VEDBAEK, Denmark, July 24 /PRNewswire-FirstCall/ -- Frost & Sullivan has announced the selection of Exiqon as the recipient of its 2008 Growth Strategy Leadership Award in the molecular diagnostic market. This award follows Frost & Sullivan's most recent analysis of the molecular diagnostic market.
Exiqon was selected for this award because of the company's acquisition of Oncotech, a market leader in the field of in vitro therapy selection testing for cancer. The research team at Frost & Sullivan viewed the acquisition of Oncotech by Exiqon as both well-timed and well-executed on the heels of the company's highly successful May 2007 IPO. .
The acquisition of Oncotech allowed the two companies to combine resources to become a leading supplier of molecular diagnostic tests based on proprietary miRNA biomarkers. "Combining the two companies has allowed Exiqon to master a number of the most significant challenges in building a platform for its future molecular diagnostic business in the US," says CEO Lars Kongsbak.
"We are dedicated to personalizing the treatment selection for cancer patients. This acquisition increases the likelihood of success and the speed in which new molecular diagnostic products can be marketed by Exiqon" continues Kongasbak; "Our goal is to optimize the use of existing medicine and avoid unnecessary and non-effective treatment."
Through Oncotech, Exiqon markets diagnostic products that enable doctors to test whether their patients are resistant to chemotherapies prior to subscribing a treatment (the 'Extreme Drug Resistance-test'). Oncotech provides a strategic competitive advantage and a clear path to the market for Exiqon's new diagnostic products. Exiqon has already established itself as one of the market's leading providers of research products for gene expression analysis based on the LNA(TM) technology.
Frost & Sullivan does not accept nominations or submissions for Frost &
Sullivan Awards. The sele
|SOURCE Exiqon A/S|
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