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PRESS RELEASE
29 June 2005
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| FIT Biotech Plc sold two technology
intensive business areas to Tartu based biotech company Quattromed AS |
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According to the agreement signed on June 27th, 2005, Quattromed AS obtains two
FIT Biotech non-core business areas – latex allergen testing based on
proprietary technology platform and business area of production of monoclonal
antibodies. Both business areas are complementary to Quattromed current product
portfolio.
“The divestment from above-mentioned business areas is a logical step of
restructuring and refocusing our activities”, said CEO & President of FIT
Biotech Plc, Dr Kalevi Reijonen. “The main focus of our Company in 2005-2007 is
the development of GTU technology platform – a very promising approach in the
field of gene therapy against HIV/AIDS and other diseases. Quattromed AS has
solid production capabilities in both business areas and the company has
maintained its operating efficiency despite of fast growth they have faced
during the few past years.”
According to the agreement, the purchase price comprises of fixed payments and
royalties based on sales volumes that are kept confidential according to the
agreement.
“Antibodies for research purposes have been an integral part of our product
portfolio already for four years, additional products make good fit with our
existing business,” CEO of Quattromed AS, Mr Erki Mölder said. “Technology
platform for latex allergen testing we obtained from FIT Biotech Oyj is unique
and it gives us a strong competitive advantage in the growing markets of the
Asian countries.”
FIT Biotech (www.fitbiotech.com) is an innovative medical biotechnology company
based in Tampere, Finland and Tartu, Estonia engaged in the development and
commercialisation of its proprietary Gene Transport Unit (GTU) technology and
GTU product applications in DNA vaccination as well as in immuno- and gene
therapies. Company has 40 employees.
Quattromed AS (www.quattromed.ee) is a spin-off company of Tartu University
acting as a partner in the field of molecular diagnostics for over 30 healthcare
institutions in Estonia. Quattromed AS is also engaged in selling tools and
services in the proteomics research area outside Estonia. Company employs 29
persons. IPR portfolio contains seven patent applications, two trademarks and
over twenty technology licenses.
ADDITIONAL INFORMATION:
Quattromed AS – Erki Mölder, +372 514 7243
FIT Biotech Plc – Kalevi Reijonen, +358 408 435 695
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