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Arrayit Inks Distribution Deal with VigeneTech; Posts Rise in Q2 Revenues

NEW YORK (GenomeWeb) – Arrayit today said that it has signed a distribution agreement with VigeneTech, bundling that firm's protein microarray suite of software with Arrayit's protein microarray platform.

The deal covers the domestic and international markets, Arrayit said in a statement issued to GenomeWeb.

"Bundling with good software gets the most out of our platform for Arrayit customers," Arrayit Chief Technology Officer Todd Martinsky said in the statement. "The Arrayit platform is complementary to VigeneTech's product offerings because of the variety of applications we both support. We can now cover all applications from beginning to end including forward arrays such as microarrays of antibodies, antigens and peptides, and reverse-phase arrays of serum or cellular lysates. Arrayit's equipment, reagents, and consumables with VigeneTech's software provide a complete turnkey solution."

Further terms of the alliance weren't disclosed.

Martinsky noted that Arrayit recently installed its NanoPrint LM210 Protein Microarray Manufacturing Platform at the Center for Neurologic Diseases of Brigham and Women's Hospital and Harvard Medical School, also establishing an Arrayit Center for Excellence there.

Arrayit also recently reported that its second quarter revenues jumped sharply to $1.9 million from $602,672 year over year, driven by an invoice to Avant Diagnostics, its partner on the firm's OvaDx test.

According to the Sunnyvale, Calif.-based firm's quarterly filing with the US Securities and Exchange Commission, its revenues include $1.6 million invoiced to Avant in June for work it performed toward a US Food and Drug Administration submission for the OvaDx test, an array-based diagnostic for ovarian cancer.

In 2011, Arrayit split its microarray technology supply business from its diagnostic development efforts, creating a separate company — originally called Arrayit Diagnostics, now Avant Diagnostics — to commercialize OvaDx and submit the test for FDA clearance as an IVD. Arrayit expects a pre-IDE submission on the test to FDA before the end of this year, company officials said on a conference call today.

The firms recently had been locked in litigation, but Arrayit officials said that the partners had reached a settlement. Avant is aiming to go public within the next few months, and once that happens, Arrayit will own just under 50 percent of Avant.

Arrayit reported a net loss of $414,440 for Q2, up from a net loss of $22,513 for the second quarter of 2013.

Its SG&A expenses for the quarter were $2 million, up sharply from $239,382 for Q2 2013. It attributed the increase to costs related to the increased size of its new facilities, increased payroll and consulting fees, and higher health insurance costs for its employees. In addition, it noted that it established a nearly $1.6 million allowance for doubtful accounts against the invoice to Avant, which was recorded as a bad debt expense.

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