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Gruss E.
Sontra Enters into Licensing Agreement with Bayer Diagnostics for Sontra's Continuous Non-Invasive Glucose Monitoring Technology
FRANKLIN, Mass., Jul 29, 2003 /PRNewswire-FirstCall via COMTEX/ -- Sontra
Medical Corporation (Nasdaq SC: SONT), today announced the signing of a patent
and technology licensing agreement with the Diagnostics Division of Bayer
HealthCare LLC, a member of the Bayer Group (NYSE: BAY). Under the terms of the
agreement, Bayer has been granted exclusive worldwide rights to the intellectual
property in Sontra's SonoPrep(TM) ultrasonic skin permeation technology for the
continuous non-invasive glucose monitoring field. Bayer has agreed to pay Sontra
$1.5 million by January 15, 2004 in exchange for this exclusive license.
Bayer and Sontra also anticipate a strategic collaboration between the companies
to develop and commercialize a non-invasive glucose monitor that incorporates
Sontra's ultrasonic skin permeation and biosensor technologies. The
collaboration will be structured as a product development program under which
the parties expect to enter into future agreements covering the completion of
product development and clinical trials necessary to obtain FDA approval. The
parties anticipate that at the end of the first phase of collaboration, Bayer
will make an additional milestone payment to Sontra. During the second phase of
the collaboration, the parties anticipate that Bayer and Sontra will enter into
a manufacturing supply and royalty agreement under which Sontra would be the
exclusive manufacturer of the SonoPrep(R) skin permeation device. If Bayer
elects not to continue development of the product with Sontra, the license would
convert to a co-exclusive license and Sontra would receive royalty payments
based on net sales of the product sold by Bayer that uses the licensed
intellectual property and technology.
Joe Martin, Senior Vice President and General Manager, Bayer Diagnostics stated,
"We are delighted to have the opportunity to license Sontra's ultrasonic skin
permeation and biosensor technologies and to work with Sontra to develop and
commercialize glucose monitoring systems. We believe that Sontra's technology
has the potential to address major unmet market needs."
Thomas W. Davison, Ph.D., Chief Executive and President of Sontra stated, "We
are pleased to have partnered with Bayer, a world-class company and one of the
leaders in the rapidly growing $5 billion home glucose testing market. We expect
that the combination of Bayer's and our technical resources will result in the
acceleration of the development and commercialization of our Symphony glucose
monitor".
The $1.5 million licensing fee payable by January 15, 2004 by Bayer to Sontra is
subject to (i) Sontra's receipt from the Nasdaq Listing Qualifications Panel of
an exception from the Nasdaq SmallCap Market's minimum $2.5 million
stockholders' equity continued listing requirement, (ii) Sontra's receipt of a
minimum of $1.5 million in financing from third parties, and (iii) Sontra having
stockholders' equity on September 30, 2003 of at least $2.5 million.
About Sontra Medical Corporation (www.sontra.com)
Sontra Medical Corporation is the pioneer of SonoPrep(R), a non-invasive
ultrasound-mediated skin permeation technology that enables transdermal
diagnosis and drug delivery. Sontra's products under development include: the
Symphony(TM) Diabetes Management System for continuous non-invasive glucose
monitoring; a rapid onset (less than 5 minutes) topical anesthetic delivery
system; a skin preparation system to improve electrophysiology tests and the use
of SonoPrep(R) for the transdermal delivery of large molecule drugs and
biopharmaceuticals.
Information Regarding Forward-Looking Statements
This press release contains forward-looking statements which address a variety
of subjects including, for example, the expected effects and benefits of the
license and strategic collaboration between Bayer and Sontra. Statements that
are not historical facts, including statements about our beliefs and
expectations, are forward-looking statements and include statements regarding
our planned strategic initiatives and our ability to maintain a listing on
Nasdaq. Such statements are based on our current expectations and are subject to
a number of factors and uncertainties, which could cause actual results to
differ materially from those described in the forward-looking statements. The
following important factors and uncertainties, among others, could cause actual
results to differ materially from those described in these forward-looking
statements: there can be no guaranty that Sontra will satisfy any or all of the
conditions of the license agreement which are required to be satisfied in order
for Sontra to receive the $1.5 million licensing fee from Bayer; Sontra's
history of losses and its current cash position; Sontra's ability to procure the
necessary financing to continue as a going concern; adverse results in product
development and clinical trials; failure to obtain and maintain patent
protection for discoveries; commercial limitations imposed by patents owned or
controlled by third parties; dependence upon strategic partners to develop and
commercialize products based on our work; difficulties or delays in obtaining
regulatory approvals to market products resulting from development efforts; the
commercial success of products; and the requirement for substantial funding to
conduct research and development and to expand commercialization activities. For
detailed information about factors that could cause actual results to differ
materially from those described in the forward-looking statements, please refer
to Sontra's filings with the Securities and Exchange Commission, including
Sontra's most recent Quarterly Report on Form 10-QSB. Forward- looking
statements represent management's current expectations and are inherently
uncertain. We do not undertake any obligation to update forward- looking
statements made by us.
