Healthcare Industry News: Response Biomedical
News Release - May 15, 2006
Response Biomedical and Shionogi Finalize Commercialization Agreement For RAMP Cardiovascular Testing in Japan
Rapid BNP Test For Congestive Heart Failure Receives Japanese Regulatory ClearanceCommercial Launch Scheduled For Second Quarter of 2006
VANCOUVER, May 15 (HSMN NewsFeed) - Response Biomedical Corporation (TSX-V: RBM, OTCBB: RPBIF), and Shionogi & Co., Ltd. announced today the Companies have entered into a Marketing and Supply Agreement to commercialize a rapid quantitative RAMP test in Japan for BNP (B-type natriuretic peptide), a proprietary cardiac marker test to assist in the diagnosis and management of congestive heart failure. The Companies also announced that the RAMP test for BNP received regulatory approval in Japan, allowing for its immediate market launch.
With exclusive rights to BNP diagnostics in Japan, Shionogi funded the development of the BNP test on Response Biomedical's RAMP platform and secured Japanese regulatory clearance. Shionogi will market the clinical point-of-care diagnostic system, manufactured exclusively by Response Biomedical, both directly as well as through its own network of distribution partners under the trademark 'SHIONOSPOT® BNP'.
"RAMP's excellent correlation with Shionogi's lab based test for this important congestive heart failure marker will position it well for commercial launch," said Bill Radvak, President and CEO of Response Biomedical. "The RAMP BNP Test is the only rapid, point-of-care product commercially available in Japan and has the potential to enjoy considerable market adoption."
"The existing BNP assay MI02 SHIONOGI BNP is primarily marketed to mega clinical laboratories. However, market needs are growing for a point-of-care diagnostic and system that enables rapid quantitative testing. Shionogi believes the introduction of the new test and associated devices to meet these needs will further the contribution of BNP testing in assessing the clinical condition of heart failure patients," said Motozo Shiono, President of Shionogi. "One of the target areas Shionogi focuses on in its prescription drugs is metabolic syndrome, primarily the hyperlipidemia treatment Crestor. The addition of the new BNP test and associated devices will enable Shionogi to contribute widely from diagnosis to treatment in the cardiovascular field."
About Congestive Heart Failure:
Congestive heart failure (CHF) impedes the ability of the heart to pump blood at a rate sufficient to support the body's vital needs. CHF affects nearly 17 million people worldwide, and is the single most frequent cause of hospitalization in people over 65 years. The initial diagnosis of CHF is problematic as symptoms can be associated with other pathologies such as respiratory disease and the secondary effects of obesity. According to the American Heart Association, approximately 5 million Americans are currently afflicted with CHF and 550,000 new cases are diagnosed each year. The prevalence of CHF is expected to continue increasing due to the aging population and improved survival rates of patients with other cardiovascular diseases.
About Shionogi & Co., Ltd.:
Shionogi & Co., Ltd. (www.shionogi.co.jp), headquartered in Osaka, is one of the leading pharmaceutical companies in Japan. The Company recorded total net sales for fiscal year ended March 31, 2005 of approximately US$1.9 billion. Operating divisions are focused on prescription drugs, OTC products, and diagnostics. Shionogi has marketed RIA type BNP assay SHIONORIA® in Japan since 1994, and has marketed new non-RIA type BNP assay MI02 SHIONOGI BNP in Japan since 2004.
About Response Biomedical:
Response Biomedical develops, manufactures and markets rapid on-site diagnostic tests for use with its portable RAMP Platform for clinical and environmental applications. RAMP represents a new paradigm in diagnostics that provides high sensitivity and reliable information in minutes. It is ideally suited to both point-of-care testing and for laboratory use. The RAMP System consists of a portable fluorescent Reader and single-use, disposable Test Cartridges, and has the potential to be adapted to more than 250 medical and non-medical tests currently performed in laboratories. RAMP tests are commercially available for the early detection of heart attack, environmental detection of West Nile virus, and biodefense applications including the rapid on-site detection of anthrax, smallpox, ricin and botulinum toxin. Several other product applications are under development. The Company has achieved CE Marking and its Quality Management System is registered to ISO 13485: 2003 and ISO 9001: 2000.
Response Biomedical is a publicly traded company, listed on the TSX Venture Exchange under the trading symbol "RBM" and quoted on the OTC Bulletin Board under the symbol "RPBIF". For further information, please visit the Company's website at www.responsebio.com.
Statements contained in this news release relating to future results, events and expectations are forward-looking statements within the meaning of Section 21E of the United States Securities Exchange Act of 1934. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such statements. Such factors include, among others, those described in the Company's annual report on Form 20-F.
Source: Response Biomedical
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