For the nine months ended September 30, 1998, CVDI reported a net loss of $2,469,000, or a loss of $0.36 per basic share, compared with a net loss of $2,874,000, or a loss of $0.43 per share, for the same period in 1997.
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.
This is the second test card CVDI has developed for use by Knoll to monitor its new highly potent drugs.
For Chiron, CVDI's coagulation technology represents an opportunity to leverage Chiron's market leadership in critical blood analysis with other critical care platforms.
Chiron expects to launch CVDI's products separately, and will also offer the tests as part of the Rapidpoint Critical Care and Rapidlink Critical Care Information Systems.
CVDI manufactures two types of disposable near-patient coagulation tests used on a single analyzer.
Additionally, future CVDI tests will monitor new therapeutics presently under development by large pharmaceutical partners for primary use in critical care settings.