SDIX, BD enter collaboration for development of microbiology detection solution

SDIX (NASDAQ: SDIX), a leading provider of biotechnology-based products and services for a broad range of life science, biotechnology, diagnostic and food safety applications, and BD Diagnostics, a segment of BD (Becton Dickinson and Company), a leading global medical technology company, today announced the signing of a comprehensive agreement whereby the two companies will collaborate in the development of a microbiology detection solution. The collaboration will combine SDIX's expertise in development of high performance antibodies with BD's expertise in diagnostic system development. The collaboration objective is to commercialize a novel system to address market needs for faster time to results and for accurate detection of microorganisms.

“We are excited to be working with a world class organization like BD. This agreement demonstrates our strengths in the design and production of novel, highly specific antibodies and our knowledge and experience in developing antibody based detection systems.”

Under the agreement, SDIX will provide BD Diagnostics access to its proven antibody technology and a non-exclusive license to its patented bacteria phage technology. BD will pay SDIX a $1.25M upfront fee for a combination of license fees, technology access fees, and paid-for research during system development. In addition to the upfront payment, the agreement provides up to $2.5M in milestone payments and royalties on product sales incorporating SDIX's patented technology. Upon commercialization of this system SDIX and BD will be engaged in a long term agreement for the supply of antibodies from SDIX to BD.

Francis DiNuzzo, SDIX's President and CEO commented, "We are excited to be working with a world class organization like BD. This agreement demonstrates our strengths in the design and production of novel, highly specific antibodies and our knowledge and experience in developing antibody based detection systems." Mr. DiNuzzo went on to say, "The combination of SDIX's antibodies together with the assay and platform capabilities of BD will enable the partnership to deliver a highly valuable system that we expect to advance microbial detection in many very valuable applications. We are pleased with the opportunity to collaborate with such a capable and well known organization."