Nanosphere Announces Distribution and Collaboration Agreement With Hitachi High-Technologies Corporation
NORTHBROOK, IL -- (Marketwired) -- 05/13/13 -- Nanosphere, Inc. (NSPH)
- Hitachi High-Technologies Corporation Provides Distribution Network to Market the Verigene System in Japan's High Growth Molecular Diagnostic Market
- Collaboration Leverages Each Companies' Advanced Design, Development and Manufacturing Expertise for Future Assays and Platforms
Nanosphere, Inc., a leader in the development and commercialization of advanced molecular diagnostics systems, announced today it has signed a distribution and collaboration agreement with Hitachi High-Technologies Corporation (Hitachi High-Tech). The agreement grants Hitachi High-Tech exclusive rights to market Nanosphere products in Japan. As well, the two companies intend to collaborate on assay and platform development.
The partnership plays a significant role in Nanosphere's global distribution strategy, as it expands the Company's product reach into one of the largest healthcare markets in the world.
"Nanosphere's portfolio of molecular diagnostics tests fits well with Japan's demand for rapid and accurate diagnostic tools to fight infections, enabling clinicians to target therapies potentially improving critical patient care and outcomes," said Kazuhiro Matsumura, Hitachi High-Tech's General Manager, Medical Systems Business Development Department, Strategic Planning Division, Science & Medical Systems Business Group. Mr. Matsumura added, "Nanosphere's rapid sample-to-result Verigene System meets the needs of Japan's health care providers who have been waiting for a molecular platform accessible to hospitals of all sizes."
"We are very pleased to be partnering with Hitachi High-Tech given their experience and reputation in both marketing and developing diagnostic products," said Michael McGarrity, Nanosphere's president and chief executive officer. "Hitachi High-Tech has a world class reputation for excellence and quality worldwide, and we jointly believe there is a considerable market and value creation opportunity that will be realized through this collaboration."
Benefits of Nanosphere's Growing Menu of Infectious Disease Products
The need for rapid, accurate and clinically actionable diagnostic results has been well defined in Europe and the USA with Nanosphere's broad menu of infectious disease tests:
- Gram-Positive Blood Culture test (BC-GP) to detect bacteria, including antibiotic resistance markers, that may cause bloodstream infections (510(k) cleared; CE Mark)
- Gram-Negative Blood Culture test (BC-GN) to detect Bacteria including antibiotic resistance markers, that may cause bloodstream infections (CE Mark)
- Respiratory Virus Plus test (RV+) to detect multiple respiratory viruses which cause respiratory tract infections (510(k) cleared; CE Mark)
- Clostridium difficile test (CDF) to detect potentially deadly C. difficile and identifies the 027 hypervirulent strain (510(k) cleared; CE Mark)
- Enteric Pathogens test (EP) to detect and multiple bacteria, viruses and toxin genes which cause gastrointestinal infections (In Clinical Trials). Nanosphere plans to commercialize the Enteric Pathogens test in 2013 following receipt of the necessary regulatory approvals.
About Nanosphere, Inc.
Nanosphere develops, manufactures and markets an advanced molecular diagnostics platform, the Verigene System, for multiplexed infectious disease, genetic, and ultra-sensitive protein testing. This easy-to-use platform offers laboratories a convenient, simple, and cost-effective solution for highly sensitive nucleic acid and protein testing. Nanosphere is based in Northbrook, IL.
For additional information regarding Nanosphere's infectious disease products, please contact Nanosphere at IDtesting@nanosphere.us or visit www.nanosphere.us.
About Hitachi High-Technologies Corporation
Hitachi High-Technologies Corporation, headquartered in Tokyo, Japan, is engaged in activities in a broad range of fields, including Electronic Device Systems, Fine Technology Systems, Science & Medical Systems, Industrial & IT Systems, and Advanced Industrial Products. The company's consolidated sales for FY 2011 were more than $7.8 billion. For further information, please visit http://www.hitachi-hitec.com/global/.
Except for historical information, the matters discussed in this press release are "forward-looking statements" and are subject to risks and uncertainties. Actual results could differ materially from these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, the following: (i) Nanosphere's ability to develop commercially viable products; (ii) Nanosphere's ability to achieve profitability; (iii) Nanosphere's ability to produce and market its products; (iv) Nanosphere's ability to obtain regulatory approval of its products; (v) Nanosphere's ability to protect its intellectual property; (vi) competition and alternative technologies; and (vii) Nanosphere's ability to obtain additional financing to support its operations. Additional risks are discussed in the Company's current filings with the Securities and Exchange Commission. Although the Company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. The forward-looking statements are made as of the date of this press release, and we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Contact: Nanosphere, Inc. Roger Moody 847-400-9021 Chief Financial Officer firstname.lastname@example.org or LifeSci Advisors Michael Rice 646-597-6979 Founding Partner email@example.com