This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Scotland To Produce Lifesaving HIV Technology

NEW YORK, April 4, 2013 /PRNewswire/ -- Massachusetts-based life science company Daktari Diagnostics Inc. has announced plans to locate its global manufacturing base in Inverness, Scotland, to develop its life-saving HIV blood monitoring technology.

First Minister Alex Salmond will meet with Daktari Chief Executive Bill Rodriguez in New York today as part of his Scotland Week program aimed at encouraging inward investment.

Daktari has been in discussions with Highlands and Islands (HIE) and Scottish Development International (SDI), the country's international economic development organization, about plans to locate the production of its groundbreaking technology in Scotland.

Funding is in place to create 126 jobs, and the company's presence will build on the region's growing expertise in research, development and production in the life sciences sector.

Daktari, which employs 40 staff from its base in Cambridge, Mass., develops diagnostic tests for global health conditions such as HIV, hepatitis and tuberculosis. The company's Scottish venture could see mass production of blood testing cartridges required for CD4 cell counting, a process used in HIV monitoring, as early as next year. The system is currently undergoing clinical trials in Africa.

The $15 million project is being supported by HIE and SDI with a $3 million public sector package for relocation and workforce training.

First Minister, Alex Salmond, said:

" Scotland has the most comprehensive national life sciences strategy in the world and the sector continues to go from strength to strength. I am delighted to be meeting with Daktari as part of my Scotland Week program and confirm that 126 high value jobs are coming to Inverness.

"Daktari's intention to locate its manufacturing base in Scotland is a testament to our increasing reputation as a growing life sciences community and as the ideal place to invest and do business.

"They have been attracted to the Highlands and Islands to join an internationally renowned cluster of activity, and add to a growing Scottish life sciences sector which is worth more than $4 billion to the economy annually.

"This much welcomed decision by Daktari to base its production hub in the Inverness area is another example of how the quality and skills of the Scottish workforce are being recognized by world-leading companies and reinforces Scotland's reputation for excellence in innovation and manufacturing."

Bill Rodriguez, MD, President and CEO of Daktari Diagnostics Inc., commented:

"Daktari is excited about our new CD4 count, point-of-care, portable diagnostic product for HIV patients. Inverness, Scotland, offers companies like ours considerable support and a great location, with a highly educated work force and an ability to expand rapidly to support the demand for our new product.

"Designed to monitor patients in remote clinics anywhere in the world, the battery-powered Daktari CD4 counter provides the ease of use and low cost needed by many developing and emerging countries around the world. We believe Daktari is well positioned to capture significant market share in the coming years."

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,048.00 -31.57 -0.18%
S&P 500 1,995.38 -1.36 -0.07%
NASDAQ 4,558.63 +0.9350 0.02%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs