Healthcare Industry News: osteoporosis
News Release - May 4, 2006
PBI Technology, Inc. Signs License Agreement for SalivaSac(R) with Evergreen Innovation PartnersPacific Biometrics Energizes PBI Tech with First Licensing Deal, Granting Evergreen IP Exclusive Rights to Develop Screening Applications for the SalivaSac
SEATTLE--(HSMN NewsFeed)--May 4, 2006--PBI Technology, Inc. (PBI Tech), a wholly owned subsidiary of Pacific Biometrics, Inc. (OTC BB: PBME ), has entered into a Patent and Know-how License Agreement with Evergreen Innovation Partners (Evergreen IP). Under the terms of the agreement, PBI Tech grants Evergreen IP an exclusive, worldwide license to certain patents and know-how relating to its proprietary SalivaSac technology for use in consumer and over-the-counter (OTC) markets.
Evergreen IP agrees to undertake further development of the technology as well as promote its commercialization, including the possible sublicensing to appropriate manufacturing and distribution partners. Development will initially focus on saliva-based screening for elevated glucose levels, but may extend to screening for cholesterol and certain hormones. If successful, PBI Tech and Evergreen IP will share royalties on sales of future products derived from the SalivaSac technology.
Mario Ehlers, M.D., Ph.D., President and Chief Operating Officer of PBI Tech, commented: "We are delighted to conclude this license agreement with Evergreen IP. Evergreen has specific expertise in understanding the consumer health and OTC markets for diagnostic and screening devices. We believe we have an opportunity to address a significant unmet need, namely development of a home-based screening device for assessing risk for diabetes and associated complications. Rates of overweight and obesity are reaching epidemic proportions, contributing to an estimated 41 million individuals in the U.S. alone who are pre-diabetic and at high risk of developing diabetes."
Ehlers continued: "The SalivaSac is a patented device that collects a sterile filtrate of saliva. We have shown that fasting salivary glucose levels in fresh saliva show a good correlation with blood glucose levels. Hence, we believe that the SalivaSac can be developed into a simple, noninvasive and painless screening device for determining glucose levels, and thereby provide an estimate of risk for pre-diabetes or diabetes."
John Funk, Principal of Evergreen IP, noted: "We're excited to have this unique and foundational IP as part of our portfolio. PBI Tech has pioneered some groundbreaking work in the field of saliva collection and measurement. We look forward to working with PBI Tech and commercializing this technology for the consumer market. We believe a low-cost, self-administered saliva-based screening device offers consumers a simpler and easier way to more frequently screen for risk conditions and take preventive or other diagnostic steps."
About PBI Technology, Inc.
Established in 2004 as a wholly owned subsidiary of Pacific Biometrics, Inc. (OTB CC: PBME), PBI Technology was created to develop and commercialize molecular diagnostic technologies, non-invasive diagnostic devices, and early-stage, targeted drug candidates in PBME's therapeutic focus areas: cardiovascular, bone & joint, and metabolic disorders. PBI Technology currently maintains a portfolio of four early-stage devices and diagnostic platform technologies: the Osteopatch, a non-invasive device for osteoporosis testing; the SalivaSac, a non-invasive device for measuring glucose levels; LIDA, an advanced, proprietary, isothermal DNA amplification technology, and Cell Viability, a gene-based technology to distinguish live from dead cells in a broad range of diagnostic applications. PBI Technology will also look for additional in-licensing opportunities for molecular diagnostic and therapeutic technologies.
For more information about Pacific Biometrics, visit the company's web site at www.pacbio.com or contact Mario Ehlers at (206) 298-0068.
About Evergreen Innovation Partners
Evergreen Innovation Partners was founded in 2005 and is designed to capitalize on the trend toward open innovation by large consumer goods companies. Evergreen IP identifies promising inventions from inventors and promising technology from existing companies and acquires rights to the technology/invention. It then invests in commercializing these product concepts and licenses or sells them to large, branded manufacturers or retailers. The company is pioneering the Product Capitalist® model of new product development.
For more information about Evergreen IP, contact John Funk at (720) 221-8356.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This press release includes forward-looking statements including, but not limited to, our strategic planning, product development and business development plans, our future growth, and the viability and acceptance of our products and services in the market. These forward-looking statements are subject to a number of risks and uncertainties that may cause actual results to differ materially from those described in the forward-looking statements. These risks include, but are not limited to, the success of our product and business development efforts, and competition in the industry, as well as the risks and other factors set forth in Pacific Biometrics' periodic filings with the U.S. Securities and Exchange Commission (including its Form 10-KSB for the year ended June 30, 2005 and Form 10-QSB for the quarters ended September 30, 2005 and December 31, 2005).
Source: PBI Technology
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