Accelerate Diagnostics Receives New Innovative Technology Contract from Vizient for the Accelerate Pheno™ System
TUCSON, Ariz., Aug. 7, 2018 /PRNewswire/ -- Accelerate Diagnostics, Inc. announced today that it received an Innovative Technology contract from Vizient, Inc., the largest member-driven health care performance improvement company in the United States. The contract was based on a recommendation of the Accelerate Pheno™ system by hospital experts in this category who serve on one of Vizient's member-led councils. Innovative Technology contracts are reserved for technologies that demonstrate an ability to enhance clinical care or patient safety, and those that improve an organization's care delivery and business model.
"We're honored that our technology was awarded this Innovative Technology contract, enabling it to be on contract without waiting for the next competitive bid cycle," said Marilyn Drake, Director of Corporate Business for Accelerate Diagnostics. "The annual Vizient Innovation Technology Exchange was an important element in reviewing this new technology and offered a hands-on format to share the latest data and clinical potential of our solution."
The Accelerate Pheno™ system combines several technologies to reduce the time clinicians must wait to determine the most optimal antibiotic therapy for deadly bacterial infections, a major cause of sepsis. The system fully automates the lengthy sample preparation steps necessary to report phenotypic antibiotic susceptibility results in about 7 hours direct from positive blood cultures. Recent external studies indicate the solution offers results 1-2 days faster than previous laboratory methods, enabling clinicians to optimize antibiotic selection and dosage specific to the individual patient days earlier.
"We look forward to working with Vizient members across the country," said Lawrence Mehren, President and CEO of Accelerate Diagnostics. "This agreement enables us to offer additional value to member hospitals and streamline the process of equipping their physicians with faster results for patients fighting sepsis and antibiotic resistant infections."
Every 3-4 seconds someone dies from sepsis. In the United States, sepsis continues to be a leading cause of death, taking more lives than HIV, breast cancer and prostate cancer combined. Bacteria are the most common cause of the serious infections that lead to sepsis, and continue to develop resistance to antibiotics. These antibiotic resistant bacteria further complicate the treatment approach for physicians. The initial empiric antibiotics may not work and it can take days for lab results to come back showing which antibiotics are likely to be effective against the infection. By dramatically reducing this period of uncertainty, more lives may be saved.
After review, Vizient's member council agreed Accelerate Pheno™ system offers a unique benefit over other products available in the market today and recommended it for an innovative technology contract. "We are pleased to award this new contract to Accelerate Diagnostics," said Debbie Archer, director of procurement and leader of Vizient's Innovative Technology program for suppliers.
Vizient represents a diverse membership base that includes academic medical centers, pediatric facilities, community hospitals, integrated health delivery networks and non-acute health care providers and represents approximately $100 billion in annual purchasing volume. Through its Innovative Technology Program, Vizient works with member-led councils and task forces to review potentially innovative products. If it is determined that a product is innovative, Vizient may award a contract outside of the competitive bid cycle.
About Accelerate Diagnostics, Inc.
Accelerate Diagnostics, Inc. (Nasdaq:AXDX), is an in vitro diagnostics company dedicated to providing solutions for the global challenges of sepsis, antibiotic resistance and healthcare-associated infections. The company's Accelerate Pheno™ system and Accelerate PhenoTest™ BC kit received marketing authorization from the U.S. Food and Drug Administration for quantitative antibiotic susceptibility testing direct from positive blood cultures in February of 2017. For more information about the company, its products or technology, visit axdx.com.
The "ACCELERATE DIAGNOSTICS" and "ACCELERATE PHENO" and "ACCELERATE PHENOTEST" and diamond shaped logos and marks are trademarks or registered trademarks of Accelerate Diagnostics, Inc.
Certain of the statements made in this press release are forward looking, such as those, among others, about our projections as to when certain key business milestones may be achieved, the commercial potential of this agreement, the potential of our products or technology, the growth of the market, our estimates as to the size of our market opportunity and potential pricing, our competitive position and estimates of time reduction to results, and our future development plans and growth strategy. Actual results or developments may differ materially from those projected or implied in these forward-looking statements. Information about the risks and uncertainties faced by Accelerate Diagnostics is contained in the section captioned "Risk Factors" in the company's most recent Annual Report on Form 10-K, filed with the Securities and Exchange Commission on March 1, 2018, and in any other reports that we file with the Securities and Exchange Commission from time to time. The company's forward-looking statements could be affected by general industry and market conditions. Except as required by federal securities laws, the company undertakes no obligation to update or revise these forward-looking statements to reflect new events, uncertainties or other contingencies.
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