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
2006-10-03 09:39 ET - News Release
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. Contacts:
Grant Life Sciences Inc. Don Rutherford, 949-521-1232
Source: Grant Life Sciences Inc.
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