Saladax Biomedical, Bristol-Myers Squibb collaborate to develop clinical diagnostics

Saladax Biomedical, Inc. (www.saladax.com) announced today that it has entered into a multi-year development and commercialization agreement with Bristol-Myers Squibb Company (NYSE: BMY) for the development of certain clinical diagnostic tests to be used in conjunction with the development of certain therapeutic compounds in the Bristol-Myers Squibb pipeline.

"This collaboration demonstrates our capability to develop clinical diagnostics with a leading global pharmaceutical company such as Bristol-Myers Squibb," said Dr. Salvatore Salamone, CEO of Saladax. "The breadth and flexibility of Saladax's core scientific capabilities can be applied broadly to clinical diagnostics in different therapeutic categories."

Under the terms of the agreement, the companies will collaborate globally on development and regulatory approvals. Saladax received exclusive global rights to commercialize the assays it develops. Financial terms are not disclosed.