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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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XL Tech. | LSE:XLT | London | Ordinary Share | COM STK USD 0.001 (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 13.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:3774T XL TechGroup, Inc. 30 April 2008 Press Release 30 April 2008 XL TechGroup, Inc. ("XL TechGroup" or "the Company") DxTech signs Product Development & Licensing Agreement with Nicholas Piramal XL TechGroup (AIM: XLT), the creator of companies that solve identified, global unmet market needs, is pleased to announce the signing of a long-term Product Development and Licensing Agreement ("PDLA") between XL TechGroup's 83.5% owned company DxTech LLC ("DxTech") and Nicholas Piramal India Limited ("NPIL"), one of the largest pharmaceutical and healthcare companies in India. This PDLA is part of a long-term strategic alliance, which also includes a Distribution Agreement and the establishment of a joint venture sales and marketing company in India. DxTech is developing the fully-integrated Vantix(TM) point-of-care ("POC") diagnostics platform based on proprietary, electrochemical sensor technology that has unparalleled sensitivity and dynamic range. This combination will allow DxTech to bring two points of differentiation to the POC market that cannot be realized by any other POC technology currently available: the capability to conduct simultaneous diagnostic immunoassays and general chemistries on a single cartridge delivering a uniquely broad range of tests. In addition to its core focus on the US$48 billion routine diagnostic market in the US, DxTech's Vantix(TM) platform also has the added potential to transform diagnostic testing in a range of other emerging markets, including Asia, parts of Europe and Central and Latin America. In these markets, the Vantix(TM) platform could reduce or eliminate the need for expensive, centralised laboratory infrastructures and replace them with equally accurate testing that has a more favourable cost profile, distributed across each POC. The Vantix(TM) platform is designed to meet or exceed the performance levels established by US reference laboratories, to provide a complete solution from sample collection through claims processing, to be CLIA ("Clinical Laboratory Improvement Amendments") waivable, to provide a strong gross margin in the US market and, at the same time, to be commercially attractive in developing countries. In the US market, demand for the Vantix(TM) platform is expected to result from providing the physician with reference laboratory quality results, increased practice efficiency and significant additional income from reimbursements that would otherwise be paid to reference laboratories. The PDLA gives NPIL an exclusive license to DxTech's Vantix(TM) platform in India, Pakistan, Bangladesh, Sri Lanka, Nepal and Bhutan. In return, DxTech has received a multi-million dollar up-front fee and will receive three further product development fees, based on specific milestones over the next 18-36 months, each for at least one million dollars. DxTech will also receive long-term royalties based on gross sales in India, as well as its share of profits made by the joint venture. Nicholas Piramal will allocate dedicated employees to this relationship and will be investing additional funds for the joint venture's marketing and distribution costs. DxTech anticipates receiving clearance for the Vantix(TM) system from both the US FDA (510k) and the Indian regulatory authorities before the end of 2009. Initial product launches are then expected, featuring Free T4 and TSH thyroid assays where DxTech is already achieving results that match the gold standards set by reference laboratories in the US. With a population of over 1 billion, India is the fourth largest market for in-vitro diagnostic testing in the world. According to the G2 Report in August 2006, this market is growing at over 20% per annum, more than double the annual growth rate of the world IVD market. The majority of tests performed are centred on key urban cities, primarily Mumbai (Bombay), Delhi, Chennai (Madras), Bangalore and Kolkata (Calcutta) which have a combined total population of over 38 million. It is estimated that 78 million people have thyroid disorders in India, compared to 21 million in the US. NPIL is one of India's largest pharmaceutical and healthcare companies, having grown over the last 20 years through an aggressive strategy of successfully managed acquisitions, mergers and alliances. NPIL's core strengths include its 3,200 strong field force, successful brand building, state-of-the-art manufacturing plants, and an ability to successfully manage partnerships in its core businesses. In the field of diagnostics, NPIL's customers are independent laboratories, hospitals, doctors and patients, and they provide comprehensive product and customer support through a network of engineers and scientists. Dr. Swati Piramal, Director - Strategic Alliances & Communications, NPIL, said: "This alliance is a significant step in our pursuit of launching innovative diagnostic platforms, by which physicians can diagnose diseases and decide the course of treatment for faster and better outcomes. This will herald a paradigm shift in the way diagnostic tests are currently conducted in our country." John Scott, CEO of XL TechGroup, said: "DxTech's Vantix(TM) platform, which will provide quick, accurate diagnostic results directly in the community, will allow India to bypass and overtake the inefficient centralised reference laboratory models of healthcare systems in other countries. NPIL has a stated commitment to making a difference to the quality of life in India by reducing the burden of disease and we are very pleased that together we will be able to work towards this important goal." - Ends - For further information: XL TechGroup, Inc. John Scott / Harold Gubnitsky Tel: +1 321 409 7403 hgubnitsky@xltg.com Chris Munden, Director of Investor Relations Tel: +44 (0) 20 7398 7720 cmunden@xltg.com www.xltechgroup.com Nomura Code Securities Richard Potts, Corporate Finance Tel: +44 (0) 20 7776 1200 www.nomuracode.com XL TechGroup media enquiries: Abchurch Communications Heather Salmond Tel: +44 (0) 20 7398 7704 heather.salmond@abchurch-group.com Gareth Mead Tel: +44 (0) 20 7398 7710 gareth.mead@abchurch-group.com www.abchurch-group.com Piramal Group Vijay Sathye, President - Investor Relations Tel: +91 (0) 22 3046 6412 vijay.sathye@piramal.com Sagar Gokani, Manager - Investor Relations Tel: +91 (0) 22 3046 6474 sagar.gokani@piramal.com NOTES TO EDITORS About XL TechGroup, Inc. XL TechGroup is in the business of significant value creation. Working with major international corporate and technology partners such as Procter & Gamble and leading universities, XL TechGroup first identifies global unmet market needs and then targets and exploits these by the systematic creation of successful, disruptive technology businesses. These new companies are built from scratch, and are then managed, developed and funded by XL TechGroup through to the point of a trade sale or a stock market listing. XL TechGroup's unique and proven methodology selects the best opportunities in order to create one-to-two new companies annually, where each company is expected to achieve a realisable valuation of at least US$400 million within four years from its creation. It is XL TechGroup's aim to deliver significant shareholder distributions at the final exit from each company or from other liquidity events. XL TechGroup's companies to date are: * PetroAlgae LLC (www.petroalgae.com) * TyraTech Inc. (AIM: TYR, www.tyratech.com) * DxTech LLC (www.dxtech.com) * QuoNova LLC (www.quonova.com) * AgCert International plc (www.agcert.com) XL TechGroup has also established GenXL LLC (www.gnxl.com) as a joint venture to capture the value of those prospects that do not fully meet XL TechGroup's company selection criteria but still demonstrate considerable potential worth. Over and above XL TechGroup's core business model, GenXL reviews a significant flow of opportunities from both its parents in order to generate new companies, standalone product lines and technology licensing opportunities or an appropriate mix of these. For further information, see www.xltechgroup.com About DxTech LLC DxTech was established in July 2005 by XL TechGroup, Inc. to address the significant unmet global need for an easy-to-use, cost-effective point-of-care diagnostics system that offers a broad test menu and delivers reference laboratory quality results in real time. Based around its unique P3(TM) (Potentiometric PolyPyrrole) impedance-based electrochemical sensors, which offer an unparalleled combination of high sensitivity and wide dynamic range, DxTech's Vantix(TM) platform consists of: * the P3(TM) electrochemical sensor, embedded in a disposable microfluidic cartridge containing all materials needed to run diagnostic panels; * a low-cost reader with proprietary firmware that analyzes the cartridge and provides diagnostic results, and; * a central server computer system, managed by DxTech, which monitors system quality control, as well as collecting and storing data from remote readers. The DxTech Vantix(TM) system has the potential to revolutionize general patient care and chronic disease-state management, while boosting physician office revenue significantly For further information, see (www.dxtech.com) About the Piramal Group Spanning a broad spectrum of industries and formats, the Piramal Group is committed to achieving excellence and leadership by adhering to ethically sound, innovative and value-driven practices in its diverse, yet focused, business ventures and initiatives. The Group's turnover exceeded US$750 million in FY2007. The names of specific Group Companies are to be changed subject to shareholders' and Central Government's approval. About Nicholas Piramal India Limited Nicholas Piramal India Limited ("NPIL", name proposed to be changed to Piramal Healthcare Limited) is one of India's largest pharmaceutical companies, with a growth track record of above 30% CAGR since 1988. NPIL had consolidated revenues of US$602 million in 2006-07. The Company is currently ranked 5th in the Indian market with a diverse product portfolio spanning nine therapeutic areas. The Company is also one of the largest custom manufacturing companies with a global footprint of assets across North America, Europe and Asia. NPIL is listed in India on the National Stock Exchange (Ticker: NICOLASPIR) and the Bombay Stock Exchange (Ticker: 500302). The name change from Nicholas Piramal India Limited to Piramal Healthcare Limited is subject to approval by the Company's shareholders and Central Government. For further information, see www.nicholaspiramal.com This information is provided by RNS The company news service from the London Stock Exchange END AGRILMFTMMJTBRP
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