WEST BRIDGEWATER, Mass., Dec. 1 /PRNewswire/ -- Boston Biomedica, Inc. (Nasdaq: BBII) announced today that BBI-Biotech Research Laboratories, Inc., a wholly-owned subsidiary of BBI, recently received two awards from the National Institutes of Health (NIH), with a combined value of approximately $3,500,000 over the next five years.
One award, a $750,000/2 year grant from the National Heart, Lung and Blood Institute (NHLBI), is a Phase II Small Business Innovation Research (SBIR) award for the continuation of the development of tests to allow for the simultaneous (multiplex) detection of the nucleic acids of hepatitis B virus, hepatitis C virus, and human immunodeficiency virus in one blood sample. The other award, a $2,790,000/5 year contract from the National Institute of Neurological Disorders and Stroke (NINDS), is for the identification and sequencing of genes involved in neurological disorders, and to support the NINDS in their ongoing research program for the diagnosis, treatment, and prevention of hereditary neurologic diseases.
"We are extremely pleased to be able to continue our development of a molecular multiplex test for blood donor screening, which holds the promise of both greater accuracy and efficiency while increasing the safety of the blood supply," said Mark Manak, Ph.D., BBI's Senior Vice President for Research and Development. "In addition, under the NINDS award we will develop high throughput procedures to screen and analyze large numbers of genes, in an attempt to generate critical data to better understand and combat neurological diseases".
Richard T. Schumacher, President and CEO of BBI commented, "the SBIR Phase II grant is very timely, in that there is currently a great deal of interest in the U.S. and abroad in adding molecular testing for viral pathogens to blood donor screening; this funding will keep us in the forefront of this effort. In addition, the NINDS contract will allow us to extend our experience in gene sequencing into new areas of the human genome. Together with several other grants and contracts received recently, these two awards will continue our work in the rapidly growing area of molecular diagnostics, which we believe will lead to expanded laboratory testing services, new quality control products, and increased profitability".
Boston Biomedica, Inc. is a worldwide manufacturer and provider of proprietary quality control products for use with in vitro diagnostics (IVD) test kits for the detection, analysis and monitoring of infectious diseases, including AIDS, Hepatitis and Lyme Disease. These products are used by clinical and research laboratories, blood banks, IVD manufacturers and regulatory agencies to help ensure the accuracy of infectious disease test results. The Company also manufactures IVD test kit components and provides specialty laboratory testing services.
This release may include forward-looking statements that may or may not materialize. Additional information or factors that could potentially affect BBI's financial results may be found in the Company's filings with the Securities and Exchange Commission.
Factors which might cause actual results to differ materially from those
projected in the forward-looking statements contained herein include the
following: inability of the Company to develop the end-user market for quality
control products; inability of the Company to integrate the business of Source
Scientific, Inc. into the Company's business; inability of the Company to
renew all of the existing field service contracts recently assigned to BBI-
Source Scientific; uncertainty of research contract renewals; inability of
BioSeq to develop its technology to the level of commercial utilization;
inability of the Company to obtain an adequate supply of raw materials
necessary for certain of its products; significant reductions in purchases by
any of the Company's major customers; and the potential insufficiency of
Company resources, including human resources, plant and equipment and
management systems, to accommodate any future growth. These and certain other
factors which might cause actual results to differ materially from those
projected are more fully set forth under the caption "Risk Factors" in the
Company's Registration Statement on Form S-1 (SEC File No.333-10759).
SOURCE Boston Biomedica, Inc.
CONTACT: Richard T. Schumacher, President and CEO or Kevin W. Quinlan, Chief Financial Officer of Boston Biomedica, Inc., 508-580-1900