CML HealthCare Inc. Announces Exclusive Licensing Agreement
CML HealthCare Inc. Announces Exclusive Licensing Agreement With Mitomics Inc. for a New Specialty Prostate Cancer Test
MISSISSAUGA, ONTARIO -- (Marketwire) -- 11/20/12 -- CML HealthCare Inc. (TSX:CLC) (the "Company" or "CML"), a leading provider of medical diagnostic services in Canada, today announced an exclusive licensing agreement with Mitomics Inc., the world's premier developer of mitochondrial DNA-based tests for early disease detection, to make available the Prostate Core Mitomic Test(TM) (PCMT) to Canadians.
Today approximately 70% of first prostate biopsies come back negative, but half of those patients over time will be diagnosed with prostate cancer and many will require additional biopsies as part of the diagnosis. Mitomics' PCMT can detect the presence of malignant cells by applying the science of mitochondrial DNA analysis to tissue samples from the first prostate biopsy. Results from PCMT can assist in the diagnosis and management of prostate cancer and may eliminate the need for a subsequent biopsy. Under the agreement, Canadian urologists will be able to order PCMT through CML HealthCare in early 2013. Specimens will be analyzed at Mitomics' CLIA laboratory in Aurora, Colorado.
"CML HealthCare is proud to offer this advanced diagnostic to assist urologists across Canada with their diagnosis and management of prostate cancer," said Thomas Wellner, President and Chief Executive Officer of CML HealthCare. "The Mitomics relationship is another example of our commitment to add innovative, non-government pay medical diagnostics to our test menu while leveraging our existing business platform. We believe PCMT will provide significant benefits to patients, physicians and the health care system," continued Mr. Wellner.
"With their extensive laboratory and distribution network, CML HealthCare is the ideal partner to offer our Prostate Core Mitomic Test to urologists across Canada," added Robert Poulter, President and Chief Executive Officer of Mitomics. "This agreement is aligned with our commercial strategy to provide broad access to PCMT and further validates the strong demand from physicians to improve the diagnosis of prostate cancer for patients."
According to the Canadian Cancer Society, prostate cancer is the most common cancer among Canadian men (excluding non-melanoma skin cancer). One in seven men will develop prostate cancer during his lifetime and one in 28 will die of it. In 2012, an estimated 26,500 men will be diagnosed with prostate cancer and 4,000 will die of it.
About the Prostate Core Mitomic Test(TM) (PCMT)
PCMT is a highly advanced, patented test based on the science of mitochondrial DNA (mtDNA). Using previously obtained prostate biopsy tissue, PCMT can determine the presence of malignant cells via a cancerization field effect by detecting underlying molecular alterations in normal-appearing tissue. This is all performed quickly and easily with a simple lab test.
Conducted in Mitomics' CLIA-certified lab, PCMT uses existing prostate-biopsy material to detect mitochondrial-DNA alterations (called "deletions") that appear in benign tissue when a tumour is present in adjacent tissue. These molecular alterations, known as the cancerization field effect, enhance tumor detection in instances where biopsy cores appear histologically benign because they have failed to intersect tumor tissue. Initial prostate biopsies can miss one-third of all cancers, leading to false-negative results. PCMT provides the clinician with insights far surpassing conventional screening methods. The concurrent high sensitivity of 85% and negative predictive value of 92% contribute unprecedented strength to this assay through its ability to identify prostate cancer. For more information or to order PCMT, please visit http://www.mitomicsinc.com/prostate-core-mitomic-test/. For more information please visit www.mitomicsinc.com. Timing of PCMT availability in Canada from CML HealthCare is scheduled for the first quarter of 2013.
Mitomics provides clinical solutions that deliver the earliest possible detection of disease through mitochondrial DNA-based testing. Using proprietary technology, called Mitomic Technology(TM), the company has developed a platform on which it is developing an array of molecular tests that address significant needs in oncology. The company's flagship product, the Prostate Core Mitomic Test(TM) (PCMT(TM)), was launched in 2011, and is the most accurate and safest test currently on the market for prostate cancer screening. PCMT is a simple test, conducted in Mitomics' CLIA-certified lab, using existing biopsy tissue to identify the biomarker associated with malignant cells in benign tissue. Mitomics is currently using its platform of mtDNA testing to develop similar tests for the detection of breast cancer, bladder cancer, thyroid cancer, melanoma, ovarian cancer, pancreatic cancer, uterine cancer, and endometriosis. Mitomics is headquartered in Thunder Bay, Ontario, Canada. www.mitomicsinc.com.
About CML HealthCare Inc.
Based in Mississauga, Ontario, CML HealthCare Inc. is Canada's leading community-based, medical diagnostic services provider operating 140 laboratory collection centres in Ontario, 94 imaging centres in Ontario and British Columbia, and a reference laboratory in Ontario focused on specialized coagulation testing for customers worldwide. CML is publicly-traded on the Toronto Stock Exchange under the symbol "CLC" and has approximately 89.8 million common shares outstanding. For more information, please visit www.cmlhealthcare.com and follow us on Twitter @cmlhealthcare.
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