Message #10 From:
NewsBot Date: October 3, 2006 06:39:00 AM
GLIF News Grant Life Sciences ('Grant') extends to Oct. 15, 2006, a Memorandum of Understanding with Diagnostic Technologies Ltd. ('DTL') to develop and commercialize Grant's cervical cancer-diagnostic platform
LOS ANGELES--(BUSINESS WIRE)--Grant Life Sciences Inc. (OTC Bulletin Board: GLIF) announced today that
it has extended to Oct. 15, 2006, a Memorandum of Understanding (MOU)
with Israel-based Diagnostic Technologies Ltd. (DTL) related to Grant’s
cervical cancer-diagnostic technology (U.S. Patent No. 6,743,593).
Assuming acceptable due diligence by DTL, the definitive Licensing
Agreement would include an upfront licensing fee of $250,000 paid to
Grant. In addition, DTL would conduct all product development at its own
cost, including clinical trials, associated with the commercialization
of products developed from Grant’s cervical
cancer-diagnostic technology. Upon commercialization, DTL would pay
Grant an ongoing royalty on sales of the products developed, according
to the definitive Licensing Agreement.
The extension of the MOU between Grant and DTL has been made necessary
because DTL’s business activities were
significantly hindered as a result of the 2006 Israel/Lebanon conflict,
which occurred between July 12 and August 14, 2006.
The definitive Licensing Agreement is expected to be signed by DTL
following appropriate due diligence and a feasibility test. Upon
signing, DTL will immediately assume all of the costs associated with
turning Grant’s core technology related to
cervical-cancer diagnostics into a commercially viable product. The
diagnostic product based on Grant’s
technology will augment and complement DTL’s
suite of diagnostics targeted at the women’s
health market.
“We remain very excited about our potential
partnership with DTL, as it will represent one of the most important
milestones in the evolution of our company once it is finalized,”
said Hun-Chi Lin, Ph.D., Grant’s President
and Chief Scientist. “We believe a two-month
extension of the due diligence period is quite fair to DTL, given the
hardships DTL suffered as a result of the recent war between Israel and
Lebanon.”
“A partnership with DTL would afford Grant
the opportunity to focus efforts on ramping up revenues from sales in
Asia of our rapid AccuDx tests for Malaria and Dengue Fever and other
deadly diseases,” added Dr. Lin. “We
expect to continue to drive new-business development efforts related to
this product line throughout Asia. Certainly, our recent announcement
that Grant has received a purchase order from an arm of the Indian
government for two million of our point-of-care, ‘rapid’
malaria tests, to be delivered by year-end, bears strong testimony to
the viability of our strategy.”
About Diagnostic Technologies Ltd. (DTL)
DTL, based in Haifa, Israel, is a public company that has licensed from
Technion a technology for the prediction of the risk of preeclampsia in
maternal serum. According to the CDC, preeclampsia affects five to seven
percent of all pregnant women and can result in: loss of life;
blindness; motor and mental disorders or premature newborns; pregnancy
hypertension; and kidney, liver and cardiovascular malfunctioning. It is
estimated that nearly $30 billion is spent today in healthcare costs to
treat women with preeclampsia and their newborns. DTL’s
simple blood test for the early prediction of preeclampsia is now in
clinical trials. TEUZA, an Israeli venture fund, is the major investor
in the Company. On Jan. 31, 2006, PerkinElmer, Inc., announced that it
had secured the exclusive global rights to the test for identifying
patients at risk for preeclampsia developed by DTL.
About Grant Life Sciences Inc.
Grant Life Sciences Inc. (OTC BB:GLIF.OB), a development stage company,
engages in the research, development, marketing, and sale of diagnostic
kits for the screening, monitoring, and diagnosis of diseases with
emphasis on women’s health, infectious
diseases, and cancers.
Forward-Looking Safe Harbor Statement
With the exception of historical information, the matters discussed in
this press release are "forward-looking statements" that involve a
number of risks and uncertainties. The actual future results of Grant
Life Sciences could differ significantly from those statements. Factors
that could cause actual results to differ materially include risks and
uncertainties such as the inability to finance the company's operations
or expansion, inability to hire and retain qualified personnel, changes
in the general economic climate, including rising interest rates and
unanticipated events such as terrorist activities, results of clinical
trials, and market acceptance of the Company's products. In some cases,
"forward-looking statements" can be identified by terminology such as
"may," "will," "should," "expect," "plan," "anticipate," "believe,"
"estimate," "predict," "potential" or "continue," or other comparable
terminology. Although Grant Life Sciences believes that the expectations
reflected in the "forward-looking" statements are reasonable, such
statements should not be regarded as a representation by the Company, or
any other person, that such "forward-looking statements" will be
achieved. Grant Life Sciences undertakes no duty to update any of the
"forward-looking statements," whether as a result of new information,
future events or otherwise. In light of the foregoing, readers are
cautioned not to place undue reliance on such "forward-looking
statements." For further risk factors associated with our Company,
review our SEC filings.
