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.