Expression Pathology Raises $6.5 Million to Develop Personalized Medicine Assays
News Apr 21, 2009
Expression Pathology Inc announced that it has received additional financing of $6.5 million. The financing was led exclusively by Abraxis BioScience, a fully integrated, global biotechnology company.
The financing will be used to apply Expression Pathology's patented Liquid TissueR proteomics technology in developing proprietary, personalized medicine clinical assays that relate measurement of protein biomarkers of drug response and disease prognosis to specific patient treatment decisions.
"Formalin-fixed paraffin-embedded tissue is the standard form of patient tumor and biopsy samples worldwide," said Casey Eitner, President and CEO of Expression Pathology. "We believe the ability of our technology to interrogate archived tissue collections to discover and validate protein biomarkers that relate to disease progression, drug response and toxicity, and to measure those biomarkers accurately in standard tissue from clinical trials and medical care, will translate into a tremendously valuable asset. We are pleased that Abraxis shares this vision."
"Expression Pathology has created unique technology solutions for tissue protein analysis," said Lex Van der Ploeg, Senior Vice President of Integrative Medicine and Translational Science at Abraxis, and a Board Member of Expression Pathology. "Abraxis is looking forward to harnessing these technologies and clinical assays in its development and diagnostic programs, and to benefiting from the value which is being created by growing interest from biopharmaceutical companies and academic research groups, who are increasingly seeking to access Expression Pathology's technologies to accelerate their own research and drug development."
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