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AMERICAN
BIOGENETIC SCIENCES, INC. SELLS ASSETS OF ITS SUBSIDIARY,
STELLAR BIO SYSTEMS, INC.
Copiague,
NY, July 2, 2001 – American Biogenetic Sciences,
Inc., (ABS)(NASDAQ: MABA), a developer of innovative
diagnostic technologies and novel therapeutics for
cardiovascular and neurological diseases, announced
today the sale of the assets of its Stellar Bio Systems,
Inc. (Stellar) subsidiary to PanBio Limited.
The
sale consists of $1.2 million upfront cash payment
at closing plus up to $540,000 payable quarterly over
three years, based on revenues of a portion of the
Stellar business. Under the terms of the sale, the
buyer of Stellar will continue contract manufacturing
of ABS’ Thrombus Precursor Protein (TpP™)
ELISA diagnostic test kit for ABS.
Stellar,
established in 1982 and based in Columbia, Maryland,
manufactures and distributes research and biotechnical
products for the diagnostic, research, and manufacturing
segments of the biomedical community. In April of
1998, ABS acquired Stellar.
"This sale and its proceeds strengthens ABS’
operations and enables us to concentrate more on activities
closer to our core business,” said Alfred J.
Roach, founder, CEO and Chairman of the company. “Our
strategy is commercializing the innovative products
now emerging from our R&D pipeline."
Josef
C. Schoell, President and COO of ABS added, “The
contract manufacturing agreement with PanBio allows
ABS to continue marketing the ELISA TpP kits without
any interruption, while we concentrate our efforts
on licensing ABS 205 and the Antigen Free Technology.”
American
Biogenetic Sciences, Inc., based in Copiague, N.Y.,
researches and develops diagnostic tests for cardio-pulmonary
conditions and infectious diseases, as well as for
new treatments for neurological disorders including
epilepsy, migraine, mania, Parkinson’s disease
and Alzheimer’s disease.
Statements in this press release that are not strictly
historical are “forward looking” statements
within the meaning of the Private Securities Litigation
Reform Act of 1995, and should be considered as subject
to various risks and uncertainties that could cause
actual results to differ materially from those anticipated,
including the risk that its products may not be commercialized.
For further details and a discussion of these risks
and uncertainties, see the Company's Securities and
Exchange Commission filings including its annual report
on Form 10K.
For a complete analysis of the ABS pipeline go
to:
/research.html
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