DENVER, Nov. 1 /PRNewswire/ -- Accelr8 Technology Corporation
(Nasdaq: ACLY) announced today the signing of a non-binding letter of intent
to acquire 100% ownership of OpTest(TM) technology from DDx, Inc., a privately
owned Colorado corporation located in Denver, Colorado. The acquisition is
subject to the completion of satisfactory due diligence and certain other
conditions.
The OpTest(TM) platform technologies have a wide range of potential
applications to human and veterinary clinical and point of care diagnostics.
The technologies are being developed as easy to use, cost-effective, highly
sensitive and portable systems for rapid detection and quantification of
molecular and microscopic scale affinity binding events. The potential
applications include detecting or measuring toxic bacteria, such as
E. coli O157:H7 or salmonella, in food, water and beverages and their
processing; detecting human and animal diseases; high throughput screening to
accelerate discovery of new drugs and drug targets; genetic identification for
medical predisposition, susceptibility, profiling, therapeutic design, and
forensics; Ag/biotech genome modification and expression; research in
molecular biology, cell biology, immunology, and biochemistry; and detecting
biowarfare agents.
The terms of the agreement call for $500,000 cash and the issuance of
approximately 1,925,000 Accelr8 common shares. The transaction is valued at
$3,000,000 and contemplates a commitment from Accelr8 to invest up to an
additional $1,000,000 in research and development over the next 12 months.
The transaction is expected to close by 12/31/2000.
Thomas Geimer, Chairman of Accelr8, noted that this is the first of
several acquisitions that Accelr8 expects to make as it broadens its corporate
footprint beyond software modernization solutions for legacy hardware systems.
"It is Accelr8's goal to enhance its shareholder value by leveraging its
substantial cash position into proven leading edge technologies that include
biotech, medical and computer related technologies," Geimer said.
OpTest(TM) has two related lines of proprietary development, Digital
Assay(TM) and OptiChem(TM). Digital Assay(TM) integrates optics,
instrumentation, and OptiChem(TM) for optimal performance. OptiChem(TM) is an
innovative surface chemistry material and process used to create ultra-low
background by reducing non-specific binding. Digital Assay(TM) works best in
conjunction with OptiChem(TM), but the technologies can stand alone as
separate businesses. Certain of the technologies are revolutionary in that
they enable single binding event detection, a critical level of sensitivity
for several biomedical and biotech markets.
The acquisition of the OpTest(TM) technology is intended to provide the
basis for the continued development and commercialization of the technologies.
Accelr8 will actively pursue joint development and licensing opportunities
with other biotech companies that can utilize the OpTest(TM) platforms for
advancing their respective development cycles.
Certain statements in this news release may be "forward-looking
statements" within the meaning of Section 27A of the Securities Act of 1933,
as amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Statements regarding future prospects and developments are based
upon current expectations and involve certain risks and uncertainties that
could cause actual results and developments to differ materially from the
forward-looking statement, including those detailed in the company's filings
with the Securities and Exchange Commission.
For more information on OpTest(TM) technologies, visit OpTest(TM) at
http://www.optest.com. Accelr8 Technology, headquartered in Denver, Colorado, offers
legacy systems modernization solutions. Contact Accelr8 at http://www.accelr8.com.
SOURCE Accelr8 Technology Corporation
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Related links:
http://www.accelr8.com
Company News On-Call:
http://www.prnewswire.com/comp/124139.html or fax,
800-758-5804, ext. 124139
CONTACT:
Tom Geimer of Accelr8 Technology Corporation,
303-863-8088
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