Response Genetics Receives Third GSK Milestone Payment
LOS ANGELES, Jan. 27, 2014 (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 third milestone payment from
GlaxoSmithKline LLC ("GSK") related to the issuance of a U.S. patent for
detection of BRAF Mutations.
In support of the development of Tafinlar® (dabrafenib), in March 2010, GSK
entered into a non-exclusive license agreement with Response Genetics whereby
Response Genetics granted GSK a non-exclusive, sublicenseable license to its
proprietary PCR analysis technology and diagnostic expertise to assess BRAF
gene mutations in human tumor samples. The agreement entitled Response
Genetics to certain milestone payments. Response Genetics earned its first
milestone payment of $500,000 in July of 2012 for submission of the first
Premarket Approval ("PMA") and its second milestone payment of $500,000 in May
2013 for the FDA's approval of the PMA.Response Genetics has now earned its
third milestone payment of $500,000 upon notice that its patent entitled
"Methods, Primers, Probes and Kits Useful for the Detection of BRAF Mutations"
was allowed by the United States Patent and Trademark Office.
"We are extremely pleased to have achieved this milestone," said Thomas A.
Bologna, Chairman and CEO of Response Genetics. "The BRAF patent approval is
yet another example of the long-standing and mutually-beneficial relationship
between Response Genetics and GSK.All of us at Response Genetics take pride
in the role we played in the success of this important cancer therapy."
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
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 and
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:
Thomas A. Bologna
Chairman & Chief Executive Officer
Response Genetics Logo
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