Healthcare Industry News: aspirin
News Release - March 5, 2007
Corgenix Signs Licensing Agreement and Gains Full Rights to AspirinWorks(R) Aspirin Response Test
Agreement with Creative Clinical Concepts Strengthens Commercialization Efforts for aspirin Resistance BusinessDENVER--(HSMN NewsFeed)--Corgenix Medical Corporation (OTC BB: CONX ), a worldwide developer and marketer of diagnostic test kits, has executed a licensing agreement with strategic partner Creative Clinical Concepts (CCC) and its aspirinWorks® division. The agreement gives Corgenix full rights to CCC's aspirinWorks® business, including the aspirinWorks® name.
"It's the right move at the right time for both companies," said Doug Simpson, Corgenix President and Chief Executive Officer. "Bringing the entire business under the Corgenix banner helps ensure that this aspirin response technology will be successfully delivered to the estimated $1 billion global aspirin therapy testing marketplace."
Since 2004, Corgenix and CCC have been engaged in a collaborative partnership to develop, manufacture and market products for aspirin monitoring, including the aspirinWorks® Test Kit, a simple urine test that measures a person's response to aspirin and allows physicians to determine the effect of aspirin therapy on an individual basis. The kit is Corgenix's newest diagnostic product for cardiovascular disease and is pending 510(k) clearance with the U.S. Food and Drug Administration (FDA), and is not currently available for in vitro diagnostic use in the United States.
Under terms of the original license agreement, CCC and Corgenix had agreed to equally share expenses and revenues that resulted from the business. Under the new agreement, Corgenix will acquire the remaining 50 percent of the license from CCC, thereby owning 100 percent of the rights to the aspirin resistance business.
"We're pleased that our promising aspirin resistance technology will be guided by Corgenix's experience, expertise and global distribution network," said Gordon Ens, President of Creative Clinical Concepts. "All parties involved can now focus on getting the best results from the commercialization of the technology that CCC has been working on for many years."
CCC management will continue to be actively involved with Corgenix in the marketing of the products resulting from the aspirinWorks® technology.
The aspirinWorks® Test Kit is an enzyme-linked immunoassay (ELISA) that determines levels of 11-Dehydro Thromboxane B2 (11dhTxB2) in human urine, which aids in determining if aspirin is eliciting an effect. The aspirinWorks® product was developed in conjunction with Corgenix's other strategic partner Cayman Chemical Company (Cayman), an Ann Arbor, Michigan manufacturer of biochemical research products.
Corgenix and CCC have previously announced collaboration with McMaster University (McMaster), Hamilton, Ontario, for McMaster's proprietary technology for aspirin therapy testing. The McMaster technology includes one U.S. issued patent as well as several patents pending in the United States, Canada and Europe. In addition to licensing the McMaster technology, Corgenix has a U.S. patent pending on the aspirinWorks® product.
About Corgenix Medical Corporation
Corgenix is a leader in the development and manufacturing of specialized diagnostic kits for immunology disorders, vascular diseases and bone and joint disorders. Corgenix diagnostic products are commercialized for use in clinical laboratories throughout the world. The company currently sells over 50 diagnostic products through a global distribution network and has significant experience advancing products through the FDA process. More information is available at www.corgenix.com.
Source: Corgenix Medical
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