TETERBORO, N.J., and TORONTO, Ont., November 7, 2001 -- Quest Diagnostics
Incorporated (NYSE: DGX), the leading provider of diagnostic testing, information
and services in the U.S., and Vasogen Inc. (TSE: VAS; AMEX: MEW), a developer
of immune modulation therapies for the treatment of inflammatory disease, today
announced the formation of a strategic alliance to jointly commercialize Vasogen's
immune modulation therapy in the United States. Vasogen's immune modulation
therapy targets a fundamental cause of a broad range of diseases by beneficially
modulating destructive inflammatory processes.
Under the terms of the agreement, Quest Diagnostics has been granted the exclusive
rights to distribute Vasogen's immune modulation therapy in the United States.
As clinical trials of Vasogen's immune modulation therapy advance in the areas
of cardiovascular, autoimmune, and other inflammatory diseases, Vasogen and
Quest Diagnostics will work together to establish the distribution infrastructure
to support a successful market introduction. The companies will share in product
revenues. As part of the agreement, Quest Diagnostics will make a $7.5 million
(U.S.) equity investment in Vasogen. In addition, Quest Diagnostics' continued
exclusivity is subject to milestone payments, the timing of which is tied to
the FDA approval process.
"Vasogen has developed a therapeutic intervention that targets diseases
affecting millions of Americans," said Surya Mohapatra, Ph.D., President
and Chief Operating Officer of Quest Diagnostics. "We look forward to collaborating
with Vasogen to introduce this innovative new treatment to the U.S. market."
"Quest Diagnostics provides the best possible combination of health care
expertise, geographic reach, and patient service infrastructure to support U.S.
commercialization and revenue growth," said David Elsley, President and
Chief Executive Officer of Vasogen.
About Quest Diagnostics
Quest Diagnostics, based in Teterboro, N.J., is the nation's leading provider
of diagnostic testing, information and services with $3.4 billion in annual
revenues. The company's diagnostic testing yields information that enables health
care professionals and consumers to make better decisions to improve health.
Quest Diagnostics offers patients and physicians the broadest access to diagnostic
testing services through its national network of approximately 30 full-service
laboratories, 150 rapid response laboratories and more than 1,300 patient service
centers, where specimens are collected. Quest Diagnostics is the leading provider
of esoteric testing, including gene-based testing, and is the leader in routine
medical testing, drugs of abuse testing, and non-hospital-based anatomic pathology
testing. Quest Diagnostics empowers health care organizations and clinicians
with state-of-the-art connectivity solutions that improve practice management.
Through partnerships with pharmaceutical, biotechnology and information technology
companies, Quest Diagnostics provides support to help speed the development
of health care insights and new therapeutics. Additional company information
can be found on the Internet at: www.questdiagnostics.com.
About Vasogen
Vasogen Inc., based in Toronto, is engaged in the research, development, and
commercialization of immune modulation therapy for the treatment of cardiovascular,
autoimmune, and related inflammatory diseases. Vasogen's immune modulation therapy
is delivered during a 20-minute outpatient procedure, which involves the stressing
of a small sample of a patient's blood cells using a proprietary medical device
technology, followed by the administration of stressed cells to the patient.
Vasogen's therapeutic intervention exploits the physiological response of the
immune system to stressed cells, promoting an anti-inflammatory environment
by beneficially modulating inflammatory and anti-inflammatory cytokines. The
Company's lead clinical program, currently in pivotal clinical trials in the
United States, is applying immune modulation therapy to the treatment of peripheral
arterial disease. Vasogen's immune modulation therapy is also in clinical trials
for a number of other indications characterized by inflammation and immune system
dysfunction, including psoriasis, congestive heart failure, ischemia/reperfusion
injury, chronic lymphocytic leukemia, and graft-versus-host disease. Vasogen
is also advancing the development of immune modulation therapy for the treatment
of neuroinflammatory diseases. Additional company information can be found on
the Internet at: www.vasogen.com.
Vasogen Inc.Contacts:
Glenn Neumann, Investor Relations
2155 Dunwin Drive, Mississauga
ON, Canada L5L 4M1
tel: (905) 569-9065
fax: (905) 569-9231
www.vasogen.com / investor@vasogen.com
Justin Jackson (Media) /Jonathan M. Nugent (Investors)Burns McClellan (212)
213-0006
Quest DiagnosticsContacts:
Gary Samuels (Media)
201-393-5700Cathy Doherty
(Investors)
201-393-5030
Quest Diagnostics Incorporated
One Malcolm AvenueTeterboro,
NJ 07608
Statements contained in this press release, including those pertaining to scientific
and clinical research, commercialization plans, strategic alliances, and intellectual
property protection, other than statements of historical fact, are forward-looking
statements made pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. "Forward-looking statements" describe
future expectations, plans, results, or strategies and are generally preceded
by words such as "future," "plan" or "planned,"
"will" or "should," "expected," "anticipates,"
"draft," "eventually," or "projected." You are
cautioned that such statements are subject to a multitude of risks and uncertainties
that could cause actual results, future circumstances, or events to differ materially
from those projected in the forward-looking statements. These risks, including
those associated with the success of research and development programs, the
regulatory approval process, competition, and financing capability, are discussed
in the Company's current quarterly and annual filings with the Canadian and
U.S. securities commissions. The forward-looking statements are made as of the
date hereof, and Vasogen disclaims any intention or obligation to update or
revise any forward-looking statements, whether as a result of new information,
future events, or otherwise.