Vacci-Test Corporation ("Vacci-Test") is pleased to announce that it has completed a new exclusive licence agreement with MagnaBioSciences LLC ("MBS") of San Diego, California that gives Vacci-Test the world wide rights to the patented MBS magnetic technology for the detection of pathogens in the human food chain. The new agreement expands the terms of the existing agreement, signed in 2007, and includes MBS taking a minority ownership position in Vacci-test. Vacci-Test's first product to be developed under this new licence will be FoodChekTM-E.coli, a revolutionary new same shift test that is rapid, highly accurate and cost effective.
Vacci-Test will be bringing a number of ground-breaking food safety tests to market beginning with FoodChekTM-E.coli in Q4 2008, to be quickly followed by other equally innovative tests for the detection of Salmonella and Listeria. FoodChekTM-E.coli is a breakthrough solution for meat-processors enabling them to easily and inexpensively deliver high quality and safe products to consumers. FoodChekTM-E.coli has already successfully completed field trials in two meat-processing plants and the development of FoodChekTM-Salmonella is currently underway.
Mr. Sandy MacPherson, Chairman of the Executive Operating Committee of Vacci-Test said "This new MBS agreement demonstrates our mutual commitment to food safety testing and the urgent need for more rapid, accurate and cost effective food safety tests in the food industry. For Vacci-Test this new licence provides broader, worldwide access for all of our new products in the global food safety market. I am also extremely pleased that MBS has expressed its confidence in Vacci-Test and its products by taking an ownership position in our company."
Dr. Ron Sager, CEO of MBS stated, "I am confident that by joining forces and taking an equity position in Vacci-Test that our shareholders will share in the success we know Vacci-Test will have in the burgeoning and valuable food safety market."
MagnaBioSciences, a subsidiary of Quantum Design and a world leading innovator in magnetic measurement devices is a privately held U.S. company based in San Diego, California specializing in the use of proprietary magnetic nanotechnology for diagnostic applications for the healthcare, veterinary and other industries.