For the nine months ended September 30, 1998, CVDI reported a net loss of $2,469,000, or a loss of $0.
An important highlight of the quarter was the August 28th signing of a global distribution agreement for certain CVDI diagnostic coagulation tests with Chiron Diagnostics ("Chiron"), which is in the process of being sold to the Bayer Group.
In addition to the Chiron announcement, CVDI continued to pursue its strategy of developing rapid diagnostic specialty tests for new therapeutics.
In addition, Chiron's considerable presence in the specialized areas of the hospital will facilitate the placement of TAS analyzers and provide a foundation upon which to expand distribution of future CVDI theranostic tests.
We are very excited about our new partnership with CVDI.
a wholly owned subsidiary of CVDI
, to Coeur Acquisition, LLC, a private investment firm backed by Bison Investments of Tampa, Florida for $1.
CVDI has completed three previous collaborations, two with Knoll AG and one with Eli Lilly and Company.
Ultimately, CVDI intends to provide a comprehensive menu of rapid coagulation tests for drugs -- both those on the market as well as those under development.
The LRF test is the second test CVDI has developed for use by Knoll to monitor new, highly potent drugs that may require individual dose adjustment.
The development agreement between CVDI and Knoll was signed in May 1997 and provides for milestone payments already received by CVDI.
CVDI manufactures two types of disposable near-patient coagulation tests used on a single analyzer.
This press release contains forward-looking statements regarding future events and the future performance of CVDI, Inc.