PDI and Polymedco CDP Jointly Announce US Commercial Licensing Agreement
News Jul 03, 2012
Phenomenome Discoveries Inc. and Polymedco Cancer Diagnostic Products LLC. have announced a commercial licensing agreement for the US market, providing rights to Polymedco to commercialize PDI’s diagnostic blood test that assesses an individual’s risk of colorectal cancer (“CRC”).
Using patented technology, PDI has discovered that approximately nine out of ten patients with CRC are deficient in novel anti-cancer and anti-inflammatory metabolites in their blood.
PDI has developed a convenient blood test assayed by triple quad mass spectrometry that can detect this deficiency.
PDI’s blood test is a simple non-invasive means of identifying individuals with increased risk of CRC. This blood test is expected to significantly improve CRC screening compliance.
On May 18, 2012 PDI presented results from a landmark multi-site, six thousand subject clinical trial evaluating the performance of the CRC test at the Digestive Disease Week (DDW) meeting in San Diego in which the blood test was found to detect over 85% of early stage CRC.
DDW is the largest and most prestigious meeting in the world for GI professionals. Every year it attracts approximately 16,000 physicians, researchers and academics from around the world.
“We are extremely pleased to be working with Polymedco to commercialize this test in the US market,” said John Hyshka, PDI’s Chief Financial and Operating Officer, “PDI has a number of similar products that are nearing market launch, and Polymedco’s unparalleled expertise as a world-leader in marketing and distributing non-invasive colorectal cancer screening products is very valuable.”
Dr. Dayan Goodenowe, PDI’s President and CEO, says “Polymedco’s proficiency has enabled us to exceed our goals and timelines around making this test available in the US. A month ago, we jointly submitted an application for FDA premarket review, and we look forward to receiving approval and moving ahead with our shared commercialization strategy.”
“We are excited about this new alliance with Phenomenome Discoveries. This new non-invasive technology adds to our cancer testing portfolio of market leading tests. We believe that this test will facilitate the screening of more patients annually for colorectal cancer. Increased screening rates will detect more cancers at an earlier stage, resulting in more lives saved,” said Drew Cervasio, President of Polymedco Cancer Diagnostic Products.