DxTech, an XL TechGroup company, announces global technology partnership deals
28 September 2006
XL TechGroup (AIM: XLT), the systematic architect and builder of an ongoing stream of high value new companies, announces that its subsidiary, DxTech LLC ("DX Tech"), which is developing a fully-automated, point-of-need device that replaces all common blood and other biological tests currently performed at laboratories, has completed four milestone development and manufacturing partnerships deals as part of its on-going advancement strategy. The agreements are with:
• Audit Diagnostics Ltd, the manufacturer of innovative clinical chemistry reagents based in Cork, Ireland;
• KMC Systems, Inc., a leading supplier of private label services for the design, development, and manufacture of medical instruments based in the USA;
• SensorTec Ltd, the developer of a robust and adaptable platform technology for use in disposable biosensors from Cambridge, UK; and
• thinXXS AG, the producer and developer of microstructured components and systems from Germany
The completion of these partnership deals is significant in DxTech's transition from development towards commercialisation. XL TechGroup is able to confirm that these deals do not involve any revenue sharing arrangements, that any fees payable to the partners are not significant and will be subject to development milestones. XL TechGroup maintains an 85.59% equity interest in DxTech.
DxTech's technology targets the clinical medical diagnostic market which is valued at US$18 billion in the US alone. These partnerships will also enable DxTech to further address the US$9.4 billion Pan-European market [Source: AACC/Scherago International, International Market Briefing VIII (2005)].
The simple-to-use instrument will be used in doctors' offices to perform a wide range of diagnostic tests with near real time results to achieve immediate diagnosis, which significantly improves patient care and satisfaction. This compares very favourably with current working practices of waiting hours or days for results from a central laboratory. Insurance companies will also benefit from reduced costs due to the elimination of sample shipping and unnecessary prescriptions written in advance of receiving diagnostic results. Doctors in those markets without a national health service, such as the USA, will additionally benefit directly through increased productivity and personal reimbursement for the tests.
John Scott, CEO of XL TechGroup, said: "These partnerships signal DxTech's move from development through to a trans-Atlantic manufacturing phase. We are delighted that DxTech is now targeting key product demonstrations in Q4 2006 and the completion of its first commercial deals within Q1 2007, well ahead of schedule. The agreements position DxTech at the forefront of developments in worldwide patient diagnosis."
For further information:
hgubnitsky@xltg.com
www.xltechgroup.com
XL Tech Group media enquiries:
heather.salmond@abchurch-group.com
www.abchurch-group.com
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