Healthcare Industry News: Inverness Medical Innovations
News Release - November 4, 2008
Inverness Medical Innovations, PrognostiX Sign Distribution Agreement for CardioMPO(TM) TestWALTHAM, Mass. and CLEVELAND, Nov. 4 (Healthcare Sales & Marketing Network) -- Inverness Medical Innovations Inc. (Amex: IMA ), a global manufacturer and marketer of rapid diagnostic products, and PrognostiX Inc., a Cleveland Clinic spin-out company focused on cardiovascular disease diagnostics, today announced that the companies have entered into a distribution agreement under which Inverness will distribute PrognostiX's CardioMPO(TM) Test through its global sales and distribution infrastructure.
The CardioMPO(TM) Test, the only FDA-cleared diagnostic of its kind, measures myeloperoxidase, or MPO, an enzyme found in the blood. An elevated MPO level in a patient complaining of chest pain or discomfort can signal his or her near-term risk for heart attack, bypass surgery or angioplasty, and cardiac death. Under a separate agreement with PrognostiX and the Cleveland Clinic entered into in 2004, Inverness was granted licenses to develop MPO tests in both automated, high-throughput and low-throughput formats, including exclusive rights with respect to low-throughput (point of care) detection.
"Inverness is enthusiastic about its collaboration with PrognostiX to commercialize its CardioMPO(TM) Test," said Ron Zwanziger, president and chief executive officer of Inverness Medical Innovations. "The CardioMPO(TM) Test is a great addition to our portfolio of cardiology diagnostics that are now used in more than 60 countries worldwide."
"Over the past decade, multiple investigators have demonstrated numerous mechanisms linking myeloperoxidase and various aspects of the development and acute complications of atherosclerotic heart disease," said Stanley Hazen, MD, PhD, Section Head of Preventive Cardiology at the Cleveland Clinic and world renowned leader in research on myeloperoxidase and atherosclerosis. Dr. Hazen is lead investigator and a co-inventor of the Cleveland Clinic research team that discovered blood MPO levels serve as a diagnostic marker for cardiovascular disease risk and a monitor of responses to cardiac and anti-inflammatory therapies.
Under the terms of the agreement, Inverness will have co-exclusive worldwide distribution rights with PrognostiX in all countries except Italy and Russia. PrognostiX previously secured distributors in these two countries. Financial terms of the agreement were not disclosed.
"PrognostiX is delighted to be partnering with Inverness on the commercialization of our CardioMPO(TM) Test," said Jake Orville, president and chief executive of PrognostiX. Inverness is well known for both its commitment to delivering innovative diagnostics and its strong global sales and marketing organization. We look forward to a long, successful relationship with Inverness that is built on both."
About Inverness Medical Innovations Inc.
By developing new capabilities in near-patient diagnosis, monitoring and health management, Inverness Medical Innovations enables individuals to take charge of improving their health and quality of life. A global leader in rapid point-of-care diagnostics, Inverness' products, as well as its new product development efforts, focus on infectious disease, cardiology, oncology, drugs of abuse and women's health. Inverness is headquartered in Waltham, Massachusetts. For more information about Inverness Medical Innovations, please visit our website at http://www.invernessmedical.com.
About PrognostiX Inc.
PrognostiX, a privately-held spin out of the Cleveland Clinic, develops and markets next-generation cardiovascular disease diagnostic products. The company's CardioMPO(TM) test, which aids in the diagnosis of near-term heart attack and cardiac death risk, is the first FDA-cleared diagnostic of its kind. PrognostiX' proprietary product pipeline includes valuable, high-margin cardiovascular and inflammatory biomarkers licensed to it exclusively by the Cleveland Clinic, the world's most respected cardiovascular center. Among these pipeline products is a novel biomarker that complements the cholesterol test, providing additional, more precise information for coronary artery disease risk assessment. The company also operates a CLIA-certified specialty reference laboratory, enabling it to bring promising new cardiovascular biomarkers to market more quickly. To learn more about PrognostiX, its product menu and pipeline, please visit www.prognostix.com.
Dr Hazen is lead investigator and a co-inventor of the Cleveland Clinic research team that discovered blood MPO levels serve as a diagnostic marker for cardiovascular disease risk and a monitor of responses to cardiac and anti-inflammatory therapies. Dr. Hazen is the scientific founder and paid consultant for PrognostiX Inc.
This press release may contain forward-looking statements within the meaning of the federal securities laws, including statements the potential benefits and impact of the CardioMPO Test. These statements reflect Inverness' current views with respect to future events and are based on management's current assumptions and information currently available. Actual results may differ materially due to numerous factors including, without limitation, risks associated with market acceptance of the product; the ability to successfully manufacture and distribute the product; the ability to secure and maintain the regulatory approvals or clearances necessary to sell the product in various markets; and the risks and uncertainties described in Inverness' annual report on Form 10-K, and other factors identified from time to time in its periodic filings with the Securities and Exchange Commission. Inverness undertakes no obligation to update any forward-looking statements contained herein.
Source: Inverness Medical Innovations
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