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Innovative Biosensors and ProGenTech Partner to Develop a Rapid Diagnostics System
Date:2/24/2009

ROCKVILLE, Md. and EMERYVILLE, Calif., Feb. 24 /PRNewswire/ -- Innovative Biosensors, Inc., and ProGenTech Limited, two emerging leaders in life science & diagnostics, today announced an agreement to jointly develop a rapid, integrated diagnostic system. The system will incorporate Innovative Biosensor's proprietary Cellular Analysis and Notification of Antigen Risks and Yields ("CANARY(R)") technology, a cell-based approach for quickly detecting various pathogens, into a modified version of ProGenTech's Entura Lite(TM) platform with integrated optical detection capabilities. Innovative Biosensors will commercialize the developed product and financial terms of the deal were not disclosed.

Joe Hernandez, the President and CEO of Innovative Biosensors, said "We believe that having more rapid, highly sensitive assays and fully integrated systems is of immense value to the clinical diagnostic market. The combinations of our two technologies will achieve this panacea. We look forward to working with ProGenTech in revolutionizing this very important market," said Dr. Trevor Hawkins, Chairman & CEO of ProGenTech. "This is a clear validation of the ProGenTech technology and will be yet another avenue for us to create value from our product portfolio and knowhow. In combination with the groundbreaking Innovative Biosensors technology, this new product will enable radical improvements in diagnosis and treatment."

Innovative Biosensors cell-based CANARY(R) technology was originally developed by scientists at Massachusetts Institute of Technology and consists of engineered biosensors expressing membrane bound, pathogen specific antibodies and a calcium sensitive bioluminescent molecule. Cross-linking of the antibodies by even minute amounts of the specific pathogen leads to elevation of intracellular calcium and light emission. The amplified light output can then be detected using a luminometer.

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SOURCE ProGenTech Limited
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