Provalis PLC
25 July 2002
For Immediate Release 25th July 2002
PROVALIS' PARTNER, CHOLESTECH CORPORATION, ANNOUNCES SUPPLY AGREEMENT WITH
ABBOTT LABORATORIES FOR GLYCOSAL(R)
Provalis plc (LSE: PRO, Nasdaq: PVLS), the medical diagnostics and
pharmaceuticals group, is pleased to report that Cholestech Corporation (Nasdaq:
CTEC), its recently appointed global partner for Glycosal(R), yesterday
announced an agreement under which Cholestech will supply Glycosal to Abbott
Laboratories (NYSE: ABT), one of the worlds largest diagnostic companies.
Cholestech markets Glycosal under the Cholestech GDX trademark.
Commenting on this announcement, Phil Gould, Chief Executive of Provalis plc,
said, 'This is another significant endorsement for our Glycosal product. This
opportunity will give immediate sales, of both instruments and tests, in a large
number of major accounts in both doctor's office and hospital laboratory sectors
in the USA, as well as increasing visibility of Glycosal within the USA. This is
an excellent platform from which to grow this product.'
Phil Gould added 'Cholestech have closed this agreement very rapidly following
the announcement of our distribution agreement with them in May, and highlights
how effective we believe Cholestech can be in commercialising Glycosal in the
crucial US 'point of care' healthcare market. As a consequence of this
agreement, we have already received significant, additional orders for Glycosal
for delivery over the summer and autumn period.
Timothy I. Still, Cholestech's vice president of sales and marketing, said '
Abbott will offer the Cholestech GDX system to physician offices and
hospital-based customers both in the US and internationally. We are excited
about our partnerships with Abbott and Provalis, which we expect will result in
the rapid acceptance of the Cholestech products in the professional and hospital
markets.'
END
Provalis' Internet Website ; http://www.provalis.com
'Safe Harbor' Statement under the US Private Securities Litigation Reform Act of
1995: Statements in this announcement that relate to future plans, expectations,
events, performances and the like are forward-looking statements as defined in
the US Private Securities Litigation Reform Act of 1995. Actual results of
events could differ materially from those described in the forward-looking
statements due to a variety of factors. Such factors include, among others: the
success of the Group's research and development strategy; uncertainties related
to future trial results and the regulatory process; the execution and success of
collaborative agreements with third parties; the impact of future laws,
regulations and policies; the Group's intellectual property position and the
success of patent applications for its products and technologies; stock market
trends in the Group's sector; the Group's dependence on key personnel; general
business and economic conditions; and other factors beyond the Group's control
that may cause the Group's available capital resources to be used more quickly
than expected. These and other factors that could affect the Company's future
results are more fully described in its filings with the US Securities and
Exchange Commission, in particular the latest 20-F filing, copies of which are
available from the Company Secretary at the Company's registered address.
For further information:-
Dr Phil Gould Provalis plc Tel: 01244 833463
Mr Lee Greenbury Provalis plc Tel: 01244 833402
Lisa Baderoon Buchanan Communications Tel: 020 7466 5000
or 07721 413496
Notes to Editors
Provalis plc (LSE.PRO and NASDAQ.PVLS) is a healthcare company with three
separate divisions:-
• Medical Diagnostics - develops and sells to world markets medical
diagnostic products for chronic disease management. The division's
principle products are Glycosal(R) and Osteosal(R) in the areas of diabetes
and osteoporosis respectively.
• Healthcare - sells and markets its own, and third party, branded,
prescription medicines in the UK to GPs and hospitals through its own
regionally managed sales force. The division sells products in the areas of
muscular-skeletal disorders, gastroenterology, osteoporosis, migraine and
dermatology.
• Therapeutics R&D - develops a range of vaccine candidates for the
prevention of infectious diseases through a network of research
collaborators.
This information is provided by RNS
The company news service from the London Stock Exchange
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