OraSure Technologies Announces Intercept Oral Fluid Drug Testing Solution to be Marketed by Quest Diagnostics
Terms of the agreement were not disclosed.
Quest Diagnostics is the nations leading provider of drugs of abuse testing, performing more than eight million drugs of abuse tests each year for Fortune 500 companies, government agencies, and sports authorities. It services these customers from six SAMHSA (Substance Abuse and Mental Health Services Administration) certified laboratories.
OraSure Technologies will supply a complete drug-testing service consisting of laboratory equipment, oral fluid collection devices, and assays. The Intercept(R) assays can detect eight common drugs (marijuana, cocaine, opiates, PCP, amphetamines, benzodiazepines, barbiturates, and methadone).
The convenient Intercept(R) collection device allows on-the-spot, observed collection of samples and eliminates the cost, embarrassment and delays associated with urine sample collection. Collected samples are sent to Quest Diagnostics for analysis.
"This important new agreement with Quest provides a major boost to our Intercept(R) marketing efforts," said Robert D. Thompson, OraSure Technologies' Chief Executive Officer. "The timing is ideal. Intercept(R) revenues increased dramatically in 2001, growing by more than $3 million for the year. As oral fluid drug testing enters the mainstream, the interest level in Intercept(R) is at an all-time high and continues to rise.
"The acceptance of oral fluid drug testing has been accelerated by the inclusion of oral fluid testing in the latest draft of the federal workplace drug-testing guidelines (Mandatory Guidelines for Federal Workplace Drug Testing Programs), which was issued on September 5, 2001. Our cumulative experience to date indicates that positive rates with oral fluid drug testing are comparable to urine positive rates, and provides strong anecdotal evidence that oral fluid testing reduces the possibility of avoiding detection by the substitution and adulteration of samples," added Mr. Thompson.
About OraSure TechnologiesOraSure Technologies, Inc. is the market leader in oral fluid diagnostics. The Company develops, manufactures and markets medical devices and diagnostic products for use by insurance companies, public health agencies, clinical laboratories, physicians' offices, and workplace sites. For more information on the Company, please visit www.orasure.com.
About Quest DiagnosticsAdditional company information can be found on the Internet at: www.questdiagnostics.com.
Important InformationThis press release contains certain forward-looking statements with respect to sales, products and markets. Actual results could be significantly different.
Factors that could affect results include the ability to market products; impact of competitors, competing products and technology changes; ability to develop, commercialize and market new products; market acceptance of oral fluid testing products and up-converting phosphor technology products; ability to fund research and development and other projects and operations; ability to obtain and timing of obtaining necessary regulatory approvals; ability to develop product distribution channels; uncertainty relating to patent protection and potential patent infringement claims; ability to enter into international manufacturing agreements; obstacles to international marketing and manufacturing of products; ability to sell products internationally; loss or impairment of sources of capital; exposure to product liability and other types of litigation; changes in international, federal or state laws and regulations; changes in relationships with strategic partners and reliance on strategic partners for the performance of critical activities under collaborative arrangements; changes in accounting practices or interpretation of accounting requirements; equipment failures and ability to obtain needed raw materials and components; and general business and economic conditions.
These and other factors are discussed more fully in the Securities and Exchange Commission filings of OraSure Technologies, including its Annual Report on Form 10-K for the year ended December 31, 2000, and most recent Quarterly Report on Form 10-Q.
Although forward-looking statements help to provide complete information about future prospects, readers should keep in mind that forward-looking statements may not be reliable. The forward-looking statements are made as of the date of this press release and OraSure Technologies undertakes no duty to update these statements.
www.orasure.com
CONTACT: OraSure Technologies Inc.
Ronald H. Spair, 610/882-1820
Investorinfo@orasure.com
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