Healthcare Industry News: bladder cancer
News Release - March 27, 2006
Matritech Announces Addition of Vice President of SalesDavid Kolasinski, 30 Year Accomplished Sales Veteran, Joins Management Team
NEWTON, Mass.--(HSMN NewsFeed)--March 27, 2006--Matritech, Inc. (Amex: MZT ) a leading developer and marketer of protein-based diagnostic products for the early detection of cancer, today announced that it has added a Vice President of Sales to its sales and marketing team. David G. Kolasinski, a veteran diagnostic and point-of-care product sales executive with more than 30 years of experience has joined the company. Mr. Kolasinski will be responsible for all non-European sales activities for the company's lead product, the NMP22® BladderChek® Test, a point-of-care bladder cancer diagnostic test. He will focus initially on accelerating U.S. product sales.
Mr. Kolasinski built and led the point-of-care sales team at Boehringer Mannheim, one of the world's largest in vitro diagnostic (IVD) companies and now Roche Boehringer Mannheim Diagnostics. At Boehringer Mannheim he successfully marketed new IVD products directly to physicians, increasing both sales and market share. Before joining Matritech, Mr. Kolasinski was Vice President of Business Development of Inproteo, the Indiana Proteomics Consortium, which is owned by Eli Lilly, Indiana University and Purdue University. Previously he held a number of senior positions in sales and commercial operations in large diagnostic companies including Amersham Corporation/Life Sciences Division as Vice President and General Manager; Abbott Laboratories/Diagnostic Division, where he held a number of positions of increasing responsibility in worldwide sales and marketing; and at Baxter Laboratories, where he held several positions in sales and marketing management for its diagnostic products.
"David will be a strong addition to our team," said David Corbet, President and COO. "His experiences over an extensive career in medical products, particularly in introducing diagnostic products directly to the physician, provides the ideal knowledge and skill set that will guide the sales of our NMP22 BladderChek Test. To date we have sold more than a million NMP22 BladderChek Tests. We welcome David, and are confident that he will lead our U.S. direct-to-the-urologist sales force and the NMP22 BladderChek Test to new levels of success."
About the NMP22® BladderChek® Test
The NMP22® BladderChek® Test was developed and commercialized by Matritech, a leading developer of protein-based diagnostic products for the early detection of cancer. The NMP22® BladderChek® Test detects elevated levels of the NMP22 protein marker in a single urine sample. Most healthy individuals have very small amounts of the NMP22 protein marker in their urine, but bladder cancer patients commonly have elevated NMP22 protein marker levels, even at early stages of the disease. A study published in the Journal of the American Medical Association (JAMA) in January, 2006 reported that the NMP22 BladderChek Test used in combination with cystoscopy (a visual examination of the bladder), detected 99% of bladder malignancies. The NMP22 BladderChek Test also detected cancers that were missed during an initial cystoscopic examination, most of which were high grade.
The NMP22® BladderChek® Test, a painless and noninvasive assay, is the only in-office test approved by the FDA for the diagnosis of bladder cancer. The BladderChek® Test, which is reimbursed by Medicare and other medical insurers, is more cost effective than cell-based laboratory cytology tests. It is approved for use in a physician's office with results available in 30 minutes - during the patient visit, allowing a rapid, accurate and cost-effective way to aid in the detection of bladder cancer.
Matritech is using its patented proteomics technology to develop diagnostics for the detection of a variety of cancers. The Company's first two products, the NMP22® Test Kit and NMP22® BladderChek® Test, have been FDA approved for the monitoring and diagnosis of bladder cancer. The NMP22 BladderChek Test is based on Matritech's proprietary nuclear matrix protein (NMP) technology, which correlates levels of NMPs in body fluids to the presence of cancer. Beginning with a patent portfolio licensed exclusively from the Massachusetts Institute of Technology (MIT), Matritech's patent portfolio has grown to more than 15 other U.S. patents. In addition to the NMP22 protein marker utilized in the NMP22 Test Kit and NMP22 BladderChek Test, the Company has discovered other proteins associated with cervical, breast, prostate, and colon cancer. The Company's goal is to utilize these protein markers to develop, through its own research staff and through strategic alliances, clinical applications to detect cancer. More information about Matritech is available at www.matritech.com.
Statement under the Private Securities Litigation Reform Act
Any forward-looking statements relate to the Company's current expectations of the Company's product sales and technology. Actual results may differ materially from those predicted in such forward-looking statements due to the risks and uncertainties inherent in the Company's business, including without limitation risks and uncertainties in obtaining and maintaining regulatory approval, market acceptance of and continuing demand for the Company's products, the impact of competitive products and pricing, and technical challenges in completing product and technology development. Please refer to the risk factors detailed in the Company's periodic reports and registration statements as filed with the Securities and Exchange Commission. These forward-looking statements are neither promises nor guarantees. There can be no assurance that the Company's expectations for its products or future financial performance will be achieved. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Matritech undertakes no responsibility to revise or update any such forward-looking information.
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