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Braintree, MA, Oct. 27, 2005 – Haemonetics Corporation (NYSE:HAE) and Arryx, Inc. today announced an amended agreement that expands Haemonetics' rights to use Arryx's optical trapping technology to develop applications in a broader field of use, specifically for all human healthcare applications. Haemonetics and Arryx had announced their collaboration in October 2004 to develop new technology for applications in a narrower field of use relating to blood processing.
In consideration of the expanded field of use, Haemonetics will make a one time payment to Arryx of $3 million. Additionally, as with the licensing agreement reached with Arryx in October 2004, Haemonetics will make milestone payments to Arryx when Arryx reaches certain proof of concept, development, and regulatory deliverables on projects to be agreed. The potential milestone payments total $12.4 million. If milestones are met, and the Company makes commercial sales of products that incorporate the technology, Haemonetics would make royalty payments to Arryx.
The parties did not disclose other terms of the amended agreement.
Brad Nutter, Haemonetics' President and CEO, said, "As we worked with Arryx to develop blood processing applications, we became excited about the technology's potential to make significant improvements in other healthcare applications. We look forward to our continued work with Arryx through this early stage research and into development to deliver innovative technologies that benefit patients globally."
About Haemonetics
Haemonetics (NYSE: HAE) is a global company engaged in the design, manufacture and worldwide marketing of automated blood processing systems. These systems address important medical markets: surgical blood salvage, blood component collection, plasma collection, and blood component safety. To learn more about Haemonetics' products and markets, visit its web site at http://www.haemonetics.com.
This release contains forward looking statements that involve risks and uncertainties, including technological advances in the medical field and standards for transfusion medicine and our ability to successfully implement products that incorporate such advances and standards, product demand, market acceptance, regulatory uncertainties, the effect of economic and political conditions, the impact of competitive products and pricing, blood product reimbursement policies and practices, foreign currency exchange rates, changes in customers' ordering patterns, the effect of industry consolidation as seen in the plasma market, the effect of communicable diseases and the effect of uncertainties in markets outside the U.S. (including Europe and Asia) in which we operate and other risks detailed in the Company's filings with the Securities and Exchange Commission. The foregoing list should not be construed as exhaustive. The forward-looking statements are based on estimates and assumptions made by management of the Company and are believed to be reasonable, though are inherently uncertain and difficult to predict. Actual results and experience could differ materially from the forward-looking statements.
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Contact: Julie Fallon
Tel: (781) 356-9517
Alt. Tel: (617) 320-2401
fallon@haemonetics.com
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