Healthcare Industry News: Guided Therapeutics
News Release - April 28, 2010
Konica Minolta Opto, Inc. Extends Product Development Licensing Agreement with Guided TherapeuticsNORCROSS, Ga.--(HSMN NewsFeed)--Guided Therapeutics, Inc. (GT) (Pink Sheets: GTHP ) today announced that Konica Minolta Opto, Inc. (KMOT) of Tokyo has extended its licensing agreement to co-develop non-invasive cancer detection products.
Under terms of the agreement, KMOT will pay GT a $750,000 fee to extend the agreement for one year. This is in addition to the approximately $1.59 million to develop the first product announced in February 2010.
The new products, for the detection of lung and esophageal cancer, are based on GT’s LightTouch™ non-invasive cervical cancer detection technology, which is undergoing the U.S. Food and Drug Administration’s premarket approval process. Lung cancer is the most prevalent cancer in the world and esophageal cancer ranks just below cervical cancer in newly diagnosed cases, according to the World Health Organization (WHO).
“We have developed a strong working relationship with Konica Minolta Opto and believe that this most recent agreement will lead us well down the path to a second product built upon our non-invasive cancer scanning platform technology,” said Mark L. Faupel, Ph.D., President and CEO of GT.
“We are pleased to continue our relationship with GT to co-develop and market non-invasive cancer detection products,” said Akira Suzuki, General Manager, LC Business Department for KMOT. “We believe that by working together, our two companies can become the leading developers of new technology for early detection of disease that leads to cancer.”
According to the WHO, 1.2 million new cases of lung cancer are diagnosed every year across the world. In the U.S., lung cancer is the leading cause of cancer death, with 215,000 new cases and more than 161,000 deaths, according to the American Cancer Society. Worldwide, new cases of esophageal cancer are estimated at 410,000, with more than 16,000 new cases and more than 14,000 deaths in the U.S. In Japan, home to KMOT, lung cancer kills more than 63,000 and esophageal cancer is responsible for more than 11,300 deaths, annually. A precursor to esophageal cancer is Barrett’s esophagus, which is caused by excessive acid reflux.
About Guided Therapeutics
Guided Therapeutics, Inc. (Pink Sheets: GTHP) is developing a rapid and painless test for the early detection of disease that leads to cervical cancer. The technology is designed to provide an objective result at the point of care thereby improving the management of cervical disease. Unlike Pap and HPV tests, the device does not require a painful tissue sample and results are known immediately. For more information, visit GT’s web site www.guidedinc.com.
About Konica Minolta Opto
Konica Minolta Opto, Inc. was inaugurated on October 1, 2003, following the integration of the former Konica Opto Corporation and the optics division parented by the optical system operations of the former Minolta Co., Ltd. Our scope of business can be roughly divided into two categories: optical product development centered on our proprietary, cutting-edge optical technology; and the development and manufacturing of electronic components, including triacetyl-cellulose (TAC) films for use in LCD polarizing plates and glass dry plates used for production of shadow masks. Visit www.konicaminolta.com/opt/index.html for more information.
The Guided Therapeutics Non-invasive Cancer Detection technology is an investigational device and is limited by federal law to investigational use.
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995. A number of the matters and subject areas discussed in this news release that are not historical or current facts deal with potential future circumstances and developments. The discussion of such matters and subject areas is qualified by the inherent risks and uncertainties surrounding future expectations generally and also may materially differ from Guided Therapeutics’ actual future experience involving any of or more of such matters and subject areas. Such risks and uncertainties include: the early stage of products in development, the uncertainty of market acceptance of products, the uncertainty of development or effectiveness of distribution channels, the intense competition in the medical device industry, the uncertainty of capital to develop products, the uncertainty of regulatory approval of products, dependence on licensed intellectual property, as well as those that are more fully described from time to time under the heading “Risk Factors” in Guided Therapeutics’ reports filed with the SEC, including Guided Therapeutics’ Annual Report on Form 10-K for the fiscal year ended December 31, 2009 and subsequent quarterly reports.
Source: Guided Therapeutic
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