|CONTACT: Richard R. Current, CFO, 517/372-9200|
LANSING, Mich., July 1, 2004 — Neogen has developed a revolutionary method to read, store and analyze results from lateral flow tests.
Neogen’s new Reveal® AccuScan™ System is the only lateral flow test reader available on the market. AccuScan provides an easy method to objectively read, store, and analyze results from Neogen’s Reveal line of lateral flow tests for Listeria, E. coli O157:H7, Salmonella, GMOs, mycotoxins, food allergens and ruminant material in animal feed. Based on estimates of various industry experts, the overall market size for rapid tests within Neogen’s markets is approximately $295 million annually.
"Similar to home pregnancy tests, lateral flow tests are extremely popular in the food industry because they are very quick and easy to use,” said Ed Bradley, Neogen’s vice president of Food Safety Sales and Marketing. “The AccuScan lateral flow reader eliminates the subjectivity that can exist with interpreting the lateral flow devices, and provides a permanent result that can be incorporated into a company’s food safety plan, such as HACCP. Quick and easy test results are good. But, permanent, traceable results are often necessary.”
The AccuScan system consists of a lateral flow test reader combined with a personal data assistant (PDA), and intuitive data management computer software. By inserting a test device into the reader and activating, the instrument takes a digital photograph of the test strip’s results area. The reader then interprets the test’s results, and if a line is detected, displays a line weight score. This process eliminates the subjectivity associated with lateral flow test interpretation, and provides an objective, traceable record of the test result. Windows-based AccuScan Data Manager PC software allows users to analyze test data and view actual images of the lateral flow strips captured during testing.
Among the products AccuScan has been engineered to read include Neogen’s new Reveal for Aflatoxin lateral flow test, the easiest and quickest test available for aflatoxin (a known carcinogenic mold toxin of concern in grain); Reveal for E. coli O157:H7, the industry’s quickest test system for the dangerous foodborne pathogen; Reveal for Peanut Allergen, a simple lateral flow test to detect peanut residues in 10 minutes or less; and the remainder of Neogen’s lateral flow tests for pathogens, GMOs, and ruminant material.
Neogen Corporation (Nasdaq: NEOG) develops and markets products dedicated to food and animal safety. The Company’s Food Safety Division markets dehydrated culture media, and diagnostic test kits to detect foodborne bacteria, natural toxins, genetic modifications, food allergens, drug residues, plant diseases and sanitation concerns. Neogen’s Animal Safety Division markets a complete line of diagnostics, veterinary instruments, veterinary pharmaceuticals, nutritional supplements, disinfectants, and rodenticides.
Certain portions of this news release that do not relate to historical financial information constitute forward-looking statements. These forward-looking statements are subject to certain risks and uncertainties. Actual future results and trends may differ materially from historical results or those expected depending on a variety of factors listed in Management’s Discussion and Analysis of Financial Condition and Results of Operations in the Company’s most recently filed Form 10-K.