WEST BRIDGEWATER, Mass., Sept. 28 /PRNewswire/ -- Boston Biomedica, Inc. (Nasdaq: BBII) announced today that its Founder, CEO and Chairman, Richard T. Schumacher, was featured in an interview with CEOcast, Inc., a premier source of original and syndicated streaming broadcast interviews of CEOs at public and private news-making companies. The interview can be accessed at www.ceocast.com.
During the interview, Mr. Schumacher discussed key issues, recent accomplishments, and future directions of BBI. These included: the growth strategy of the Company's core business units; its successful raise of $3 million dollars from a recent private placement; the plan to sell off a majority stake in Panacos Pharmaceuticals (BBI's drug discovery unit); the recent issuance of two patents and an important Research Agreement in the Company's other main R&D effort - Pressure Cycling Technology (PCT); its success in getting third party funding for much of the Company's ongoing research in PCT and Panacos; and BBI's goal to return to profitability in the near future.
Schumacher emphasized that BBI has followed its three-year plan to invest the profits from its core businesses into its drug discovery and PCT programs, while concomitantly seeking partners and other funding sources for these activities. As partnerships and new funding sources are realized, and the need for continued cash infusions from the Company into its PCT and drug discovery programs is reduced, the Company's strategy will be shifted to reinvesting its cash back into its profitable core businesses, and to strengthening its bottom line.
CEOcast's interviews are distributed to millions of on-line investors at over 700 financial web sites as well as to more than 25,000 portfolio managers, buy-side analysts and traders at more than 3,300 North American institutions. CEOcast's content is also disseminated to over 7,000 investment research professionals representing over 425 institutions.
Boston Biomedica, Inc. provides products and services for the detection and treatment of infectious diseases such as AIDS, Lyme Disease, and Viral Hepatitis. The Company has four business units: (1) BBI Diagnostics, an ISO 9001 certified manufacturer and supplier of quality control and diagnostics reagents used to increase the accuracy of in vitro diagnostic tests, (2) BBI Clinical Laboratories, a leading specialty infectious diseases testing laboratory, (3) BBI Biotech Research Laboratories, providing R&D support for the other BBI business units as well as contract research services for third parties, and (4) BBI Source Scientific, an ISO 9001 certified manufacturer of laboratory and diagnostic instrumentation. In addition, the Company is pursuing research and development programs in the areas of Pressure Cycling Technology (PCT) and drug discovery through its subsidiaries BBI BioSeq and Panacos Pharmaceuticals, respectively, with the goal of introducing new solutions for the detection, management and treatment of infectious diseases.
Statements contained in this news release that state 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. Factors that could cause actual results to differ from those projected include the possibility that the Company may not be successful in implementing the growth strategy of its core business units; that the $3M raised from the August 2000 private placement may not be sufficient to meet the Company's financial needs; that the Company may not be successful in selling off the majority stake in Panacos Pharmaceuticals; that the Company may not be successful in receiving additional funding for its Panacos or PCT programs; that the Company may not be successful in developing Pressure Cycling Technology (PCT) into commercially viable products or services; and that the Company may not return to profitability in the near future. Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained from time to time in the Company's SEC filing including, but not limited to, the Company's report on Form 10-K for the year ended December 31, 1999 and on Form 10-Q for the periods ended March 31 and June 30, 2000. Copies of these documents may be obtained by contacting the Company or the SEC.
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SOURCE Boston Biomedica, Inc.
Web site: http: //www.bbii.com
CONTACT: Richard T. Schumacher, CEO & Chairman, or Kevin W. Quinlan, President & COO, or William R. Prather, M.D., Sr. VP Finance & Business Dvlp., all of Boston Biomedica, Inc., 508-580-1900
