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|ABAXIS and University of Pennsylvania Establish the ABAXIS Term Chair For Special Species|
UNION CITY, Calif., Oct 3, 2003 /PRNewswire-FirstCall via COMTEX/ -- ABAXIS, Inc. (Nasdaq: ABAX), a medical products company manufacturing point-of-care blood analysis systems, and the University of Pennsylvania, announced today that they have established the ABAXIS Term Chair for Special Species at the School of Veterinary Medicine. This Term Chair will support advanced research in diagnostics and treatment of special species.
"ABAXIS is making a major thrust to develop improved diagnostic approaches in the area of special species," said Kenneth Aron, Ph.D., Vice President of Research and Development at ABAXIS. "Special species, particularly birds and reptiles, are presently the fastest growing segment of veterinary practices. Given the small sample requirement of the ABAXIS VetScan and also its fast turn-around time for results, the VetScan platform is particularly well suited for treatment of these species. However, because of the range and number of different avian and reptilian species, there still remains much research to be carried out to optimize treatment options and decisions for many of these special species.
Dr. Aron continued, "At ABAXIS we hope that by establishing a Chair solely dedicated to special species we'll be participating in the commitment to bring improved diagnostics to this rapidly growing segment. ABAXIS has been working with the Special Species Group at the School of Veterinary Medicine at the University of Pennsylvania since we began development of our Avian Reptilian Rotor several years ago. Based on these years of collaboration, we're certain with this new Chair that Penn will make substantial progress in advancing diagnostics for these species."
"We're pleased to be supporting this effort at the University of Pennsylvania," added Clint Severson, Chairman, President and CEO of ABAXIS. "The Ryan Veterinary Hospital at Penn, which is the busiest veterinary teaching hospital in the country, sees more than 28,000 small animal patient visits a year. This gives ABAXIS a unique opportunity to support research by one of the leading groups dedicated solely to Special Species. We feel that by supporting academic research efforts, we'll be moving towards our goal of bringing improved diagnostics to veterinary practices."
ABAXIS develops, manufactures and markets portable blood analysis systems for use in any patient-care setting to provide clinicians with rapid blood constituent measurements. The system consists of a compact, 6.9 kilogram, portable analyzer and a series of 8-cm diameter single-use plastic disks, called reagent discs, which contain all the reagents necessary to perform a fixed menu of tests. The system can be operated with minimal training and perform multiple tests on whole blood, serum, or plasma. The system provides test results in less than 14 minutes with the precision and accuracy equivalent to a clinical laboratory.
This press release includes statements that constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Reform Act"). ABAXIS claims the protection of the safe-harbor for forward-looking statements contained in the Reform Act. These forward- looking statements are often characterized by the terms "may," "believes," "projects," "expects," or "anticipates," and do not reflect historical facts. Specific forward-looking statements contained in this press release include, but are not limited to, risks and uncertainties related to the market acceptance of the Company's products and the continuing development of its products, risks associated with manufacturing and distributing its products on a commercial scale, risks associated with entering the human diagnostic market on a larger scale, risks stemming from further possible terrorist attacks after September 11, risks involved in carrying of inventory, risks from unexpected problems or delays in the Company's new manufacturing facility, risks associated with the ability to attract and retain competent sales personnel, general market conditions, competition, risks and uncertainties related to its ability to raise capital in order to fund its operations and other risks detailed from time to time in ABAXIS' periodic reports filed with the United States Securities and Exchange Commission. Forward-looking statements speak only as of the date the statement was made. ABAXIS does not undertake and specifically disclaims any obligation to update any forward- looking statements.
SOURCE ABAXIS, Inc.
Clint Severson, Chief Executive Officer of ABAXIS, Inc., +1-510-675-6500; or Retail: Joe Dorame, Institutional/Analysts: Joe Diaz, or Media: Jeff Stanlis, all of RCG Capital Markets Group, +1-480-675-0400, for ABAXIS, Inc.