LOS ANGELES, June 4, 2013 (GLOBE NEWSWIRE) -- Response Genetics, Inc. (Nasdaq:RGDX), a company focused on the development and sale of molecular diagnostic tests that help determine a patient's response to cancer therapy, today announced that it has achieved its second milestone payment in conjunction with the non-exclusive license agreement originated in 2010 with GlaxoSmithKline ("GSK").
Under the terms of the agreement, GSK gained certain rights to Response Genetics' proprietary PCR analysis technology and diagnostic expertise to assess BRAF gene mutations in human tumor samples. Response Genetics earned its first milestone payment of $500,000 in July of 2012 for submission of the first Premarket Approval ("PMA") under the contract. On May 29, 2013, GSK announced the FDA's approval of the PMA, thereby triggering the second milestone payment of $500,000.
The BRAF gene is responsible for a protein involved in cell signaling, growth and differentiation. Specific mutations in the gene are found in a subset of patients with melanoma.Tafinlar® has been approved to treat melanoma that cannot be surgically removed or metastatic melanoma in adults with the V600E mutation of BRAF. Tafinlar® is not indicated for patients with wild-type BRAF melanoma.
"We are extremely pleased to have assisted GSK in achieving this very important milestone," said Thomas A. Bologna, Chairman and CEO of Response Genetics. "Response Genetics supports pharmaceutical companies by providing lab-developed tests that are critical for screening and stratifying patients during clinical development. The insights that emerge from our work, such as the association between the specific mutations of BRAF and response to Tafinlar®, enable the practice of precision medicine, the selection of a cancer treatment based on the molecular characteristics of a patient's tumor."
About Response Genetics, Inc.
Response Genetics, Inc. (the "Company") is a CLIA-certified clinical laboratory focused on the development and sale of molecular diagnostic testing services for cancer. The Company's technologies enable extraction and analysis of genetic information derived from tumor cells stored as formalin-fixed and paraffin-embedded specimens. The Company's principal customers include oncologists and pathologists. In addition to diagnostic testing services, the Company generates revenue from the sale of its proprietary analytical pharmacogenomic testing services of clinical trial specimens to the pharmaceutical industry. The Company's headquarters is located in Los Angeles, California. For more information, please visit www.responsegenetics.com.
Forward-Looking Statement Notice
Except for the historical information contained herein, this press release and the statements of representatives of the Company related thereto contain or may contain, among other things, certain forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995.
Such forward-looking statements involve significant risks and uncertainties. Such statements may include, without limitation, statements with respect to the Company's plans, objectives, projections, expectations and intentions, such as the ability of the Company, to provide clinical testing services to the medical community, to continue to strengthen and expand its sales force, to continue to build its digital pathology initiative, to attract and retain qualified management, to continue to strengthen marketing capabilities, to expand the suite of ResponseDX® products, to continue to provide clinical trial support to pharmaceutical clients, to enter into new collaborations with pharmaceutical clients, to enter into areas of companion diagnostics, to continue to execute on its business strategy and operations, to continue to analyze cancer samples and the potential for using the results of this research to develop diagnostic tests for cancer, the usefulness of genetic information to tailor treatment to patients, and other statements identified by words such as "project," "may," "could," "would," "should," "believe," "expect," "anticipate," "estimate," "intend," "plan" or similar expressions.
These statements are based upon the current beliefs and expectations of the Company's management and are subject to significant risks and uncertainties, including those detailed in the Company's filings with the Securities Exchange Commission. Actual results, including, without limitation, actual sales results, if any, or the application of funds, may differ from those set forth in the forward-looking statements. These forward-looking statements involve certain risks and uncertainties that are subject to change based on various factors (many of which are beyond the Company's control). The Company undertakes no obligation to publicly update forward-looking statements, whether because of new information, future events or otherwise, except as required by law.
CONTACT: Investor Relations Contact: Peter Rahmer Trout Group 646-378-2973 Company Contact: Thomas A. Bologna Chairman & Chief Executive Officer 323-224-3900
Source:Response Genetics, Inc.