body fluid for analysis in the determination of clinical status. Its similarity to blood in terms of its biological content renders it suitable for analyzing a wide range of analytes.
Small diffusable molecules can be found in sweat in concentrations approaching those in blood. The company intends to examine the potential for the sweat patch technology in areas such as cardiovascular disease, cancer and pediatrics.
Pacific Biometrics is an early stage company engaged in non-invasive diagnostics and laboratory services to improve the detection and management of chronic diseases. -0-
This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These statements are subject to uncertainties and risks including, but not limited to, the ability to complete due diligence and negotiate a definitive agreement and the ability to successfully identify and develop additional patch applications and the ability to raise sufficient capital to do so, of which there can be no assurance.
CONTACT: Pacific Biometrics, Irvine
Ellen Rudnick, 847/205-1429
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