WEST BRIDGEWATER, Mass., Feb. 9 /PRNewswire-FirstCall/ -- Boston Biomedica, Inc. (Nasdaq: BBII) today announced that the Company has extended until December 31, 2004 the Executive Consultant Agreement it has with Mr. Richard T. Schumacher, its Founder, former CEO/Chairman, and current Director. Under the terms of the Agreement, Mr. Schumacher will continue in an advisory role directing the Company's Pressure Cycling Technology (PCT) and BBI Source Scientific activities, and the Company's interest in Panacos Pharmaceuticals, Inc. PCT is the Company's novel and patent protected technology that uses cycles of hydrostatic pressure to control biomolecular interactions; Source is the Company's laboratory instrument subsidiary, which developed and manufactures the PCT Barocycler instrument; and Panacos is a privately-held, anti-viral drug discovery company spun off from BBI in 2000.
In addition to these responsibilities, Mr. Schumacher will also take the lead role in working with William Blair & Company, the Chicago-based Investment Banking firm retained by the Company in October 2002.
About Boston Biomedica, Inc.
BBI provides products and services to the diagnostics and life sciences industry to evaluate, monitor, and ensure the quality of infectious disease test results, to improve the preparation of specimens for genomic/proteomic testing, and to safely store and retrieve rare and valuable biological specimens. The Company also manufactures reagents used in test kits and provides a broad range of routine and esoteric research services to governments and industry. BBI operates in three states, and conducts research in new applications for our patented Pressure Cycling Technology (PCT). In 2000, the Company launched Panacos Pharmaceuticals and maintains a passive investment in this antiviral drug development company.
Forward Looking Statements
Statements contained in this news release regarding the Company's or management's intentions, hopes, beliefs, expectations or predictions of the future are "forward-looking" statements. It is important to note that the Company's actual results could differ materially from those projected in such forward-looking statements. There can be no assurance that Boston Biomedica will have future growth, that shareholder value will be increased, or that Mr. Schumacher will have a significant impact on the success of the Company. Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements and risk factors are contained in the Company's recent filings with the Securities and Exchange Commission of its Annual Report on Form 10-K for the year ended December 31, 2002, and on Form 10-Q's for the quarters ended March 31, June 30, and September 30, 2003. Copies of these documents may be obtained by contacting the Company or the SEC at www.sec.gov.
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Investor Contact:
R. Wayne Fritzsche, Chairman
Kevin W. Quinlan, President & COO
Boston Biomedica, Inc.
(508) 580-1900 (T)
(508) 580-1110 (F)
Source: Boston Biomedica, Inc.