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"This acquisition reflects the continuing execution of our focused M&Astrategy, aimed at building a critical mass of high-value oncology diagnosticproducts that will be offered through our U.S. CLIA-certified laboratory,which is on track to open later this year," said John Schafer, President andCEO of DiagnoCure. "The newly acquired tests have the potential to increaseclinician and patient confidence when making critical treatment decisions andwill complement our GC-C-based tests for colorectal cancer, acquired earlierthis year."
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The acquired tests have been validated in multiple clinical studiesinvolving patients with five tumor types, including breast and colon. Resultshave shown the tests to be strong indicators for a patient's risk of diseaserecurrence, as well as predictors of response to certain cancer therapies,such as tamoxifen or traditional chemotherapy. The tests measure the level ofactivated tyrosine phosphorylated (PY) Shc protein and p66 Shc protein intissue specimens. The Shc proteins are involved in a number of well documentedcellular pathways that are correlated with tumor aggressiveness across manytypes of cancer, offering a broad opportunity for clinical testing. Thesetests were developed by A. Raymond Frackelton Jr., Ph.D., and researchers atthe Roger Williams Medical Center of Providence, Rhode Island.
With a 2007 estimate of 178,480 new cases and 40,460 deaths in the UnitedStates, breast cancer is the most frequently diagnosed cancer and the secondleading cause of death from cancer in women. The global survival rate overfive years is 89% but falls to 26% when breast cancer has spread to distantorgans. Appropriate risk assessment of the cancer after the initial treatmentwill facilitate critical treatment decisions and may increase the probabilityof recurrence-free survival, while avoiding ineffective treatments and relatedcost.
The terms of the agreement call for an upfront payment of approximatelyUS$3 million comprised of cash and DiagnoCure shares followed by potentialfuture payments related to the achievement of specific milestones.
Conference call Thursday
Mr. Schafer and members of his management team will talk with investorsvia conference call Thursday, August 16, 2007, at 10:30 AM Eastern Daylighttime. To access the audio conference in real-time, please dial 1-800-731-6941.A replay of the audio conference will also be available on DiagnoCure'swebsite at www.diagnocure.com as of August 17, 2007, at 12:00 p.m. (ET),through a link on our Investors page.
About DiagnoCure
DiagnoCure (TSX: CUR) is a life sciences company commercializinghigh-value cancer diagnostic tests and delivering lab services that increaseclinician and patient confidence in making critical treatment decisions.DiagnoCure is currently preparing to launch the first GC-C-based moleculartest for the management of colorectal cancer. In 2003, the Company enteredinto a strategic alliance with Gen-Probe (NASDAQ: GPRO) for the developmentand commercialization of a second-generation test for PCA3, DiagnoCure'sproprietary genetic marker highly specific to prostate cancer. The test is nowavailable through laboratories in the U.S. using PCA3 analyte specificreagents (ASR) from Gen-Probe, and in Europe as the CE-marked PROGENSA(TM)PCA3 in vitro assay. In addition to its own research, the Company intends toacquire or in-license additional promising cancer biomarkers from bothacademic and comme
