TargetsDiagnosis and Early Detection of Alzheimer's and Parkinson's Diseases
The agreement grants Transgenomic (www.transgenomic.com) exclusive rights in the U.S. and certain international markets to neurodegenerative biomarkers from Power3 Medical (www.power3medical.com), including NuroPro(R), a proposed diagnostic for Alzheimer's and Parkinson's diseases based on Power3's proteomics platform. Transgenomic will pay Power3 Medical an up-front license fee, milestone payments, royalties, and will also provide development funding and resources.
The NuroPro tests will be offered by Transgenomic in its CLIA-certified molecular diagnostics laboratory and will add to Transgenomic's portfolio of molecular diagnostics used for mitochondrial disorders, oncology, hematology molecular pathology, and inherited diseases.
NuroPro was developed by Power3 Medical to monitor the concentration of a panel of blood serum protein biomarkers, using biostatistical analysis to assign a probability score reflecting the likelihood a patient may have a neurodegenerative disease. The test is an objective tool that helps clinicians distinguish patients with neurodegenerative disorders, such as Alzheimer's, Parkinson's or Lou Gehrig's (ALS) diseases from "normal" individuals and patients with other neurological disorders. In so doing, the test helps the physician make appropriate follow-up and treatment recommendations for their patients.
Power3 Medical is currently conducting prospective clinical validation studies of NuroPro in Alzheimer's and Parkinson's diseases, with results indicating sensitivities and specificities of 85-95% for both disorders.
"Power3 Medical stands alone in the development of a highly definitive molecular test for neurodegenerative diseases, including Alzheimer's and Parkinson's," said Transgenomic CEO
Power3 Medical CEO
Dr.
About Transgenomic
Transgenomic is a global biotechnology company that provides unique products and services of automated high sensitivity genetic variation and mutation analysis. Their offerings include systems, products, discovery and laboratory testing services to the academic and medical research, clinical laboratory and pharmaceutical markets in the fields of Pharmacogenomics and personalized medicine. Specific offerings include WAVE(R) DHPLC Systems, related consumables and assay kits, Cytogenetics automated systems, and Transgenomic Pharmacogenomics and Reference Laboratory Services. Transgenomic Pharmacogenomics and Laboratory Services utilize their technology and expertise to provide a menu of mutation scanning tests for over 700 cancer-associated genes and more than 60 validated diagnostic tests to meet the needs of pharmaceutical and biotech companies, research and clinical laboratories, physicians and patients. For more information about the innovative systems, products and services offered by Transgenomic, please visit: www.transgenomic.com.
About Power3 Medical Products, Inc.
Power3 Medical Products (OTCBB: PWRM, www.power3medical.com) is a leading bio-medical company engaged in the commercialization of neurodegenerative disease and cancer biomarkers, pathways, and mechanisms of diseases through the development of diagnostic tests and drug targets. Power3 Medical's patent-pending technologies are being used to develop screening and diagnostic tests for the early detection and prognosis of disease, identify protein biomarkers, and drug targets. Diagnostic tests are targeted toward markets with critical unmet needs in areas including neurodegenerative disease (NuroPro). Power3 Medical expects to complete phase II and III clinical validation trials of its blood serum diagnostics for Alzheimer's disease (AD-NuroPro), in the third quarter of 2009 followed by completion of filing with the FDA. Power3 Medical operates a state-of-the-art CLIA certified laboratory in
Cautionary Statements
Certain statements in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, which involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results, performance or achievements expressed or implied by such statements. Forward-looking statements include, but are not limited to, those with respect to management's current views and estimates of future economic circumstances, industry conditions, company performance and financial results, including the ability of the Company to grow its involvement in the diagnostic products and services markets. The known risks, uncertainties and other factors affecting these forward-looking statements are described from time to time in reports to the Securities and Exchange Commission. Any change in such factors, risks and uncertainties may cause the actual results, events and performance to differ materially from those referred to in such statements. Accordingly, the company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 with respect to all statements contained in this press release.
SOURCE Transgenomic, Inc.; Power3 Medical Products, Inc.