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Molecular Diagnostics, Inc. Files 2002 Annual Report

Posted on: Monday, 21 July 2003, 06:00 CDT

Molecular Diagnostics, Inc. (OTC: MCDG) today filed its 2002 Annual Report on Form 10-K wherein the company reported increased revenues in 2002 of $1,746,000, an increase of over 100% in revenues from 2001. Simultaneously, despite the Company's continued investments in its global clinical trials for its InPath(TM) System, losses were reduced in 2002 to $11,960,000 from $16,630,000 in 2001, reflecting the Company's cutbacks and finalization of its basic research.

"We are very pleased to not only have audited results that show our progress last year, but to finally have this filing behind us," said Peter Gombrich, Chairman and CEO of MDI. He added, "Our change in auditors, in conjunction with the financing initiatives we've been focused on, have interrupted our operational progress. With the filing of our 10-Q for the first and second quarters to occur in the very near future, we can return to our primary focus of completing our financing and bringing the InPath System to market."

Despite early results from studies around the world indicating that the InPath Systems outperforms the Pap test and HPV DNA screening as a means of screening women for cervical cancer, the Company has effectively had its clinical trials on hold for the past 9 months as it worked on its fund-raising and restructuring efforts. Subject to completion of its restructuring and financing initiatives, clinical trials are expected to commence again in the next several months, and be concluded in early 2004, at which time the results will be submitted to the FDA for marketing clearance.

"We continue to believe in the company's technology portfolio and value, including our groundbreaking InPath System," said Peter Gombrich. "We look forward to completing the studies, and launching the global commercialization of InPath, so that women can benefit from its effectiveness," he added.

About Molecular Diagnostics, Inc.

Molecular Diagnostics develops cost-effective cancer screening systems, which can be utilized in a laboratory or at the point-of-care, to assist in the early detection of cervical, gastrointestinal, and other cancers. The InPath System is being developed to provide medical practitioners with a highly accurate, low-cost, cervical cancer screening system that can be integrated into existing medical models or at the point-of-care. Other products include SAMBA(TM) Telemedicine software used for medical image processing, database and multimedia case management, telepathology and teleradiology. Molecular Diagnostics also makes certain aspects of its technology available to third parties for development of their own screening systems.

More information is available at: www.Molecular-Dx.com

Certain statements in this release are forward looking. These statements are based on Molecular Diagnostics' current expectations and involve many risks and uncertainties, such as the company's inability to obtain sufficient financing, the possibility that clinical trials will not substantiate Molecular Diagnostics' expectations with respect to the InPath(TM) System, and other factors set forth in reports and documents filed by Molecular Diagnostics with the Securities and Exchange Commission. Molecular Diagnostics undertakes no obligation to publicly update or revise any forward-looking statements contained herein.

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