Healthcare Industry News: neurodegenerative
News Release - April 19, 2007
Power3 Medical Able to Offer Blood-Based Tests for Detection of Breast Cancer and Neurodegenerative Diseases after Receiving CLIA High-Complexity CertificationDr. Essam Sheta Named Laboratory Director for CLIA-Compliant Testing Services
HOUSTON--(HSMN NewsFeed)--Power3 Medical Products, Inc. (OTC: PWRM, www.Power3Medical.com), a leading proteomics company specializing in the development and commercialization of early detection diagnostic tests for neurodegenerative disease and breast cancer, announced today that it has received a certification to begin offering CLIA-compliant high complexity medical testing services.
Concurrently, Power3 announced that Dr. Essam Sheta, its director of Biochemistry, will serve as laboratory director for CLIA-compliant testing.
The CLIA (Clinical Laboratory Improvement Amendments) was passed by the U.S. Congress in 1988 to establish quality standards for all laboratory testing, and to ensure accuracy, reliability and timeliness of patient test results regardless of where the test was performed. Power3 earned its two-year license to offer high complexity tests after meeting standards for knowledge, training and experience, reagents and materials preparation, characteristics of operational steps, calibration, quality control and proficiency testing materials, test system troubleshooting and equipment maintenance, and interpretation and judgment.
'Major Milestone' for Power3
Steven B. Rash, Power3's chairman and CEO, called the granting of the CLIA certificate "a major milestone, the importance of which to our company and its shareholders can not be overstated. Power3," he said, "has emerged as a leader in using proteomics to discover biomarkers in the blood, which in turn allow for early diagnosis of breast cancer and neurodegenerative diseases. Now, with CLIA certification, we can begin to fulfill our mission of commercialization of our proteomic discoveries to serve the medical and scientific communities."
Today's announcement, Mr. Rash said, "was the second very significant - indeed monumental - step forward for Power3 in recent weeks." On April 4, Power3 announced a collaboration agreement with NeoGenomics, Inc. (NASDAQ: NGNM ) of Fort Myers, Florida, to form a joint venture Contract Research Organization (CRO), whose mission will be commercialization of Power3's portfolio of Intellectual Property. The efforts will center on blood-based tests using the 534 biomarkers Power3 has discovered from a broad range of diseases including breast cancer, Alzheimer's, Parkinson's and ALS, and the further development of diagnostic tests and other services.
With the CLIA certification, Power3 can now offer blood-based testing services to physicians, hospitals and clinics, with analysis of samples performed by the company in its centralized laboratory The "home brew" testing, he said, "represents a similar business model to the time when processing of color film, for example, was performed at central sites by the manufacturer of that film."
Dr. Sheta a Fulbright Scholar
In naming Dr. Sheta as laboratory director for the CLIA program, Mr. Rash called the 1992 recipient of a Fulbright Scholarship "an eminently respected scientist. His work at Power3 and worldwide has given him the ideal background to lead the scientific segment of our entry into commercialization of our IP."
In 2006, Dr. Sheta was chosen by the American Institute of Biological Sciences (AIBS) to be on its review panel for grant proposals related to Parkinson's disease, and has been a key member of the scientific staff at Power3 since June 2001, where he has utilized his expertise and skills in leading to numerous discoveries of disease biomarkers. He has contributed in drawing strategic plans for the developmental methods and research in proteomics, clinical trial biomarkers validation and commercialization of biomarkers, and has also played a key role in the development of multiple business relationships, and co-authoring more than 20 patents and numerous peer review journals publications as well.
Dr. Sheta has three decades of broad academic and research experience in protein biochemistry and cancer cell signaling from Alexandria University in Egypt, Washington State University, The University of Texas Medical Center at San Antonio and The University of Virginia. He was awarded the prestigious Fulbright Scholarship to the University of Texas at San Antonio for 1992-1994, where he provided the first bidomain structural proof of nitric oxide synthase, the most complex human enzyme known. This was followed by his unique methodology in the first commercial production of the enzyme by overexpression in E. coli. As an associate professor of the Department of Biochemistry at Alexandria University, he supervised several graduate students for Master and Ph.D. degrees in biochemistry and served on the Fulbright Committee Review Board in Cairo. In 1998, Dr. Sheta was honored with an Excellence in Science Award from Alexandria University for his distinguished research accomplishments.
About Power3 Medical Products
Power3 Medical Products, Inc. (OTC: PWRM, www.Power3Medical.com), is a leading proteomics company engaged in the commercialization of protein biomarkers, pathways and mechanisms of diseases through the development of diagnostic tests and drug targets for cancer and neurodegenerative diseases. Power3's patent-pending technologies are being used to develop screening and diagnostic tests for the early detection and treatment of disease, and its identified protein biomarkers, drug targets, and diagnostic tests are targeted toward markets with critical unmet needs in areas such as breast cancer and neurodegenerative disease. Power3 operates a state-of-the-art proteomics laboratory in The Woodlands (Houston), Texas, and recently announced an agreement to form a joint venture with NeoGenomics, Inc. (NASDAQ: NGNM ) of Fort Myers, Florida, to commercialization Power3's portfolio of IP, centering on the 534 biomarkers Power3 has discovered from a broad range of diseases as the basis of blood-based tests for breast cancer, ALS, Alzheimer's and Parkinson's Diseases.
This press release contains forward-looking statements within the meaning of section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. With the exception of historical information contained herein, the matters discussed in this press release involve risk and uncertainties. Actual results could differ materially from those expressed in any forward-looking statement.
Source: Power3 Medical Products
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