Accelr8 Announces Interim Plan and Advanced Studies
October 13 2011 - 7:00AM
Business Wire
Accelr8 Technology Corporation (NYSE Amex: AXK) announced
that upon reaching the end of its technology evaluation agreement
with Novartis (Sep 30, 2011), discussion has now shifted to
searching within Novartis for funding vehicles. This transition
follows Novartis business analyses and successful Proof of Concept
technical studies conducted jointly between the companies.
Accelr8’s management concluded that in addition to successful
technical studies, the findings from a number of independent
business analyses and advisory boards have been concordant with
Accelr8’s market assessments and pricing assumptions.
During this period of funding exploration, no standstill or
first-right conditions remain in effect that bar Accelr8 from
pursuing alternatives outside of Novartis. Recently, Accelr8 has
been in discussions with other companies for BACcel™ applications
that complement clinical diagnostics, such as pharma development.
With the expiration of restrictive terms in the prior Novartis
agreements, Accelr8 is now opening discussions with clinical
diagnostics companies.
According to David Howson, Accelr8’s president, “Recent
reorganization in the Novartis Vaccines and Diagnostics division
has delayed project decisions until the reorganization is
completed. But, thanks to Novartis, Accelr8 is on a rapid
development path. To maintain momentum we are taking direct action
to develop additional paths to finish the product development.”
“At the same time, we are completing formal technical studies
that are already underway with Novartis. These include Proof of
Concept studies with positive blood cultures containing complex
Gram-negative organisms that express broad-spectrum resistance. Our
objective is to present the results at the next available
international clinical congress. Finally, we expect a corporate
update from Novartis before Thanksgiving,” Howson concluded.
About Accelr8
Accelr8 Technology Corporation (www.accelr8.com) is a developer of innovative
materials and instrumentation for advanced applications in medical
instrumentation, basic research, drug discovery, and bio-detection.
Accelr8 is developing a rapid analytical platform for infectious
pathogens, the BACcel™ system, based on its innovative surface
coatings, assay processing, and detection technologies. In
addition, Accelr8 licenses certain of its proprietary technology
for use in applications outside of Accelr8’s own products.
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. Accelr8 does not undertake
an obligation to publicly update or revise any forward-looking
statements, whether as a result of new information or future
events.
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