SYDNEY, July 12, 2011 /PRNewswire/ -- Australian biotech company Clinical Genomics Pty Ltd today announced agreement with Quest Diagnostics, the world's leading provider of diagnostic testing, information and services, to extend a strategic alliance between the two companies related to Clinical Genomics' proprietary biomarkers for colorectal cancer and precancerous colorectal cancer tumors. Under the agreement, Quest Diagnostics will make milestone payments to Clinical Genomics for the development and validation of new molecular blood tests for the early detection of colorectal cancer. Clinical Genomics has been awarded payments after successfully achieving key research and development goals. Additional terms were not disclosed.
"There is a growing need for noninvasive blood tests that can aid the detection of colorectal cancer or precancerous polyps in the earliest, most treatable stages," said Dr. Lawrence LaPointe, CEO of Clinical Genomics. "Quest Diagnostics is leading the industry in developing blood and fecal immunochemical tests for aiding colorectal cancer detection. By extending our alliance with Quest Diagnostics, we will continue to transition Clinical Genomics' research of colorectal cancer gene targets into clinical testing services for the large, underserved market of the United States and other countries."
Quest Diagnostics offers a broad menu of colorectal cancer tests, including the ColoVantage(TM) blood test for aiding the detection of colon cancer for patients in the United States, and the InSure(R) fecal immunochemical test (FIT), manufactured by the company's Sydney-based Enterix Inc. business and available in Australia and the United States.
Colorectal cancer is the second most common cause of cancer death of both men and women in the United States, according to the American Cancer Society. Although five-year survival for detected early-stage colorectal cancer is about 90 percent, some patients resist colonoscopy and other methods and never get screened. According to results of a recent poll co-sponsored by Quest Diagnostics, three in four people would be more likely to be screened for colon cancer if a blood test were available.
About Clinical Genomics
Clinical Genomics is a Sydney-based biotechnology company formed in 2006 to exploit the patented and patent-pending gene expression biomarkers for colorectal cancer discovered by its founders and Flinders University in 2001. Clinical Genomics continues to work closely with Flinders University and the Commonwealth Scientific and Industrial Research Organisation (CSIRO) in Australia to advance the development of products that will improve the detection and management of colorectal neoplasia. Additional information is available at: www.clinicalgenomics.com
Further Information:
Dr. Lindsay Collinson
Clinical Genomics Pty Ltd
Ph: +61 2 9888 9065
E: [email protected]
SOURCE Clinical Genomics