Corporate - Media & Press - Press Release
Arrayit Achieves Significant Progress in First Quarter 2010
Press Release Source: Arrayit Corporation On Thursday April 15, 2010, 9:51 am EDT
SUNNYVALE, CA--(Marketwire - 04/15/10) - Arrayit Corporation (OTC.BB: ARYC - News), a leader in life sciences, healthcare and molecular diagnostics, is pleased to announce company achievements in the first quarter 2010.
"We have made significant progress and expect the momentum to continue," states Rene Schena, CEO. "Pre-symptomatic diagnostic tests, expanded microarray services, and life sciences instruments are key engines for growth for the future of Arrayit. The company is pursuing growth capital to meet these objectives from several sources, and we expect to close one or more rounds of financing in the second quarter of 2010." Arrayit improved its balance sheet by retiring approximately $3.5M in debt through equity conversion, further positioning the company for new investment.
Mark Schena, PhD, President of Arrayit, states, "In a dedicated effort in the first quarter, we made important progress in expanding our Biomarker Discovery and Validation Services. Arrayit has been particularly successful using its proprietary platform to identify biomarkers for major pharmaceutical companies." Additional information will be made available on this important growth opportunity in upcoming press releases to be issued this quarter.
Arrayit enlisted the services of DOCRO in obtaining FDA approval for OvaDx, the company's pre-symptomatic ovarian cancer test. The company anticipates submittal of the FDA application for OvaDx in late second or early third quarter 2010.
About Arrayit Corporation
Arrayit Corporation, headquartered in Sunnyvale, California, leads and empowers the genetic, research, pharmaceutical, and diagnostic communities through the discovery, development and manufacture of proprietary life science technologies and consumables for disease prevention, treatment and cure. Arrayit now offers over 650 products to a customer base of more than 10,000 clinics and research facilities, and more than 5,000 laboratories worldwide, including most every major university, pharmaceutical and biotech company, major agricultural and chemical company, government agency, national research foundation and many private sector enterprises. Please visit http://www.arrayit.com for more information.
Safe Harbor Statement
We have identified forward-looking statements by using words such as "expect," "believe," and "should." Although we believe our expectations are reasonable, our operations involve a number of risks and uncertainties that are beyond our control, and these statements may turn out not to be true. Risk factors associated with our business, including some of the facts set forth herein, are detailed in the Company's Form 10-K for the fiscal year ended December 31, 2009.
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