WEST BRIDGEWATER, Mass., Dec. 15 /PRNewswire/ -- Boston Biomedica, Inc. (Nasdaq: BBII) and the Paradigm Group, LLC today announced that Paradigm of Northbrook, Illinois has filed to dismiss its lawsuit against BBI. The lawsuit relates to the registration of shares underlying Boston Biomedica warrants exercised by Paradigm in February 2000. Both companies are pleased with this development and look forward to discussing their differences together.
Richard T. Schumacher, CEO, Chairman and Founder of Boston Biomedica commented, "The common stock underlying Paradigm's warrants is now registered, and Paradigm has filed to dismiss the lawsuit. Both parties have agreed to negotiate in good faith to try and reach a fair and equitable solution that will allow Paradigm to complete the transaction, and for BBI to obtain payment for the stock."
Sheldon Drobny, Chairman of the Paradigm Group, stated, "We have always believed Boston Biomedica's businesses in infectious disease were unique, offered great potential, and that the Company had the right management team in place. We have filed to dismiss the lawsuit and are very pleased to be discussing our differences with BBI. We have great respect for the Company and look forward to becoming a BBI shareholder in the very near future."
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 operating 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 a research and development program in Pressure Cycling Technology (PCT) through its subsidiary BBI BioSeq, with the goal of introducing new solutions for a number of important healthcare issues, including: the inactivation of pathogens in human plasma, the extraction of nucleic acids, food safety, and genomics. BBI also maintains a passive investment in Panacos Pharmaceuticals, a privately held antiviral drug and vaccine development company recently spun off from BBI, whose goal is to introduce new solutions for the detection and treatment of infectious diseases.
Paradigm Group, LLC is an Illinois based Investment Company, specializing in "Pipe" transactions, but which also invests in private companies. Since its inception in 1995, the Paradigm Group has invested approximately $40 million in over 40 high growth companies throughout the United States.
Statements contained in this news release that state the intentions, hopes, beliefs, expectations or predictions of the future of Boston Biomedica or its management are "forward-looking" statements. It is important to note that Boston Biomedica'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 BBI may never receive payment for the warrants already exercised; that if payment is not received, BBI may be required to write-off all of the charges associated with this offering; and that if a mutually-acceptable solution is not reached, further lawsuits may occur. 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 BBI's SEC filings including, but not limited to, Boston Biomedica's Registration Statements on Form S-3 (Reg. No. 333-46426 and Reg. No. 333-94379), Annual Report on Form 10-K for the year ended December 31, 1999, and Quarterly Reports on Form 10-Q for the periods ended March 31, June 30, and September 30, 2000. Copies of these documents may be obtained by contacting the Boston Biomedica or the SEC.
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SOURCE Boston Biomedica, Inc.
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CONTACT: Richard T. Schumacher, CEO & Chairman, or William R. Prather, M.D., Sr. VP Finance & Business Dvlp., or Kevin W. Quinlan, President & COO all of Boston Biomedica, Inc., 508-580-1900; or Sheldon Drobny, Chairman of Paradigm Group, LLC, 847-291-4200
