Initially, the agreement provides BioCare with distribution rights to the current VITROCELL(TM) product line, an additional human pancreatic stem cell line that is in advanced development and related products within the European territory. Separately, Vitro will also offer BioCare an option to commercialize Vitro's fertility drug known as VITROPIN(TM) and subsequent forms in the same territories. BioCare will also provide Vitro exclusive licensing rights to BioCare's patent-pending technology for the production of select chimeric hormone products for the entire North American territory.
Dr. James Posillico, President and CEO of Vitro, said, "We are pleased to announce the beginning of our partnership with BioCare which offers mutual advantages by targeting the distribution of each company's products to major markets in North America and Europe. Our VITROCELL(TM) product line offers unique advantages as R&D models for the biotechnology and pharmaceutical communities engaged in the field of stem cell research. BioCare affords an established distribution infrastructure for Vitro's products in the European community and thereby creates opportunities for near-term revenue growth for both Vitro and BioCare. As an extension to the current VITROCELL(TM) line, Vitro intends to launch one of the world's first human beta islet stem cell lines and related products in the near future; BioCare will also distribute these products. Likewise, BioCare's option to license Vitro's fertility products throughout the European community also creates growth opportunities for both Companies in this well-established market."
About BioCare Europe
BioCare Europe is a biotechnology company that markets highly specialized products in the field of assisted reproduction. Since its inception in 1997, BioCare has expanded its business and established distribution networks throughout Europe and in several countries in the Middle East, Central Europe and Mediterranean regions. BioCare has enjoyed rapid growth and has grown its business through a commitment to customer service, an innovative product line and a demonstrated understanding of the needs of its niche market. BioCare Europe is also developing a novel, proprietary technology platform for the production of recombinant hormones based on new molecular biology techniques that produce chimeric peptides that combine the function of two different peptides within one molecule. Luca Trama, founder and President of BioCare, commented, "We are enthusiastic about our partnership with Vitro Diagnostics and see a unique opportunity to expand our presence in the biotechnology industry with the addition of the VITROCELL(TM) product line. These proprietary cell lines and related culture system products have the potential to play a significant role in support of important research initiatives in the emerging stem cell industry within Europe."
About Vitro Diagnostics, Inc.
Vitro Diagnostics, Inc. (OTC BB: VODG), http://www.vitrodiag.com, manufactures the VITROCELL(TM) brand of human cell lines consisting of pituitary and pancreatic-derived cell lines and related products. These products are intended for various research and commercial applications including stem cell research, diabetes & pancreatic cancer research and drug discovery.
The Company's product pipeline also includes various forms of purified FSH and related products for use in the treatment of infertility. VITROPIN(TM) is a highly purified form of human urinary FSH produced by the Company's patented method that is in advanced stages of development. It requires FDA approval prior to marketing in the US. The fertility drug pipeline also includes VITROPIN-V(TM), which is a novel fertility drug derived from the Company's cell immortalization technology. The Company has also developed a medical device called VITROJECT(TM) for multiple dose injection of VITROPIN(TM) & VITROPIN-V(TM) on a regular basis.
Safe Harbor Statement
Certain statements contained herein and subsequent oral statements made by and on behalf of the Company may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are identified by words such as "intends," "anticipates," "believes," "expects" and "hopes" and include, without limitation, statements regarding the Company's plan of business operations, product research and development activities, potential contractual arrangements, receipt of working capital, anticipated revenues and related expenditures. Factors that could cause actual results to differ materially include, among others, acceptability of the Company's products in the market place, general economic conditions, receipt of additional working capital, the overall state of the biotechnology industry and other factors set forth in the Company's Annual Report on Form 10-KSB for the fiscal year ended October 31, 2004 under the caption, "Risk Factors." Most of these factors are outside the control of the Company. Investors are cautioned not to put undue reliance on forward-looking statements. Except as otherwise required by applicable securities statutes or regulations, the Company disclaims any intent or obligation to update publicly these forward-looking statements, whether as a result of new information, future events or otherwise.
