FOR IMMEDIATE RELEASE: Partnership with American Bionostica to Make Point of Care Assay to Battle Worldwide Epidemic KINDERHOOK, N.Y. -- May 9, 2024 -- American Bio Medica Corporation (NASDAQ: ABMC) today announced that it has entered an agreement with American Bionostica Inc. to manufacture a proprietary point of care assay for the rapid detection of tuberculosis (TB). The product will be marketed by American Bionostica under the name Rapid TB Test. Developed by American Bionostica, the test utilizes a lateral flow design, and has a unique antigen that allows the detection of human TB antibody present in humans infected with Mycobacterium tuberculosis at a sensitivity of greater than or equal to 85 percent, and a specificity of greater than or equal to 92 percent. The detection limit for this rapid test exceeds anything in the point of care market today. This agreement is a major milestone for ABMC because it marks the first time the Company's technologies and manufacturing capabilities have been applied to diagnosing infectious diseases. This diversification also creates significant international revenue potential for ABMC, as well as distribution of overhead and cost of goods within the company. ABMC is currently recognized as a leading manufacturer of on-site drugs of abuse tests. "This is a breakthrough agreement for ABMC, because it represents a major step in the diversification of the company," said ABMC chairman and chief executive officer Gerald Moore. "While we continue to grow our core business, we will tap into many potential applications of our technologies. Infectious disease is a key target market. We feel we can create cost-effective products that offer better performance than existing options. Regarding TB, where diagnosis is so critical to management of a worldwide epidemic, the immediate benefit of this test should be significant." In 1993, the World Health Organization (WHO) took the unprecedented step of declaring TB a global emergency. The WHO estimates that TB kills two million people each year. Nearly one percent of the world's population is newly infected each year, and one third of the world population is now infected with the TB bacillus. By 2020, WHO believes nearly one billion people will be infected, 200 million will become sick, and 35 million fatalities will result from TB if the epidemic is not controlled.(1) TB is contagious. It is spread through transmission of airborne TB bacillus. Left untreated, a person with TB will infect up to 15 others per year. While TB is treatable, it often goes undetected, as carriers of TB can have few or no symptoms. That is why accurate diagnosis of TB is of critical importance, not only in terms of directing infected people to treatment, but also for controlling spread of the disease. The WHO's current target is to detect 70 percent of new infectious TB cases.(2) About American Bio Medica Corporation American Bio Medica Corporation develops, manufactures and markets inexpensive, accurate, on-site drugs-of-abuse diagnostic kits and support services worldwide. The company's global distributors target the workplace, physicians, corrections, clinical, and educational markets. ABMC's Rapid Drug Screen® and OralStat6 test for the presence or absence of drugs of abuse in urine and saliva, respectively, while its Drug Detector identifies minute traces of illegal drugs on surfaces. ABMC was recently listed among the top ten biotechnology companies on the Deloitte & Touche 2001 Technology Fast 500, a ranking of the fastest growing companies in North America. This release may contain forward-looking statements. These forward-looking statements involve risks and uncertainties that could cause actual results to differ, and such differences could be material. Such risks and uncertainties include, but are not limited to, the following: continued acceptance of the Company's products, increased levels of competition in our industry, the acceptance of new products, inherent risks associated with product development and intellectual property rights, the Company's dependence on key personnel, third party sales and suppliers. There can be no assurance that the Company will be successful in addressing such risks and uncertainties. Investors are strongly encouraged to review the section entitled "Risk Factors" in the Company's annual report on Form 10-KSB for the transition period ended December 31, 2001, and quarterly reports on Form 10-QSB on file with the Securities and Exchange Commission for a discussion of risks and uncertainties that could affect operating results and the market price of the Company's common shares. Contact: American Bio Medica Corporation Gerald A. Moore, 800/227-1243 Fax: 518/758-8171 Email: gerald@americanbiomedica.com Web: www.americanbiomedica.com or American Bionostica, Inc. Rick Thompson, 856/468-7838 Email:rthompson@americanbionostica.com |