GeneNews Enters Into MOU With Shanghai Biochip to Establish First Sentinel Centre for Personalized Medicine
TORONTO, Feb 6, 2012 (GlobeNewswire via COMTEX) -- GeneNews Limited, a molecular diagnostics company focused on developing blood-based biomarker tests for the early detection of diseases and personalized health management, today announced that it has signed a memorandum of understanding ("MOU") with Shanghai Biochip Co. Ltd. ("SBC"), a leading Chinese engineering centre for advanced microarray and gene expression profiling technologies, to enter into a strategic alliance to establish the first Sentinel Centre for Personalized Medicine in China.
GeneNews and SBC would jointly establish and manage the Sentinel Centre for Personalized Medicine to co-develop and commercialize additional products based on GeneNews' proprietary platform technology, the Sentinel Principle(R). In addition, the MOU sets forth the main criteria to be incorporated into definitive development, distribution and license terms under which SBC would obtain non-exclusive rights to market and sell GeneNews' ColonSentry(TM) test in China. A formal agreement will be negotiated and executed before the end of the Company's third fiscal quarter. Financial terms were not disclosed.
"We are focused on bringing leading edge technologies to the people of China to improve healthcare outcomes," stated Dr. Yuchen Chen, Director, Business Development of SBC. "We are looking forward to working with GeneNews to establish the world's first Sentinel Centre for Personalized Medicine to advance the development and commercialization of innovative, non-invasive tests targeted at early disease detection in China."
"Shanghai Biochip's expertise in gene expression profiling platforms and well-established clinical network provide a strong foundation for us to jointly establish a state-of-the-art research and development core capability in China that is aligned with our pipeline development and commercialization objectives. We look forward to building a successful strategic alliance with Shanghai Biochip," said Gailina J. Liew, President & Chief Operating Officer of GeneNews.
The Sentinel Principle(R), a platform technology discovered and developed by GeneNews, is based on the concept that all clinical conditions and body states, including those resulting from disease or in response to treatment, generate characteristic gene expression signatures in the blood as a result of the constant and dynamic physiological interaction of blood with the cells, tissues and organs of the human body. This technology is the basis of GeneNews' initial product, ColonSentry(TM), the world's first blood test for colorectal cancer, and the SentinelGx(TM) suite of services. GeneNews' broad global patent portfolio includes issued foundational patents and pending patents in diverse disease areas such as cancer, cardiovascular, neurological and inflammatory conditions.
About Shanghai Biochip
Shanghai Biochip is a national engineering centre for advanced microarray and gene expression profiling technologies in China that has developed a strong network of academic, clinical and medical partners to utilize its expertise and services as a contract research organization and bio-banking facility.
GeneNews is an emerging molecular diagnostics company focused on the application of functional genomics to enable early diagnosis and personalized health management based on disease-specific biomarkers. The Company has a patented core platform technology, the Sentinel Principle(R), which has the power to detect and stage virtually any disease or medical condition from a simple blood sample. GeneNews is currently applying the Sentinel Principle(R) in major areas with unmet clinical needs such as cancer, arthritis, cardiovascular disease and neurological disorders. GeneNews' lead product, ColonSentry(TM), is the world's first blood test to pre-screen and assess an individual's current risk for colorectal cancer. For more information on GeneNews and ColonSentry(TM), go to www.GeneNews.com or www.ColonSentry.com .
This press release contains forward-looking statements, which reflect the Company's current expectations regarding future events. The forward-looking statements involve risks and uncertainties. Actual events could differ materially from those projected herein. Investors should consult the Company's ongoing quarterly filings and annual reports for additional information on risks and uncertainties relating to these forward-looking statements. The reader is cautioned not to rely on these forward-looking statements. The Company disclaims any obligation to update these forward-looking statements.
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SOURCE: GeneNews Limited
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