Accelr8 Technology Corporation (NYSE Amex: AXK) announced that Accelr8 and Novartis have extended their program agreement through September 30, 2011. Having reviewed new data, Novartis will now install a system in their own facility to expand development capacity. While this project proceeds, the companies will continue to negotiate and intend to agree upon business terms for a formal business relationship and definitive Business Agreement by September 30, 2011. The agreement also includes an option for Novartis to further extend project support through January 2, 2012.
According to David Howson, Accelr8’s president, “Novartis’ decision to place a next-generation BACcel™ system into its own lab adds another independent team of microbiologists. We believe that this step reinforces our growing recognition in the medical community as uniquely providing complete, same-day automated diagnostics for ICU patients.”
Accelr8 Technology Corporation ( www.accelr8.com) is a developer of innovative materials and instrumentation for advanced applications in medical instrumentation, basic research, drug discovery, and bio-detection. Accelr8 is developing a rapid analytical platform for infectious pathogens, the BACcel™ system, based on its innovative surface coatings, assay processing, and detection technologies. In addition, Accelr8 licenses certain of its proprietary technology for use in applications outside of Accelr8’s own products.Certain statements in this news release may be “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements regarding future prospects and developments are based upon current expectations and involve certain risks and uncertainties that could cause actual results and developments to differ materially from the forward-looking statement, including those detailed in the company's filings with the Securities and Exchange Commission. Accelr8 does not undertake an obligation to publicly update or revise any forward-looking statements, whether as a result of new information or future events.