By Lisa Kerner
Erie, Pa., April 20 - Gen-Probe Inc. said it has exercised its option to develop a novel nucleic acid testing platform based on Qualigen Inc.'s patented, Food and Drug Administration-approved FastPack automated blood testing system.
Known as a closed unit-dose assay system, the new platform would use Gen-Probe's nucleic acid testing technologies to detect the harmful microorganisms and genetic mutations at the point of sample collection.
The platform could be used in physicians' offices, outpatient clinics, blood screening centers and industrial settings, according to a company news release.
The companies first announced their agreement in November 2004. At that time, Gen-Probe paid Qualigen $1 million for an 18-month option to license, on an exclusive worldwide basis, Qualigen's technology to develop nucleic acid testing assays for the clinical diagnostics, blood screening and industrial fields.
Gen-Probe could exercise its option by purchasing the minority interest in Qualigen and may pay Qualigen up to another $3 million in development milestones, as well as royalties on any product sales.
As part of its option to develop the nucleic acid testing platform, Gen-Probe has purchased preferred stock convertible into approximately 19.5% of Qualigen's fully diluted common shares for approximately $7 million.
San Diego-based Gen-Probe develops nucleic acid tests used to diagnose human diseases and screen donated human blood.
Qualigen is a private company located in Carlsbad, Calif., that develops the FastPack System.
| Issuer: | Qualigen, Inc.
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| Issue: | Series D convertible preferred voting stock, series D-1 convertible preferred non-voting stock
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| Amount: | $6,993,402
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| Investor: | Gen-Probe Inc.
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| Announcement date: | April 20
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