Business Services Industry
Avitar, Inc. in preliminary pact with Trinity Biotech PLC
Business Wire, March 31, 1997
CANTON, MA--(BUSINESS WIRE)--March 31, 1997--Avitar, Inc. (Nasdaq SmallCap Market:AVIT (Common Stock); AVITW (Redeemable Warrants)) today announced the signing of a preliminary agreement with Trinity Biotech plc (Nasdaq SmallCap Market:TRIBY) of Dublin, Ireland.
Pursuant to the preliminary pact, Trinity will, over the next 60 days, evaluate the performance of Avitar's point-of-care urine drugs of abuse tests against other technologies. Trinity has agreed not to enter into any agreements with other suppliers of drugs of abuse tests during the 60-day evaluation period.
During the evaluation period, the companies intend to negotiate an agreement for the sale by Trinity of Avitar's drugs of abuse products, including future distribution of saliva based drugs of abuse tests currently under development by Avitar.
Peter Phildius, Chairman and Chief Executive Officer of Avitar stated, "The proposed arrangement will expand Avitar's distribution of its current and future drugs of abuse test product line through a company internationally recognized as a leader in point-of-care testing products. We are enthusiastic about discussing an association with Trinity because of their experience in the point-of-care marketplace and their technical excellence in critical technologies."
Avitar, Inc. designs, develops, manufactures and markets healthcare products, including a proprietary line of polyurethane wound care dressings and rapid diagnostic test products. The company also provides healthcare cost containment services to employers and third- party payers.
Trinity Biotech plc develops, manufactures and markets rapid tests for the clinical laboratory, point-of-care and over the counter markets. It is the only company to have submitted a rapid one-step whole blood HIV test to the FDA for approval.
"Safe Harbor" statement under the Private Securities Reform Act of 1995: This release contains forward looking statements that are subject to risks and uncertainties as detailed from time to time in the company's filings with the Securities and Exchange Commission.
CONTACT: AVITAR, INC.
Peter Phildius, Chairman of the Board
(617) 821-2440
Jay Leatherman, Chief Financial Officer
(203) 265-3594
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