Novation Signs Single Source Agreement for OraQuick(R) ADVANCE(TM) Rapid HIV-1/2 Antibody Test
BETHLEHEM, Pa.--(BUSINESS WIRE)--April 19, 2006--OraSure Technologies, Inc. (NASDAQ: OSUR) today announced that Novation, the health care contracting services company of VHA, Inc., a health care provider alliance of more than 2,400 not-for-profit health care organizations, and the University HealthSystem Consortium (UHC), has signed an agreement with Abbott Laboratories to make the OraQuick(R) ADVANCE(TM) Rapid HIV-1/2 Antibody Test available throughout Novation's network of healthcare facilities. The Novation healthcare network includes nearly 3,000 members.
Abbott Laboratories, the Company's exclusive distributor of the OraQuick(R) ADVANCE(TM) HIV-1/2 test to hospitals in the U.S., has signed a single-source new technology agreement with Novation. The contract began on April 1, 2006 and will run through March 31, 2009.
Providing results in as little as 20 minutes, OraQuick(R) ADVANCE(TM) is the only rapid, point-of-care test for the detection of antibodies to both HIV-1 and HIV-2 approved by the U.S. Food and Drug Administration (FDA) for use on oral fluid, finger stick or venipuncture whole blood, and plasma specimens. The test is also CLIA (Clinical Laboratory Improvements Amendments Act of 1988) waived for all specimen types except plasma. OraSure Technologies commercially launched the OraQuick(R) ADVANCE(TM) test in October 2004.
"This agreement should expand the use of OraQuick(R) ADVANCE(TM) in VHA and UHC hospitals, providing these facilities with the most flexible, accurate rapid HIV-1/2 test available," said Douglas A. Michels, President and CEO of OraSure Technologies. "We look forward to working with Abbott and Novation to make the OraQuick(R) ADVANCE(TM) test available as a valuable tool in the fight against HIV/AIDS - particularly in hospital emergency departments and labor and delivery settings."
The U.S. Centers for Disease Control and Prevention (CDC) issued draft guidelines in 2005 that urged healthcare professionals to increase HIV testing among age-appropriate patients in hospital emergency departments and pregnant women whose HIV status is unknown. The CDC reported that conducting HIV screening on presenting mothers could result in virtually eliminating all mother-to-infant disease transmission among those found to be preliminarily positive and treated prior to delivery.
About OraSure Technologies
OraSure Technologies develops, manufactures and markets oral fluid specimen collection devices using proprietary oral fluid technologies, diagnostic products including immunoassays and other in vitro diagnostic tests, and other medical devices. These products are sold in the United States as well as internationally to various clinical laboratories, hospitals, clinics, community-based organizations and other public health organizations, distributors, government agencies, physicians' offices, and commercial and industrial entities.
OraSure Technologies is the leading supplier of oral-fluid collection devices and assays to the life insurance industry and public health markets for the detection of HIV. In addition, the Company supplies oral-fluid testing solutions for drugs of abuse testing. For more information on the Company, please go to www.orasure.com.
Important Information
This press release contains certain forward-looking statements, including with respect to product distribution, use and sales. 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 other new products or technology; ability to fund research and development and other projects and operations; ability to obtain and maintain new or existing product distribution channels; reliance on sole supply sources for critical product components; availability of related products produced by third parties; ability to obtain, and timing of obtaining, necessary regulatory approvals; ability to comply with applicable regulatory requirements; history of losses and ability to achieve sustained profitability; volatility of our stock price; uncertainty relating to patent protection and potential patent infringement claims; uncertainty and costs of litigation relating to patents and other intellectual property; availability of licenses to patents or other technology; 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; ability to meet financial covenants in agreements with financial institutions; ability to retain qualified personnel; exposure to product liability, patent infringement, 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; customer consolidations and inventory practices; equipment failures and ability to obtain needed raw materials and components; the impact of terrorist attacks and civil unrest; ability to complete consolidation or restructuring activities; ability to identify, complete and realize the full benefits of potential acquisitions; and general political, business and economic conditions. These and other factors are discussed more fully in the Securities and Exchange Commission ("SEC") filings of OraSure Technologies, including its registration statements, its Annual Report on Form 10-K for the year ended December 31, 2005, its Quarterly Reports on Form 10-Q, and its other filings with the SEC. 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.
CONTACT: OraSure Technologies
Investor Contact:
Ronald H. Spair, 610-882-1820
Investorinfo@orasure.com
www.orasure.com
or
Media Contacts:
Ron Ticho, 610-360-0205
rticho@orasure.com
or
Jennifer Moritz, 917-748-4006
jmoritz@0to5.com
SOURCE: OraSure Technologies, Inc.
