WEST BRIDGEWATER, Mass., April 20 /PRNewswire-FirstCall/ -- Boston Biomedica, Inc. (Nasdaq: BBII) today announced the appointment of Mr. Richard T. Schumacher to the Company's open position of Chief Executive Officer (CEO), effective immediately. Mr. Schumacher, the Founder of the Company, has served as a member of the Board of Directors of BBI since 1978, was the Company's President from 1986 to 1999, and was CEO and Chairman of the Board from 1992 to February 2003.
Mr. R. Wayne Fritzsche, Chairman of the Board of Boston Biomedica, Inc., commented: "We are extremely grateful and pleased that Ric has agreed to rejoin BBI as CEO. Ric is a terrific manager, a highly respected scientist, and a proven entrepreneur. We are entering a new stage in the development of BBI with the signing of the SeraCare Life Sciences, Inc. agreement (announced last Friday). If the asset sale to SeraCare is completed, we will focus primarily on Pressure Cycling Technology (PCT) going forward. In this regard, we are very fortunate to once again have access to Ric's leadership, vision, energy, and entrepreneurial spirit, skills that will be necessary to make PCT a success."
Mr. Fritzsche continued: "At our Board's direction, Ric led our negotiations with SeraCare and will continue to coordinate with everyone involved in helping to ensure the successful completion of the transaction. In addition, the Board has asked Ric to help negotiate the BBI Source Scientific sale (also announced last Friday), to continue to head the Company's PCT effort, and to oversee our investment in Panacos Pharmaceuticals. Kevin Quinlan, President and COO, will continue to run BBI's day-to-day operations."
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 within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include statements relating to: the expected contributions and benefits to the Company as a result of the appointment of Mr. Schumacher as Chief Executive Officer, including the ability of Mr. Schumacher to assist the Company in successfully closing the transactions to sell the assets of the BBI Diagnostics and BBI Biotech Divisions and the BBI Source Scientific Division, and his ability to successfully direct the Company's PCT efforts and ownership interest in Panacos Pharmaceuticals. These statements are based upon the Company's current expectations, forecasts, and assumptions that are subject to risks, uncertainties and other factors that could cause actual outcomes and results to differ materially from those indicated by these forward-looking statements. These risks, uncertainties, and other factors include, but are not limited to: the ability to satisfy the conditions to closing, including, among others, the Company's ability to obtain stockholder approval and SeraCare's receipt of sufficient financing to complete the transaction; the risk that the Company may be unable to agree on a definitive agreement to sell the assets of its BBI Source Scientific Division or otherwise complete the sale of those assets; the risk that the continuity of the Company's operations will be disrupted in the event the proposed transactions do not close; the costs of completing the proposed transactions may exceed management's estimates; the risk that the Company's PCT operations will not become commercially successful or such activities may take longer, or may require more financial, technical, and marketing resources than currently expected; the risk that demand for the Company's PCT Sample Preparation System may not develop as anticipated; the risk that the Company may not have resources necessary to develop additional products in PCT, or to improve on existing products; the risk that certain PCT applications may not fall within the claims of the Company's issued US and foreign patents, and individuals and groups utilizing such PCT procedures may not be required to license such technology from the Company; the risk of unanticipated reactions of the Company's stockholders, customers and vendors to the proposed asset sale transactions and changes in the Company's management; the competitive nature of the markets in which the Company operates; a change in economic conditions; the Company's ability to retain existing customers and to obtain new customers; the Company's ability to attract and retain qualified personnel; and the other risks and uncertainties discussed under the heading "Risk Factors" in Boston Biomedica's Annual Report on Form 10-K for the year ended December 31, 2003 and other reports filed by Boston Biomedica from time to time with the SEC. 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
Boston Biomedica, Inc.
(508) 580-1900 (T)
(508) 580-1110 (F)
SOURCE Boston Biomedica, Inc.