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Accelr8 Technology (AXK) in Discussions to Explore Additional Funding

Accelr8 Technology Corp., a developer of innovative materials and instrumentation for advanced applications in medical instrumentation, basic research, drug discovery and bio-detection, today announced that in regards to the end of its technology evaluation agreement with Novartis, it is in discussions to search within Novartis for funding options to complete product development.

“Recent reorganization in the Novartis Vaccines and Diagnostics division has delayed project decisions until the reorganization is completed. But, thanks to Novartis, Accelr8 is on a rapid development path. To maintain momentum we are taking direct action to develop additional paths to finish the product development,” David Howson, Accelr8’s president, stated in the press release.

The talks follow Novartis business analyses and successful Proof of Concept technical studies, which were conducted jointly between the companies. Accelr8’s management confirmed the successful technical studies, and additionally noted that several independent business analyses and advisory boards are in-line with Accelr8’s assessments.

As Accelr8 explores alternative funding, there are no standstill or first-right conditions that prohibit Accelr8 from pursuing alternatives outside of Novartis.

Accelr8 has negotiated with other companies for BACcel™ applications that complement clinical diagnostics, such as pharma development, and said it is opening discussions with clinical diagnostics companies as well.

“At the same time, we are completing formal technical studies that are already underway with Novartis. These include Proof of Concept studies with positive blood cultures containing complex Gram-negative organisms that express broad-spectrum resistance. Our objective is to present the results at the next available international clinical congress. Finally, we expect a corporate update from Novartis before Thanksgiving,” Howson stated.

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