INNO-GENE, A WARSAW STOCK EXCHANGE LISTED COMPANY IS THE FIRST IN THE WORLD TO DEVELOP ACCURATE DNA TESTING FOR CANCER AND PLANS TO ENTER THE US MARKET.
(Thomson Reuters ONE) -
PRESS RELEASE
Warsaw 13th December 2011
FOR IMMEDIATE DISTRIBUTION
INNOGENE (WSE: IGN), A POLISH COMPANY LISTED ON THE WARSAW STOCK EXCHANGE
ALTERNATIVE PLATFORM NEWCONNECT, IS THE FIRST IN THE WORLD TO DEVELOP ACCURATE
GENETIC TESTING FOR CANCER. THE COMPANY IS STEPS AHEAD OF ENTERING THE US
MARKET.
* INNO-GENE developed the world's first accurate DNA test for colon and
prostate cancer;
* Using such tests can result in budget savings of about 60 mln EUR per year
in Poland only;
* The application of such tests will reduce the necessity for expensive
invasive tests;
* Test will allow for the decrease in the risk of cancer
* Early diagnosis and effective treatment of cancer will improve the fatal
statistics relating to cancer;
* Tests will be available for patients as early as December 2011, and the
price will be affordable;
* The Project was financed through EU funds and capital from Polish stock
market investors;
* The company has already started the process of introducing tests for cancer
onto the U.S. market;
* Tests were developed in collaboration with the University of Medicine (PL)
INNO-GENE SA (WSE: IGN), a Polish biotechnology company, together with a team of
doctors from the University of Medicine and National Center for Cancer has
completed research on diagnostic tests for the genetic predisposition of
colorectal cancer and prostate cancer. For the first time in the world, through
an examination of hundreds of DNA fragments and occurring genetic mutations,
patients will be able to find out what is the risk of cancer. INNO GENE's
technology has already raised interest from U.S. companies, who are ready to
bring the solution to the U.S. market. The company has a global product, for
which the market value is virtually unlimited.
People who have already undergone the process of treatment and chemo therapy
will be able to check whether their disease is genetic and whether there is a
possibility for family members to become ill. Tests will be available for sale
in late December. The company and doctors estimate that the savings for health
care from prevention in people who will be at risk of cancer incidences to reach
more than 60 million EUR per year in Poland only. According to experts, this is
an enormous success for Polish biotechnologists and a breakthrough in the
prevention of cancer.
The effectiveness of the diagnosis method for colorectal cancer and prostate
cancer, which will be released for sale by the listed company INNO-GENE SA has
been confirmed in laboratory studies in cooperation with the National Center for
Cancer and the University of Medicine in Poznan. Tests allow for the
simultaneous evaluation of hundreds of DNA fragments and occurring genetic
mutations in a single evaluation - said prof. Andrzej Mackiewicz, Head of the
Department of Cancer Immunology Diagnosis at the National Center for Cancer.
The analysis, which includes 169 genetic mutations responsible for malignancy
provides results in just two days - said prof. Mackiewicz. Prof. Mackiewicz's
team was involved in the research process from the very beginning, to develop
specific guidelines for doctors - how to interpret the final results of the
tests and how to talk with patients who choose to perform such tests.
TARGET GROUPS. SOCIAL BENEFITS
- The recipients of the tests developed by us will be those affected by colon
cancer or prostate cancer, those responding to treatment or those who have
undergone therapy and want to find out whether their disease is genetic. In
these individuals there is concern that the genetic defect will be inherited
from their children and other family members. They want to receive information
whether it is possible for the recurrence of their disease - says Michal
Kaszuba, biotechnologist and CEO at INNO-GENE SA - The test recipients must also
provide family members suffering from cancer. They will be able to see if they
will fall ill to cancer, and if the test is positive they can - under the
supervision of a doctor - change their lifestyle, switch to a healthy diet and,
above all, will be more inclined for frequent diagnosis, which makes an early
detected outbreak of cancer be treated effectively - adds Jacek Wojciechowicz,
biotechnologist, Executive Vice President and INNO GENE SA and project
coordinator.
You will be able to obtain the material for testing yourself at home. Simply
swab the mouth, which securely packed will be received by the INNO GENE
laboratory, through courier or mail. Within a few days after the date of the
examination, the patient will know whether there is a higher risk of exposure to
cancer. Final test results will have to be interpreted by a doctor. Based on
guidelines developed by the National Centre for Cancer, the doctor will be able
to explain to the patient the test results, depending on the detected mutations
in the DNA genetic material.
INNOVATION ON A GLOBAL SCALE
Similar projects have been, and continue to be, implemented throughout the
world. Not a single company, so far, has been able to develop a comprehensive
and unambiguous methods for assessing the genetic propensity for colon and
prostate cancer patients. INNO GENE's analysis includes 169 clinically relevant
genetic mutations responsible for malignancy. Attempts for similar studies
currently being undertaken by the competition include a few common mutations in
up to 2-3 genes. - INNO GENE's biggest competitor in Europe, GENDIA network,
performs tests for cancer predisposition within three genes for the price of
1950 Euro. If you we would like to perform the analysis of one hundred genetic
mutations, we would have to pay 4000-4500 euro, and the time waiting for the
results could be even up to two months - says Michael Kaszuba. - Our tests are
more accurate, unambiguous, which is confirmed by doctors and above all
accessible. The test will cost approximately 400 Euros.
INNO GENE's technology has already raised interest from U.S. companies, who are
ready to bring the solution to the U.S. market. - We have been in talks about
this issue with one of the leading companies in the United States, which is
prepared to carry us through the sieve of formal requirements from the FDA
before our tests hit the local market. We will inform the results of these
discussions as soon as possible- says Michal Kaszuba.
PROJECT FUNDING: EU and INVESTORS
The project was financed by funds provided by the Polish Agency for Enterprise
Development as well as from capital provided by stock investors. - The tests
were developed through a project under the 1.4-4.1 OPIE initiative. The basis
for positive verification of the project was the lack of comprehensive medical
diagnostic testing in the international market to detect all genetic mutations
that confer a predisposition for colorectal and prostate cancer, despite the
dynamic growth in the number of cases and the high cost of treatment - says
Izabela Banas, the Deputy Director of the Research and Business Support
Department - Polish Agency for Enterprise Development (PARP). PARP saw INNO
GENE's project, still at the research stage, placing it on the list of projects
awarded by the EU within the 1.4-4.1 OPIE initiative.
The company also hired a private equity fund BLUMERANG Investors SA, which
financed the research and led INNO GENE to debut on NewConnect in February this
year. NewConnect is operated by the Warsaw Stock Exchange. TFI PZU SA (PZU
Ecology, Energy, Medicine fund) also invest in the company. The company raised a
total of more than 10 million PLN for research from PARP and investors. - Today,
I think it is one of the best investments that our fund has made in its history
- says Tomasz Tyli?ski, Executive Vice President at BLUMERANG Investors SA -
According to our analysis, the introduction of cancer predisposition tests can
result in the public health service to save about 60 million EUR per year Poland
only, due to the reduction of ineffective diagnosis and more precise use of
expensive treatment on cancer patients - says Tomasz Tyli?ski. In his opinion,
just the laboratory diagnostics market / in vitro in Poland alone is worth about
1 billion dollars per year and will grow at a double-digit pace. According to
available analysis this market is set to exceed 400 mln EUR in 2012. - But with
this project, we are not talking only about the Polish market. The Company has a
global product, for which the market value is virtually unlimited - Tyli?ski
says.
Contact details:
Pawel Osowski
Warsaw Consultants | Press Officer for INNO GENE
pawel(at)warsawconsultants.co
+48 508 128 603
Micha? Kaszuba,
INNO GENE SA, President of the Board
m.kaszuba(at)inno-gene.pl
+48 61 623 25 25
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Source: INNO GENE SA via Thomson Reuters ONE
[HUG#1571788]
Datum: 15.12.2011 - 16:14 Uhr
Sprache: Deutsch
News-ID 97675
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contact information:
Town:
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Kategorie:
Business News
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