NEW YORK (GenomeWeb News) – Accelr8 Technology disclosed in a filing with the US Securities Exchange Commission last night that its technology evaluation agreement with Novartis Vaccines and Diagnostics has been extended to June 30, 2011.
Novartis is evaluating the firm's BACcel system for identifying the type and quantity of bacterial pathogens in clinical specimens. The firms inked the initial evaluation agreement in June 2010, though at the time Accelr8 did not name the partner.
Under an amended letter of intent, Novartis has exclusive rights to evaluate the technology until the end of June 2011. The drug and diagnostics firm will pay Accelr8 an undisclosed fixed amount, under terms of the amended agreement.
Denver-based Accelr8 said that as of Jan. 31, it has received an aggregate amount of roughly $640,000 from Novartis, and it anticipates receiving "not less than $140,000 more pursuant to these agreements."
The BACcel system is a rapid bacterial diagnostics system that, according to the firm, can identify bacteria within two hours and their major resistance mechanisms within six hours. Accelr8 has been working on tests for antibiotic resistance detection.
In Tuesday afternoon trade on the American Stock Exchange, shares of Accelr8 were up 9 percent at $1.77.