TETERBORO, N.J. and BURLINGTON, N.C., May 6 /PRNewswire-FirstCall/ --
Quest Diagnostics Incorporated (NYSE: DGX), the nation's leading provider of
diagnostic testing, information and services, and TriPath Imaging, Inc.
(Nasdaq: TPTH), a leading provider of innovative solutions to improve the
clinical management of cancer, announced today an agreement in which Quest
Diagnostics will launch TriPath Imaging's SurePath(TM) liquid-based Pap test
for cervical cancer screening to its physician customers nationwide.
Quest Diagnostics will use TriPath Imaging's i3 Series integrated
solution, including the SurePath(TM) test pack and the PrepStain(TM) slide
processor, and is finalizing its evaluation of the FocalPoint(TM) slide
profiler for use in its operations. Both companies have agreed to work
together to educate physicians about the benefits of the SurePath technology.
The agreement provides for Quest Diagnostics to receive an initial issuance of
warrants for TriPath Imaging common stock and to earn additional incentive
warrants by achieving certain milestones. Additional terms of the agreement
were not disclosed.
"We selected TriPath Imaging's products and technology after an extensive
evaluation and validation process," said Joyce G. Schwartz, M.D., Vice
President and Chief Laboratory Officer of Quest Diagnostics. "We look forward
to offering the SurePath liquid-based Pap test as an important alternative to
women and their doctors for use in cervical cancer screening."
"This agreement marks an exciting new chapter for our company," stated
Paul R. Sohmer, M.D., Chairman, President and CEO of TriPath Imaging, Inc. "We
are extremely pleased that Quest Diagnostics has chosen to move forward with
us. We believe that this agreement creates the framework for a win-win
relationship. Through this relationship, we now have a pathway to expand our
domestic market share to a significantly higher level over the next several
years."
About Quest Diagnostics
Quest Diagnostics Incorporated is the nation's leading provider of
diagnostic testing, information and services, providing insights that enable
healthcare professionals to make decisions that improve health. The company
offers the broadest access to diagnostic testing services through its national
network of laboratories and patient service centers, and provides interpretive
consultation through its extensive medical and scientific staff. Quest
Diagnostics is the leading provider of esoteric testing, including gene-based
medical testing, and provides advanced information technology solutions to
improve patient care. Additional company information is available
at: www.questdiagnostics.com .
The statements in this press release which are not historical facts or
information may be forward-looking statements. These forward-looking
statements involve risks and uncertainties that could cause actual results and
outcomes to be materially different. Certain of these risks and uncertainties
may include, but are not limited to, unanticipated expenditures, changing
relationships with customers, payers, suppliers and strategic partners,
competitive environment, changes in government regulations, conditions of the
economy, integration of acquired businesses, and other factors described in
the filings of Quest Diagnostics Incorporated with the Securities & Exchange
Commission, including its 2003 Form 10-K.
About TriPath Imaging
TriPath Imaging, Inc., headquartered in Burlington, North Carolina,
develops, manufactures, markets and sells innovative solutions to improve the
clinical management of cancer, including detection, diagnosis, staging and
treatment. TriPath Oncology, a wholly owned subsidiary of TriPath Imaging,
develops molecular diagnostic and pharmacogenomic products and services for
malignant melanoma and cancers of the cervix, breast, ovary and prostate.
Additional company information is available at: www.tripathimaging.com .
Investors are cautioned that statements in this press release that are not
strictly historical statements constitute forward-looking statements which
involve risks and uncertainties that could cause actual results and outcomes
to differ materially from what is expressed in those forward-looking
statements. Such forward-looking statements include, without limitation,
those related to the efficacy and market acceptance of TriPath Imaging's
products, and product development efforts. Important factors that may affect
such forward-looking statements specifically and TriPath Imaging's operating
results generally include, without limitation: TriPath Imaging may not
receive revenues when or in the amounts anticipated; TriPath Imaging may be
unable to increase sales and revenues at its historical rates; expenses may
exceed expectations and TriPath Imaging may not achieve profitability when
expected, if at all; changes in general economic conditions or the healthcare
industry may occur that adversely affect TriPath Imaging's customers'
purchasing plans; TriPath Oncology may be unable to successfully develop and
commercialize products and services when anticipated, if at all; TriPath
Imaging's products may not achieve market acceptance to the degree
anticipated; competition and competitive pricing pressures may limit TriPath
Imaging's flexibility with respect to the pricing of its products; TriPath
Imaging may need to obtain additional financing in the future; TriPath Imaging
may not be able to develop and to protect adequately its proprietary
technology; TriPath Imaging and TriPath Oncology's products may not receive
FDA or other required regulatory approval when expected, if at all; and other
risks detailed in TriPath Imaging's filings with the Securities and Exchange
Commission, including those described in TriPath Imaging's Annual Report on
Form 10-K for the year ended December 31, 2003.
Contacts:
Quest Diagnostics:
Media, Jennifer Somers, +1-201-393-5700
Investors, Laure Park, +1-201-393-5030
TriPath Imaging:
Investors & Media, Jenny Kobin, +1-919-206-7195
SOURCE TriPath Imaging, Inc. and Quest Diagnostics Inc.