WEST BRIDGEWATER, Mass., June 24 /PRNewswire/ -- Boston Biomedica Inc. (Nasdaq: BBII) announced today that BBI Biotech Research Laboratories (BBI Biotech), its wholly-owned contract research subsidiary in Gaithersburg, Maryland, has been awarded a $2,901,590 contract from the National Heart, Lung and Blood Institute (NHLBI) of the National Institutes of Health (NIH).
This is a one-year, cost-plus-fixed-fee contract (first year funding: $377,835) with five option years, and is expected to run to June 2004. Under the contract, BBI Biotech will provide facilities and expertise to receive, store and distribute serum, plasma and cells for use in NHLBI-supported research studies, including those related to transfusion-transmitted diseases. BBI Biotech will also provide esoteric testing services for repository specimens as requested, for additional compensation.
"This new contract with the Federal government represents a very positive step forward for our BBI Biotech business," said Richard T. Schumacher, Founder and Chief Executive Officer of Boston Biomedica. "The recent relocation of our entire BBI Biotech operation to a state-of-the-art facility took longer than expected and certainly contributed to our disappointing first-quarter financial results. However, we believe the disruption to BBI Biotech's business is mainly behind us. Moreover, this world-class operation now has the requisite additional space and technological sophistication to compete successfully for additional contracts, such as this one from the NHLBI."
"BBI Biotech has earned recognition as a provider of high-quality repository services to the Federal government, and has run major repositories for the National Cancer Institute (NCI) and the National Institute of Child Health and Human Development (NICHD) since 1984," said Mark Manak, Ph.D., Senior Vice President for Research and Development of BBI. "This latest award represents a major advancement in BBI Biotech's repository operations and ties in well to our blood screening and testing capabilities."
Boston Biomedica Inc. is a worldwide manufacturer and provider of proprietary quality control products for use with IVD test kits for the detection, analysis and monitoring of infectious diseases, including AIDS, Hepatitis, Lyme Disease and ToRCH. 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 through the routine monitoring of test performance. The Company also manufactures diagnostic test kit components and laboratory instrumentation, and provides specialty laboratory testing services.
This release may include forward-looking statements that may or may not
materialize. There can be no assurance that this contract will lead to
additional NIH grants in the future. There can be no guarantee that the NHLBI
will exercise any of the option years. Additional information and risk
factors that could potentially affect Boston Biomedica's financial results may
be found in the Company's filings with the Securities and Exchange Commission
(SEC).
SOURCE Boston Biomedica Inc.
Web site: http: //www.bbii.com
CONTACT: Richard T. Schumacher, Pres./CEO or Kevin W. Quinlan, CFO of Boston Biomedica, Inc., 508-580-1900 or Jeff Goodman or Maribel Lopez of Ronald Trahan Associates, Inc., 617-332-0101
