Exiqon A/S Announces U.S. Subsidiary Name Change From Oncotech, Inc. to Exiqon Diagnostics, Inc.
Exiqon is pleased to announce the adoption of a new name for theirclinical laboratory diagnostics business, Exiqon Diagnostics. Thisprogressive change will demonstrate the continuity of the entire Exiqonorganization and is an important symbol of Exiqon's commitment to transformOncotech from its leading position in chemotherapy resistance testing tobeing the leader in personalized cancer diagnostics with a broad menu ofmolecular and cellular based assays for solid tumor diagnostics.
"We are excited to adopt this name for our business as it will show toour customers and their patients that Oncotech is undergoing a positivetransformation that will lead to a more valuable and comprehensive offering,"commented Lars Kongsbak, President and CEO of Exiqon A/S.
Since the acquisition, Exiqon has been integrating Oncotech and Exiqon toform "One Company" with multiple business divisions. Oncotech representsExiqon's diagnostics division and as part of this integration plan, Exiqon isadopting the new name to better reflect this role within the company. TheOncotech name will continue to remain visible through the re-branding of theExtreme Drug Resistance assay as the Oncotech EDR Assay. As ExiqonDiagnostics, the business unit will be leveraging the broad and powerfulintellectual property and R&D pipeline from Exiqon to establish a menu ofinnovative diagnostic tests that guide physicians in selecting the mostappropriate therapies for their patients.
Going forward, Exiqon will create a parallel nomenclature for its threerevenue driving businesses: our diagnostic business will conduct its businessunder the name Exiqon Diagnostics, our Tools business, based on sales ofinnovative proprietary reagents for miRNA research will adopt the name ExiqonLife Sciences; our contract research business focused on pharmaceuticalcompanies will be called Exiqon Pharma Services.
Exiqon is a biotech company with activities in three business areas wherethe company's technologies provide a competitive advantage: sale ofdiagnostic tests (Exiqon Diagnostics), sale of innovative research productsfor miRNA research (Exiqon Life Sciences), and in contract research togetherwith pharmaceutical companies (Exiqon Pharma Services). Exiqon is dedicatedto personalizing the treatment selection for cancer patients. The aim is tooptimize the use of existing medicine and avoid unnecessary and non-effectivetreatment. By using molecular diagnostic tests that analyse the geneticprofile of each patient's tumor, treatment selection can be optimized forindividuals. Exiqon is uniquely positioned to develop such new diagnostictests. Exiqon already markets diagnostic tests that based on fresh tumortissue enable doctors to test whether their patients are resistant to one ormore of the chemotherapies offered to treat these patients and help themselect an efficacious treatment. Exiqons new molecular diagnostic productswill be based on the LNA(TM) technology that will enable testing on fixedtissue. The first molecular diagnostic product is scheduled for launch by theend of 2008. A number of new products will follow in the years ahead. Usingthe LNA(TM) technology is what has allowed Exiqon to establish a position foritself as one of the market's leading providers of research products for geneexpression analysis. These research products are used by universityscientists and in the pharmaceutical industry around the world to makegroundbreaking discoveries about the correlation between gene activity andthe development various diseases. Exiqon is also collaborating withpharmaceutical companies in their effort to develop new medicines based onbiomarkers (Personalized Medicine). Exiqon has more than 200 employees and islisted on the NASDAQ OMX in Copenhagen and categorized as a biotech company(Small Cap+). Exiqon is financed until expected breakeven in 2011.
Forward-looking statements: This announcement contains forward-lookingstatements regarding Exiqon's potential future development and financialperformance and other statements, which are not historical facts. Suchstatements are made on the basis of assumptions and expectations which, tothe best of Exiqon's knowledge, are reasonable and well-founded at this time,but which may prove to be erroneous. Exiqon's operations are characterized bythe fact that its actual results may deviate significantly from thatdescribed herein as anticipated, believed, estimated or expected.
For more information, please contact: Exiqon A/S, Lars Kongsbak,President and CEO, tel. +45-40-90-21-01; Hans Henrik Chrois Christensen, CFO,tel. +45-40-90-21-31
SOURCE Exiqon A/S
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