ALISO VIEJO, Calif. and REHOVOT, Israel, Dec. 14 /PRNewswire-FirstCall/ -- Clarient, Inc. (Nasdaq: CLRT), a premier technology and services resource for pathologists, oncologists and the pharmaceutical industry, and BioView Ltd. (TASE: BIOV) today jointly announced that they will collaborate on studies to validate the clinical utility of a non-invasive test for the early detection of non-small cell lung cancer. The test, which uses a patient's sputum and was originally developed at the University of Texas M.D. Anderson Cancer Center, is expected to be particularly useful to aid in the diagnosis of early stage lung cancer for smokers and other at-risk populations.
The agreement between the two companies provides Clarient the right to negotiate an exclusive agreement to commercialize the test following its joint development and validation.
Lung cancer is the leading cause of cancer death worldwide, with more than 250,000 newly-diagnosed cases and more than 160,000 deaths annually in the U.S., according to the National Cancer Institute. Non-small cell lung cancer accounts for approximately 85 percent of all lung cancers.
The test uses DNA probes exclusively licensed to BioView by M.D. Anderson Cancer Center and BioView's proprietary Target Fluorescence in situ Hybridization (T-FISH) technology to screen for specific genetic biomarkers that may indicate the presence of cancer cells in sputum. FISH is a well-established diagnostic tool that is the basis of BioView's technology, noted President and Chief Executive Officer Dr. Alan Schwebel.
Initial internal studies of the test have demonstrated its validity, Dr. Schwebel said.
"The sensitivity and specificity obtained to date in our internal studies are better than other non-invasive methods now available for aiding in the early detection of lung cancer," Dr. Schwebel said. "We are excited to have Clarient, with its long history of collaborating with academia and innovative companies in developing novel oncology tests utilizing biomarkers, as our first partner to develop a test based on our proprietary probes and technologies. We are confident that our collaboration with Clarient will successfully help to develop, validate and commercialize the test through its established pathways to the market."
Clarient Chief Executive Officer Ron Andrews said the test could become a very valuable tool for detecting lung cancer and for expanding Clarient's lung cancer franchise. "This test has promise to become a valuable diagnostic and prognostic tool for determining the risk of lung cancer for many patients, but particularly for smokers," Andrews said. "Lung cancer continues to be an area of focus in the coming months for Clarient and we are particularly interested in working with pharmaceutical companies that are developing smoking cessation drugs. We look forward to our collaboration with BioView on these confirmatory studies and possible commercialization of this test."
Andrews estimated that the validation studies should be completed during 2010.
About BioView Ltd.
Established in 2000, and led by an expert team of biologists, software engineers and physicists, BioView develops, manufactures and supplies cell imaging equipment, biological kits and software to medical institutes and universities. BioView is a publicly traded company on the Israeli Stock exchange, and currently has strategic collaborations underway with international scientific leaders and institutions. For more information about the BioView technology, and press related issues, please contact email@example.com or visit our website at www.bioview.co.il.
Clarient combines innovative diagnostic technologies with world-class pathology expertise to assess and characterize cancer. Clarient's mission is to become the leader in cancer diagnostics by collaborating with the healthcare community to translate cancer research and development into better patient care. Clarient's principal customers include pathologists, oncologists, hospitals and biopharmaceutical companies. The rise of individualized medicine has created the need for a centralized resource which provides leading oncology diagnostic technologies, such as flow cytometry and molecular testing. Clarient is that resource, having created a state-of-the-art commercial cancer laboratory, which provides the most advanced oncology testing and diagnostic services available. Resulting diagnostic reports and analyses are made available to customers through Clarient's Internet-based portal, PATHSiTE(TM). Clarient also plans to develop and market new, proprietary "companion" diagnostic markers for therapeutics in breast, prostate, lung and colon cancers, and leukemia/lymphoma. www.clarientinc.com
Forward Looking Statement
Certain statements herein regarding Clarient, Inc. contain forward-looking statements that involve risks and uncertainty. Future events and Clarient's actual results could differ materially from the results reflected in these forward-looking statements. Factors that might cause such a difference include, but are not limited to: Clarient's ability to continue to develop and expand its diagnostic services business, Clarient's ability to expand and maintain a successful sales and marketing organization, Clarient's ability to maintain compliance with financial and other covenants under its credit facilities, limitations on Clarient's ability to borrow funds under its credit facilities based on Clarient's qualified accounts receivable and other liquidity factors, Clarient's ability to obtain annual renewals of or replacements for its credit facilities, the effects of a going concern audit opinion on Clarient's operations, Clarient's ability to successfully transition its billing function in-house from a third party vendor, Clarient's ability to remediate the material weaknesses in its internal control over financial reporting, the continuation of favorable third-party payor reimbursement for laboratory tests, Clarient's ability to obtain additional financing on acceptable terms or at all, unanticipated expenses or liabilities or other adverse events affecting cash flow, uncertainty of success in identifying and developing new diagnostic tests or novel markers, Clarient's ability to fund development of new diagnostic tests and novel markers and the amount of resources Clarient determines to apply to novel marker development and commercialization, failure to obtain FDA clearance or approval for particular applications, Clarient's ability to compete with other technologies and with emerging competitors in novel cancer diagnostics and dependence on third parties for collaboration in developing new tests, and risks detailed from time to time in Clarient's SEC reports, including quarterly reports on Form 10-Q, reports on Form 8-K and annual reports on Form 10-K. Recent experience with respect to laboratory services, revenues and results of operations may not be indicative of future results for the reasons set forth above.
Clarient does not assume any obligation to update any forward-looking statements or other information contained in this document.
Investor Contact: ----------------- Matt Clawson Allen & Caron Inc (949) 474-4300 firstname.lastname@example.org
SOURCE Clarient, Inc.
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