SYDNEY, April 29 /PRNewswire/ --
- To Receive Milestone Payments from Quest Diagnostics
Clinical Genomics Pty Ltd, an Australian biotechnology company, announced today that Quest Diagnostics Incorporated, the world's leading provider of diagnostic testing, information and services, has agreed to provide milestone payments over the next two years to Clinical Genomics to further develop its portfolio of gene-based biomarkers associated with early onset of colorectal cancer. Clinical Genomics was awarded the payments after successfully achieving key research and development goals. Under terms of a worldwide license agreement, Quest Diagnostics has exclusive rights to the biomarkers for use in developing a test as an aid in detecting precancerous and cancerous colorectal tumors in conjunction with other clinical findings. Additional financial terms were not disclosed.
Clinical Genomics, in collaboration with Flinders University (South Australia) and the Australian Government's Commonwealth Scientific and Industrial Research Organization (CSIRO, Australia), has discovered molecular markers that show promise as aids in detection of both colorectal cancer and precancerous adenomas.
Quest Diagnostics is at the forefront of efforts to develop and offer cancer testing innovations, including gene-based blood tests and fecal immunochemical tests associated with the detection of colorectal cancer, said Lawrence LaPointe, CEO of Clinical Genomics. We are excited that as the world's leader in cancer diagnostics, Quest Diagnostics appreciates the potential of our proprietary biomarkers to form the basis for a laboratory test that one day may aid the detection of early-stage colorectal cancer.
Colorectal cancer is the second most common cause of cancer related death of both men and women in the United States and Australia. Colorectal cancer is largely treatable when detected in the early stages. Yet, due to low screening rates, fewer than 40 percent of cases are caught early [1].
In 2006, Quest Diagnostics acquired Enterix Inc., manufacturer of the FDA-cleared InSure(R) fecal immunochemical test (FIT) for aiding the detection of colorectal cancer based on stool testing. Quest Diagnostics also made an equity investment in Clinical Genomics, which was formed as a spin off from Enterix's research and development.
[1]American Cancer Society
About Clinical Genomics
Clinical Genomics is a Sydney-based biotechnology company formed in 2006 to exploit the patented and patent-pending gene expression biomarkers of colorectal cancer discovered by its founders and Flinders University in 2001. Clinical Genomics continues to work closely with Flinders University and CSIRO to advance the development of products that will improve the detection and management of this serious disease. Additional information is available at: www.clinicalgenomics.com.
Contact: (For Clinical Genomics) Lawrence LaPointe, +61-4-0099-5027, larry@clinicalgenomics.com
Lawrence LaPointe of Clinical Genomics Pty Ltd, +61-4-0099-5027, larry@clinicalgenomics.com
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