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Disease Detection International

This article was originally published in The Gray Sheet

Executive Summary

Considering proposal by Irish firm Trinity Biotech to merge via a stock swap. DDI announced Jan. 17 that it had received a letter of intent from Trinity's board proposing a merger of the two companies. The proposal "contemplates an exchange of shares in which stockholders of Disease Detection International, other than Trinity, would receive American Depositary Receipts representing ordinary shares of Trinity," the release states. Trinity, which reportedly owns about 400,000 shares of DDI's common stock and all of the company's Series A preferred stock, holds a license to DDI's SeroCard diagnostic test for sexually transmitted and infectious diseases. Using the rapid test format of the SeroCard along with a saliva detection method obtained from Amsterdam-based Saliva Technologies, Trinity is developing a test to detect HIV-1 antibodies in saliva ("The Gray Sheet" April 26, 1993, I&W-4)

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