BG Medicine Announces Agreement With Kindstar Diagnostics Which Will Provide
Galectin-3 Testing Services in China
WALTHAM, Mass., Oct. 24, 2012 (GLOBE NEWSWIRE) -- BG Medicine, Inc.
(Nasdaq:BGMD), a company focused on the development and commercialization of
novel cardiovascular diagnostics, announced today that it has entered into an
agreement with Kindstar Diagnostics Co. Ltd., the largest esoteric diagnostic
testing business in China, that will enable Kindstar to offer galectin-3
testing services for heart failure management in China. In the US, the BGM
Galectin-3^® test is cleared by the FDA as an aid in assessing the prognosis
of patients with chronic heart failure.
Kindstar, which provides laboratory testing services to over 2,000 Chinese
hospitals, will offer galectin-3 testing services as part of its growing suite
of cardiovascular tests. Kindstar has a broad reach and strong network in the
burgeoning diagnostic testing market in China, which is in the process of
reforming its health care system under its Healthy China 2020 initiative.
While the country works to expand health care coverage for its 1.4 billion
citizens by 2020, a substantial and increasing segment of the population
currently pay out-of-pocket for essential medical services, which provides a
ready market for diagnostic testing services like galectin-3 testing.
"We are excited to be partnering with Kindstar, the largest diagnostics lab in
China, to further expand the footprint of galectin-3 testing throughout the
world," said Eric Bouvier, President and Chief Executive Officer of BG
Medicine. "Cardiovascular disease is one of the most prevalent and
debilitating diseases in China, affecting more than 230 million people, and we
believe that Kindstar's galectin-3 testing services will help to provide
medical professionals with clinical information on fibrosis formation and
cardiac remodeling, which are important biological processes in the
development and progression of heart failure, while also helping to manage the
costs of expanding health care coverage to more of China's citizens."
"Every minute six people in China die from cardiovascular disease, making it
imperative that we do what we can to improve the lives of those affected,"
said Dr. Shiang Huang, Chief Executive Officer of Kindstar Diagnostics. "We
believe that clinically relevant and novel markers like galectin-3 will help
medical professionals in China identify patients who are at greatest risk for
developing heart failure, which assists us to focus the most attention on
those who need it."
In addition to this agreement with Kindstar in China, BG Medicine has
marketing and distribution agreements with leading national and regional
testing facilities in the United States, including Health Diagnostics
Laboratory, Laboratory Corporation of America, Cleveland Heart Laboratory,
Mayo, Atherotech and ARUP.BG Medicine has also partnered with leading
diagnostic instrument manufacturers, including Abbott Laboratories, Alere,
bioMerieux and Siemens, for the development and commercialization of automated
versions of galectin-3 testing.
About Galectin-3 and Heart Failure
Galectin-3 is a unique carbohydrate-binding lectin, or protein, that binds to
carbohydrates called beta-galactosides.Galectin-3 has been implicated in a
variety of biological processes important in the development and progression
of heart failure, and is believed to be a primary mediator of progressive
cardiac fibrosis (abnormal thickening and stiffening of the heart muscle) and
adverse remodeling (changes in the structure of the heart). Higher levels of
galectin-3 are associated with a more aggressive form of heart failure and 30%
or more of mild to moderate heart failure patients will have elevated levels
of galectin-3. Heart failure affects an estimated 5.8 million Americans, with
approximately 670,000 new cases occurring each year.The direct and indirect
cost of heart failure in the United States for 2010 is estimated to be $39.2
About Kindstar Diagnostics Co.
Kindstar Diagnostics Co., Ltd., with laboratory facilities in Beijing,
Shanghai and Wuhan, provides esoteric diagnostic testing services to hospitals
and physicians in every province of China. Kindstar is the first and largest
esoteric diagnostic testing business in China, providing laboratory testing
services to over 2,000 Chinese hospitals, including 660 tertiary hospitals
(Class III A and B). Kindstar is becoming the partner of choice to physicians
in China for advanced diagnostics in many medical specialties including
hematology, oncology, infectious diseases and medical genetics.
About BG Medicine, Inc.
BG Medicine, Inc. (Nasdaq:BGMD) is a life sciences company focused on the
discovery, development and commercialization of novel cardiovascular
diagnostics to address significant unmet medical needs, improve patient
outcomes and contain healthcare costs. The Company's first commercialized
product, the BGM Galectin-3^® test for use in patients with heart failure, is
available in the United States and Europe.BG Medicine is also developing the
CardioSCORE ^ TM test, a blood test designed to identify individuals at high
risk for near-term major cardiovascular events, such as heart attack and
stroke.For additional information about BG Medicine, heart failure and
galectin-3 testing, please visit www.bg-medicine.com and www.galectin-3.com.
The BG Medicine Inc. logo is available at
Special Note Regarding Forward-looking Statements
Certain statements made in this news release contain forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities and Exchange Act of 1934, as
amended, that are intended to be covered by the "safe harbor" created by those
sections. Forward-looking statements, which are based on certain assumptions
and describe our future plans, strategies and expectations, can generally be
identified by the use of forward-looking terms such as "believe," "expect,"
"may," "will," "should," "could," "seek," "intend," "plan," "estimate,"
"anticipate" or other comparable terms.Forward-looking statements in this
news release address our belief that Kindstar's offering of galectin-3 testing
services will assist us to further expand the footprint of galectin-3 testing
throughout the world; our belief that China is a ready market for diagnostic
testing services like galectin-3 testing; our belief regarding the importance
of galectin-3 testing, our belief regarding the expected benefits to the
patients and payors in the health care system with the introduction of
Kindstar offering galectin-3 testing services as part of its growing suite of
cardiovascular tests, our belief that Kindstar's galectin-3 testing services
will help to provide medical professionals with clinical information on
fibrosis formation and cardiac remodeling, and our belief that earlier
identification of patients using galectin-3 testing services may improve
patient outcomes and reduce healthcare costs.Forward-looking statements are
based on management's current expectations and involve inherent risks and
uncertainties which could cause actual results to differ materially from those
in the forward-looking statements, as a result of various factors including
those risks and uncertainties described in the Risk Factors and in
Management's Discussion and Analysis of Financial Condition and Results of
Operations sections of our recent filings with the Securities and Exchange
Commission, including our most recent Annual Report on Form 10-K and Quarterly
Reports on Form 10-Q.We urge you to consider those risks and uncertainties in
evaluating our forward-looking statements.We caution readers not to place
undue reliance upon any such forward-looking statements, which speak only as
of the date made.Except as otherwise required by the federal securities laws,
we disclaim any obligation or undertaking to publicly release any updates or
revisions to any forward-looking statement contained herein (or elsewhere) to
reflect any change in our expectations with regard thereto or any change in
events, conditions or circumstances on which any such statement is based.
CONTACT: Dan Quinn
Feinstein Kean Healthcare
BG Medicine Inc. logo
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