ITT Exelis Awarded an Order Valued at $56 Million (XLS, LH)
[Sequella Inc., licensed its B-SMART technology to LabCorp to allow LabCorp to develop a new laboratory-based antibiotic susceptibility assay for Mycobacterium tuberculosis and to commercially use the assay in the United States]
Online PR News – 23-October-2012 – Las Vegas, NV – ITT Exelis (NYSE: XLS) XLS ("ITT Exelis") has been awarded an order from the U.S. Army valued at $56 million to provide power amplifiers and vehicular adapters for use with existing radios operated by the U.S. Army and the National Guard. Exelis has developed, manufactured and supported six generations of continually improved SINCGARS radios since the first radio was delivered in 1988. Since then, the company has delivered enhancements in functionality and software while reducing size, weight and power requirements, enabling SINCGARS to meet emerging battlefield demands. ITT Exelis (NYSE: XLS) is a diversified, top-tier global aerospace, defense and information solutions company with strong positions in enduring and emerging global markets. Exelis is a leader in networked communications, sensing and surveillance, electronic warfare, navigation, air traffic solutions and information systems with growing positions in cyber security, composite aerostructures, logistics and technical services. The company has a 50-year legacy of innovation and technology expertise, partnering with customers worldwide to deliver affordable, mission-critical products and services for managing global threats, conflicts and complexities. Headquartered in McLean, Va., the company employs about 20,500 people and generated 2011 sales of $5.8 billion. www.exelisinc.com
Laboratory Corporation of America Holdings (NYSE: LH) Sequella Inc., licensed its B-SMART technology to LH ("LabCorp") to allow LabCorp to develop a new laboratory-based antibiotic susceptibility assay for Mycobacterium tuberculosis and to commercially use the assay in the United States. The assays that LabCorp will develop using B-SMART technology will combine nucleic acid testing with phage-based technology to accurately and quickly identify any resistance of M. tuberculosis clinical isolates to antitubercular antibiotics, regardless of whether the resistance genotype is known. Financial terms of the agreement were not disclosed. Sequella retains all rights to commercialize B-SMART technology worldwide for indications other than tuberculosis, and for territories other than the United States for tuberculosis. Nucleic acid-based diagnostics are well established in laboratory medicine, and many are used to screen for infectious diseases, resulting in a $1.1 billion industry in the United States. The B-SMART technology is compatible with any nucleic acid detection system, can be used to develop tests that detect resistance to any drug, and can provide results in hours. Laboratory Corporation of America® Holdings ("LabCorp") (NYSE: LH), an S&P 500 company, is a pioneer in commercializing new diagnostic technologies and the first in its industry to embrace genomic testing. With annual revenues of $5.5 billion in 2011, over 31,000 employees worldwide, and more than 220,000 clients, LabCorp offers more than 4,000 tests ranging from routine blood analyses to reproductive genetics to companion diagnostics. LabCorp furthers its scientific expertise and innovative clinical testing technology through its LabCorp Specialty Testing Group: The Center for Molecular Biology and Pathology, National Genetics Institute, ViroMed Laboratories, Inc., The Center for Esoteric Testing, Litholink Corporation, Integrated Genetics, Integrated Oncology, DIANON Systems, Inc., Monogram Biosciences, Inc., Colorado Coagulation, and Endocrine Sciences. LabCorp conducts clinical trials testing through its LabCorp Clinical Trials division. LabCorp clients include physicians, government agencies, managed care organizations, hospitals, clinical labs, and pharmaceutical companies. To learn more about our organization, visit our Web site at: www.labcorp.com.
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