ONTARIO, Calif., April 29, 1999 (PRIMEZONE) -- LifePoint, Inc. (OTC BB: LFPT), a developer of rapid, non-invasive testing products using saliva, announced today a modified and enhanced agreement for an exclusive, worldwide license from the United States Navy for the Flow Immunosensor Technology.
LifePoint's assignor obtained its prior license agreement from the Navy for the patent to LifePoint's core detection technology in 1991. The Flow Immunosensor Technology is a next generation kinetic immunoassay that provides the unique capabilities of rapidity, simplicity, quantitation, and lab-quality accuracy which, for the first time, provides the ability to obtain rapid and accurate diagnostic testing results on-site. In addition, LifePoint and the U.S. Navy jointly own a second patent on the technology, which resulted from a cooperative research and development agreement. The materials terms of the license agreement are as follows: an expansion of the field-of-use from drugs of abuse and anabolic steroids on urine samples to now include all possible diagnostic uses for saliva; a royalty rate of 3% on the technology related portion of the disposable cassette sales and 1% on instrument sales; a minimum royalty of $50,000 in 2001 (first product sales) and $100,000 a year thereafter; and the term of the license has been extended to patent expiration in 2011.
Catherine M. Cotell, Ph.D., Head, Technology Transfer Office, Naval Research Laboratory, Department of the Navy, stated, " We are pleased about the investment which LifePoint has made and the direction in which LifePoint has taken our technology. We believe that the non-invasive diagnostic testing system that LifePoint is developing will be of significant interest to the public and that LifePoint is making excellent progress in the product development process to complete this unique product. We are optimistic about LifePoint's success in the market."
Linda H. Masterson, President and CEO, stated, "We are extremely pleased that the Navy has been willing to modify the terms of the license to be responsive to today's market requirements. The expanded license should significantly expand the market potential for the platform system under development to over $1.7 billion. Most importantly, this license agreement, in conjunction with the second patent we co-own with the U.S. Navy on the Flow Immunosensor Technology, and our own pending broad saliva aspiration and processing patent, will provide LifePoint with an excellent leadership position in the market vis a vis potential competitors."
LifePoint, Inc. is a development stage company focused on the commercialization of the flow immunosensor technology licensed from the Naval Research Laboratory. This proprietary technology, when used in conjunction with saliva as a non-invasive test specimen using the Company's proprietary collection technology, will allow LifePoint to develop a broadly applicable non-invasive, rapid, on-site diagnostic test system. The product can be used for rapid diagnostic testing for screening (cardiovascular disease, osteoporosis, cancer), rapid testing (heart attack, drug overdose), and therapeutic drug monitoring in non-medical environments such as the workplace, home health care, ambulances, pharmacies, and even law enforcement. The first product under development is for the simultaneous detection of drugs of abuse and alcohol.
For more information on LifePoint, Inc. visit www.lifepointinc.com or call (909) 466-8047 x 400.
This press release contains forward-looking statements regarding future events and the future performance of LifePoint, Inc. that involve risks and uncertainties that could cause actual results to differ materially. These risks include, but are not limited to, those associated with any product development program, the need for additional funding, the initiation and completion of clinical trials and dependence on third parties for clinical testing and marketing. These risks are described in further detail in the Company's reports filed with the Securities and Exchange Commission. -0-