BIOMODA I : European Patent Office To Grant Biomoda Patent

August 02, 2011 at 09:25 am

MarketScreener.com By

Cancer diagnostics company Biomoda, Inc. (OTC BB: BMOD) (www.biomoda.com) received notification from the European Patent Office (EPO) of its intention to grant the company's patent application related to a method of using Biomoda's proprietary porphyrin-based compound to detect cancer and pre-cancerous cells in body fluid and tissue samples.

"According to the World Health Organization, there are 215 million current smokers in the European Union and tobacco is the leading contributor to the disease burden in more than half the EU countries," Biomoda President John Cousins said. "The potential European market for the CyPath® diagnostic assay is five times the U.S. market, representing a significant revenue stream post-commercialization of the technology. With the EPO patent, we may be able to launch CyPath® as a screening tool in Europe and start collecting revenue from sales prior to FDA approval in the U.S."

European Patent Application No. 01987011.2, "Composition and Methods for Detecting Pre-Cancerous Conditions In Cell And Tissue Samples Using 5, 10, 15, 20-Tetrakis (Carboxyphenol) Porphine," is similar to Biomoda's U.S. patent 6,838,248, which was issued in 2005. Foreign equivalents are also effective in Canada, Mexico, Japan and Australia.

"The EPO is committed to high standards for quality and innovation," Biomoda CEO Maria Zannes said. "The EPO's decision to grant our patent is an important addition to our patent portfolio and may open the door to additional sources of funding to continue our push toward FDA approval and commercialization."

The European Patent Office cooperates with the U.S. Patent and Trademark Office and the Japan Patent Office as part of a cooperative program established to improve the efficiency of the global patent system.

About Biomoda

Biomoda (www.biomoda.com) is focused on the development of accurate, inexpensive and non-invasive tests for the early detection of cancer. In addition to its first product for lung cancer, diagnostic assays for cervical, breast, colorectal, bladder, and oral cancers are targeted for development.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on estimates, projections, beliefs and assumptions of Biomoda management at the time of such statements and are not guarantees of future performance. Forward-looking statements involve risks and uncertainties in predicting future results and conditions. Actual results could differ materially due to a variety of factors, which are described from time to time in the company's filings with the Securities and Exchange Commission, including those under the heading "Risk Factors" in the company's Annual Report on Form 10-K filed with the SEC on March 15, 2011. Forward-looking statements are made as of the date of this press release and are subject to change without notice.