CANTON, Mass. (Dow Jones)--Avitar Inc. signed a letter of understanding for the exclusive use of Immunomatrix Inc.'s high sensitivity chemical assay technologies for drug abuse tests.
Financial terms of the letter weren't disclosed, and the agreement is subject to a definitive contract.
In a press release Wednesday, Avitar said it plans to use the technologies in its Oralscreen product line. An Avitar spokesman said Immunomatrix's technologies will improve the tests' ability to detect chemicals. He declined to comment on when products using these technologies will be available.
American Stock Exchange-listed shares of Avitar recently traded at 20 cents, up 4 cents, or 25%, on volume of 9.3 million shares. The company has an average daily volume of 669,521 shares.
Company Web site: https://avitarinc.com
-Eamon Beltran; Dow Jones Newswires;