SDIX to Receive $1.25M Upfront, up to $2.5M in Milestone Payments and Royalties on Sales.
NEWARK, Del.--(BUSINESS WIRE)-- SDIX (NASDAQ: SDIX), a leading provider of biotechnology-based products and services for a broad range of life science, biotechnology, diagnostic and food safety applications, and BD Diagnostics, a segment of BD (Becton Dickinson and Company), a leading global medical technology company, today announced the signing of a comprehensive agreement whereby the two companies will collaborate in the development of a microbiology detection solution. The collaboration will combine SDIX’s expertise in development of high performance antibodies with BD’s expertise in diagnostic system development. The collaboration objective is to commercialize a novel system to address market needs for faster time to results and for accurate detection of microorganisms.
Under the agreement, SDIX will provide BD Diagnostics access to its proven antibody technology and a non-exclusive license to its patented bacteria phage technology. BD will pay SDIX a $1.25M upfront fee for a combination of license fees, technology access fees, and paid-for research during system development. In addition to the upfront payment, the agreement provides up to $2.5M in milestone payments and royalties on product sales incorporating SDIX’s patented technology. Upon commercialization of this system SDIX and BD will be engaged in a long term agreement for the supply of antibodies from SDIX to BD.
Francis DiNuzzo, SDIX’s President and CEO commented, “We are excited to be working with a world class organization like BD. This agreement demonstrates our strengths in the design and production of novel, highly specific antibodies and our knowledge and experience in developing antibody based detection systems.” Mr. DiNuzzo went on to say, “The combination of SDIX’s antibodies together with the assay and platform capabilities of BD will enable the partnership to deliver a highly valuable system that we expect to advance microbial detection in many very valuable applications. We are pleased with the opportunity to collaborate with such a capable and well known organization.”
About SDIX (www.sdix.com)
SDIX is a biotechnology company with a core expertise in creating better antigens, better antibodies and better assays for the pharmaceutical, biotechnology and food safety markets. For over 20 years, SDIX has been a leading immune-solutions company, developing results-oriented and innovative antibody-based solutions that enable customers to meet high performance research, diagnostic and commercialization objectives. In the life science market, SDIX’s technology and capabilities are being used to help discover disease mechanisms, facilitate development of new drugs and provide antibodies and assays for the diagnosis of disease. In the food safety market, SDIX continues to expand its footprint as an international supplier of rapid pathogen test technologies that enable more accurate and cost-effective results.
This news release may contain forward-looking statements reflecting SDIX’s current expectations. When used in this press release, words like “anticipate”, “could”, “enable”, “estimate”, “intend”, “expect”, “believe”, “can”, "goal", “potential”, “will”, “should”, “plan” and similar expressions as they relate to SDIX are intended to identify said forward-looking statements. Investors are cautioned that all forward-looking statements involve risks and uncertainties, which may cause actual results to differ from those anticipated by SDIX at this time. Such risks and uncertainties include, without limitation, changes in demand for products, the application of our technologies to various uses, delays in product development, delays in market acceptance of new products, retention of customers and employees, adequate supply of raw materials, inability to obtain or delays in obtaining fourth party, or required government approvals, the ability to meet increased market demand, competition, protection of intellectual property, non-infringement of intellectual property, seasonality, and other factors more fully described in SDIX’s public filings with the U.S. Securities and Exchange Commission.
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