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AT THE COMPANY:
John Funkhouser, President, CEO
Paul Storey, Director of Finance
(919) 954-9871
INVESTOR CONTACTS:
Lippert/Heilshorn & Associates, Inc.
Bruce Voss (bruce)
(310) 575-4848
(919) 954-9871 Ruth Markowitz (ruth)
(212) 838-3777
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FOR IMMEDIATE RELEASE
NOVEMBER 2, 1998
CARDIOVASCULAR DIAGNOSTICS SIGNS LETTER OF INTENT WITH ASTRA
RALEIGH, N.C. (November 2, 1998) - Cardiovascular Diagnostics, Inc. (NASDAQ NM: CVDI) ("CVDI") today announced the signing of a Letter of Intent ("the Agreement") with Astra AB ("Astra"), Sweden to develop and supply a new test method with applications in the cardiovascular area. The Agreement provides for CVDI and Astra to negotiate a definitive supply and collaborative agreement by January 31, 1999. The expanded agreement will provide CVDI with further development funds and with access to Astra’s clinical trial data for regulatory purposes.
In commenting on the Agreement, John Funkhouser, President and Chief Executive Officer of CVDI, said, "We are extremely pleased to be in the final stages of our fourth pharmaceutical collaboration. CVDI has completed three previous collaborations, two with Knoll AG and one with Eli Lilly and Company.
Mr. Funkhouser continued, "CVDI’s "theranostic" development gives us the ability to provide the healthcare community with new rapid diagnostics to assess therapeutic agents under investigation for such major disease states as sepsis, stroke, unstable angina and deep vein thrombosis. Because all these disease states effect coagulation, CVDI’s flexible rapid diagnostic platform is uniquely capable of evaluating numerous drugs used to influence blood clot formation and dissolution. Ultimately, CVDI intends to provide a comprehensive menu of rapid coagulation tests for drugs - both those on the market as well as those under development."
Astra AB of Sweden, is an international pharmaceutical company with operations in 45 countries. Astra AB is a leader in the development of respiratory, cardiovascular, gastrointestinal, pain control and dental products.
Cardiovascular Diagnostics, Inc. develops, manufactures and markets rapid turnaround diagnostics to assess blood clot formation and dissolution. The Company develops tests based on its proprietary, dry chemistry Thrombolytic Assessment System for its principal target market of new drug compounds, some of which may have narrow therapeutic ranges, as well as for monitoring routine anticoagulants. The Company’s therapeutic diagnostics are used in the treatment of angina, myocardial infarction (heart attack), stroke, deep venous thrombosis, and pulmonary and arterial emboli. CVDI has submitted for shareholder approval a proposal to change the Company’s corporate name to PharmaNetics and its NASDAQ ticker symbol to PHAR. Shareholders are expected to vote on the proposed name change at a special meeting scheduled for December 2, 1998.
This press release contains forward-looking statements regarding future events and the future performance of Cardiovascular Diagnostics that involve risks and uncertainties, such as risks related to market acceptance, clinical trials and dependence on third-party distributors and collaborative partners that could cause actual results to differ materially from those projected in the forward-looking statements. Information concerning these and other of the factors that could cause actual results to materially differ from those in the forward-looking statements is contained in the Company’s SEC filings, including Form 10-K, Form 10-Q and Form 8-K reports.
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