PROTEOME HALTS PROSTATE CANCER DIAGNOSTIC
July 17th 2008 04:16
Tuesday July 15, 2008
Daily news on ASX-listed biotechnology companies
* ASX, BIOTECHS DOWN: ACRUX UP 6.6%, AGENIX DOWN 8%
* PROTEOME HALTS PROSTATE CANCER DIAGNOSTIC
* FMR, FIDELITY TAKE 9% OF HEARTWARE; DEEPHAVEN TAKES 7%
* PORTLAND CFO JAMES WYNNE GOES MID-RIGHTS ISSUE
* CIRCADIAN TAKES 100% OF VEGENICS
* CONOCOPHILLIPS TO EVALUATE BIOSIGNAL’S ANTI-MICROBIAL
* UNILIFE SALES BEGIN; APPOINTS DISTRIBUTOR; ANSWERS FDA
* BIO-MELBOURNE BREAKFASTS ON INSURANCE
* BRAINZ RELEASES 24m SHARES FROM ESCROW
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PROTEOME
Proteome has ceased development of a diagnostic test for prostate cancer.
Proteome chief executive officer Dr Jenny Harry told Biotech Daily the review of the company’s operations and the decision to halt the development was “a positive” and would concentrate the development of more productive diagnostic tests.
“While the assay worked it was not optimal,” Dr Harry said.
She said it could be developed but the cost to get it to market would be too expensive.
In a media release to the ASX the company said the decision was based on the results of a proof-of-concept study that demonstrated the project did not satisfy internal assessment hurdles.
Proteome said that following validation of data generated by Egenix Inc, which demonstrated increased expression of human carcinoma antigen (HCA) in cancerous versus non-cancerous prostate tissues, the proof-of-concept study evaluated the merits of HCA as a semen-based diagnostic marker for prostate cancer.
Proteome identified a protein that provided prostate-specific detection of HCA in semen, and developed an assay for detection of HCA in clinical samples.
The company said commercialization of the assay would require significant resources along with an extended development timeline.
Proteome chief executive officer Dr Jenny Harry said the company was committed to projects with near-term revenue potential, “as well as leveraging existing intellectual property in the fields of respiratory and infectious diseases”.
“In particular, we are exploring opportunities to expand the development of products using our Diagnostiq platform,” Dr Harry said.
“For instance, earlier this month we announced an agreement with Bayer Cropscience AG to develop and commercialize diagnostic products for crop management,” Dr Harry said.
“There are no liabilities resulting for the termination of the project,” Dr Harry told Biotech Daily.
Proteome was untraded at 11 cents.
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