TORONTO, Sept. 3, 2015 (GLOBE NEWSWIRE) -- GeneNews Limited (TSX:GEN) ("GeneNews" or the "Company") today announced that its Innovative Diagnostic Laboratory ("IDL") joint-venture has signed an agreement with The University of Texas MD Anderson Cancer Center ("MD Anderson") pursuant to which IDL will provide MD Anderson with Prostate Health Index ("PHI") testing services.
"There is significant interest in IDL's early cancer diagnostic tests from hospital groups and large physician practice groups," said Mr. Howard-Tripp. "IDL is actively pursuing these opportunities and the signing of MD Anderson to the PHI tests now complements arrangements we have with other institutions. Additional discussions are in progress."
IDL added Beckman Coulter Diagnostics' FDA-approved and Medicare-reimbursed PHI test to its menu of advanced cancer assays in April 2014. The PHI test is a simple, non-invasive blood test that is three times more specific in detecting prostate cancer1 than the prostate-specific antigen ("PSA") test. While the PSA test is currently the most widely used screening test for prostate cancer, it is widely recognized that PSA results can often indicate the possibility of prostate cancer when none is present. The PSA test is based on the fact that men with higher levels of PSA are more likely to have prostate cancer. However, higher levels of PSA can also be caused by a benign enlargement or inflammation of the prostate, leading to many false-positives for cancer and ultimately unnecessary, invasive biopsies with an increased potential for patient harm. The PHI test helps physicians distinguish prostate cancer from benign conditions by using three different PSA markers (PSA, free PSA and pro2 PSA) as part of a sophisticated calculation to more reliably determine the probability of cancer in patients with elevated PSA levels.
1. Beckman Coulter U.S. Prostate Cancer Pivotal Study Report
GeneNews is focused on developing and commercializing proprietary molecular diagnostic tests for the early detection of diseases and personalized health management, with a primary focus on cancer-related indications. The Company's lead product, ColonSentry®, is the world's first blood test to assess an individual's current risk for colorectal cancer. In 2013, GeneNews created a U.S. joint venture, Innovative Diagnostic Laboratory, LLP ("IDL"), that it is committed to help become a leader in molecular diagnostics and personalized medicine, serving as a strong commercialization outlet for advanced cancer tests. Taking a multi-view approach to the diagnosis and treatment of cancer, IDL is working to assemble, through a combination of internal pipeline development, third-party licenses and potential acquisitions, a robust menu of novel, proprietary tests to be offered by it throughout the United States. GeneNews' common shares trade on the Toronto Stock Exchange under the symbol 'GEN'. More information on GeneNews and IDL can be found at www.GeneNews.com and www.MyInnovativeLab.com, respectively.
This press release contains forward-looking statements identified by words such as "expects", "will" and similar expressions, which reflect the Company's current expectations regarding future events, including the launch of ColonSentry® test across the United States and the assembling of a robust menu of other advanced cancer tests to be offered by IDL. The forward-looking statements involve risks and uncertainties, including market reaction to the launch of the ColonSentry® test into new regions, that could cause the Company's actual events to differ materially from those projected herein. Investors should consult the Company's ongoing quarterly filings and annual reports for additional information on risks and uncertainties relating to these forward-looking statements. The reader is cautioned not to rely on these forward-looking statements. The Company disclaims any obligation to update these forward-looking statements, except as required by law.
CONTACT: Company Contact: James R. Howard-Tripp Executive Chairman Office: (905) 209-2030 firstname.lastname@example.org Investor & Media Contact: Stephen Kilmer Office: (647) 872-4849 email@example.com