FOR IMMEDIATE RELEASE: Licensing Agreement With ANSYS Clears Way for Introduction of Rapid Drug Screen OralStat-6 KINDERHOOK, NY -- August 16, 2024 -- American Bio Medica Corporation (NASDAQ: ABMC) today announced it has signed a licensing agreement with ANSYS Technologies, Inc., that paves the way for ABMC to market an on-site saliva-based test for drugs of abuse. The new product will be named Rapid Drug Screen OralStat-6. Rapid Drug Screen OralStat-6 is considered an advance in on-site drug testing technology and a strengthening of ABMC's established product line. This product can simultaneously test for six drug categories: THC, opiates, cocaine, PCP, amphetamine and methamphetamine. Utilizing a simple saliva sample, it delivers easy-to-read positive or negative results within 10-15 minutes. The test requires no reader, no messy saliva collection or handling and it can be stored at room temperature. The licensing agreement allows ABMC to market this product to the criminal justice, workplace and drug treatment sectors. Pending submission for US Food and Drug Administration clearance, the product will be labeled and made available "for forensic use only." "This is a landmark agreement for ABMC, because it positions our company as a preeminent leader in terms of product line breadth and flexibility within the various drugs of abuse testing markets," said ABMC chairman and CEO Robert L. Aromando Jr. "We recognize that the acceptance curve for saliva testing may take time to cultivate before that market reaches the sales volume of urine-based testing, but having this product keeps us on the leading edge of technology evolution, and it opens doors for us to an immediate, untapped customer base. Our sales team can easily leverage our entire portfolio to provide customers with the exact tools they need for their drug testing program." ABMC plans to officially launch Rapid Drug Screen OralStat-6 at the American Probation and Parole Association meeting in St. Paul, Minnesota, on August 26. About ANSYS Technologies, Inc. Based in Lake Forest, California, ANSYS Technologies, Inc. develops, manufactures and markets disposable diagnostic and sample preparation devices. A world leader in the development and manufacture of rapid drug testing devices, ANSYS also incorporates proprietary silica membrane and packing technology into its line of HPLC columns, solid phase extraction columns, filtration, life-science and purification products. About American Bio Medica Corporation American Bio Medica Corporation develops, manufactures and markets inexpensive, accurate on-site drugs-of-abuse diagnostic kits, sprays and support services worldwide. The company's global distributors target the workplace, physicians, corrections, clinical and educational markets. ABMC's Drug Detector identifies minute traces of illegal drugs on surfaces, while the company's Rapid Drug Screen tests individuals and is proven to correlate greater than 99% with the standard laboratory screening test. Forward-looking statements in this release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risk and uncertainties, including without limitation, continued acceptance of the Company's products, increased levels of competition for the Company, new products and technological changes, intellectual property rights and other risks detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission. Contact: For American Bio Medica Corporation Melissa A. Decker, 800/227-1243 melissa@americanbiomedica.com |