Clinical Genomics Continues Progress in Developing Biomarker Portfolio for Colorectal Canc... ( SYDNEY April 29 /- Clinical Genom...)

Clinical Genomics Continues Progress in Developing Biomarker Portfolio for Colorectal Cancer Testing

Date:4/29/2009

SYDNEY, April 29 /PRNewswire/ -- Clinical Genomics Pty Ltd, an Australian biotechnology company, announced today that Quest Diagnostics Incorporated, the world's leading provider of diagnostic testing, information and services, has agreed to provide milestone payments over the next two years to Clinical Genomics to further develop its portfolio of gene-based biomarkers associated with early onset of colorectal cancer. Clinical Genomics was awarded the payments after successfully achieving key research and development goals. Under terms of a worldwide license agreement, Quest Diagnostics has exclusive rights to the biomarkers for use in developing a test as an aid in detecting precancerous and cancerous colorectal tumors in conjunction with other clinical findings. Additional financial terms were not disclosed.

Clinical Genomics, in collaboration with Flinders University (South Australia) and the Australian Government's Commonwealth Scientific and Industrial Research Organization (CSIRO, Australia), has discovered molecular markers that show promise as aids in detection of both colorectal cancer and precancerous adenomas.

"Quest Diagnostics is at the forefront of efforts to develop and offer cancer testing innovations, including gene-based blood tests and fecal immunochemical tests associated with the detection of colorectal cancer," said Lawrence LaPointe, CEO of Clinical Genomics. "We are excited that as the world's leader in cancer diagnostics, Quest Diagnostics appreciates the potential of our proprietary biomarkers to form the basis for a laboratory test that one day may aid the detection of early-stage colorectal cancer."

Colorectal cancer is the second most common cause of cancer related death of both men and women in the United States and Australia. Colorectal cancer is largely treatable when detected in the early stages. Yet, due to low screening rates, fewer than 40 percent of cases
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