Gen-Probe to Collaborate with Molecular Profiling Institute to Bolster Oncology Strategy
News Nov 01, 2005
Gen-Probe Incorporated has announced that the Company has formed a non-exclusive collaboration with the Molecular Profiling Institute Inc. (Molecular Profiling), a private, specialty reference laboratory, to accelerate market development for Gen-Probe's pipeline of novel cancer diagnostics.
Molecular Profiling is the for-profit reference laboratory of the Translational Genomics Research Institute (TGen), a non-profit biomedical research institute whose mission is to make and translate genomic discoveries into advances in human health.
Under the terms of the agreements, Molecular Profiling has agreed to validate, commercialize and undertake market development activities for up to four Gen-Probe products, starting with the Company's investigational PCA3 assay, which is intended as an aid in the diagnosis of prostate cancer.
Gen-Probe also will have a five-year "right of first refusal" should Molecular Profiling seek a partner to develop non-tissue-based diagnostic products based on cancer and predictive medicine markers discovered or acquired by Molecular Profiling. Molecular Profiling has exclusive rights to TGen's markers. In addition, Molecular Profiling will provide Gen-Probe certain clinical contract research services associated with the PCA3 development program.
As part of the collaboration, Gen-Probe has acquired a minority interest in Molecular Profiling. Financial terms were not disclosed, but the transaction is expected to have no effect on Gen-Probe's income statement, and an immaterial effect on the Company's cash position.
"Oncology remains an important driver of long-term growth for Gen-Probe," said Hank Nordhoff, Gen-Probe's chairman, president and chief executive officer. "This agreement adds another dimension to our oncology strategy. We based our strategy on core Gen-Probe technologies such as Transcription Mediated Amplification, then added exclusive rights to novel cancer markers from companies like DiagnoCure and Corixa.
Now by collaborating with Molecular Profiling and its network of partners, we intend to strengthen our ability to build markets for these markers and accelerate adoption of our innovative diagnostic tests, starting with our investigational PCA3 assay."
Molecular Profiling's mission is to introduce discoveries made in the research lab to clinical patient care. Molecular Profiling offers tests to help oncologists better understand and treat cancer patients with personalized treatment plans based on the molecular characteristics of their tumors.
Additionally, Molecular Profiling participates in biospecimen analysis and storage for research, product development and clinical trials. Molecular Profiling has access to greater than 20% of the nation's patients through its partnerships and relationships with nationwide physician organizations.