BETHESDA, Md., Nov. 6 /PRNewswire/ -- Correlogic Systems, Inc., a leading
bio IT company, today announced that it has signed licensing agreements with
Quest Diagnostics Incorporated (NYSE: DGX and Laboratory Corporation of
America® Holdings (LabCorp®) (NYSE: LH) for the commercialization of
Correlogic's ovarian cancer protein pattern blood test. Quest Diagnostics and
LabCorp are the only two companies licensed by Correlogic. Under the terms of
the agreement, Correlogic will receive signing, milestone and per test royalty
or service fees, as well as development fees for additional refinements to the
technology. Additional terms were not disclosed
"The difficulty of securing an early, accurate diagnosis has been one of
the biggest obstacles to the successful treatment of ovarian cancer," said
Peter J. Levine, President and CEO of Correlogic. "Everyone involved in this
effort has a common goal -- saving lives. Our partnerships with Quest
Diagnostics and LabCorp mark an important milestone toward this goal, moving
breakthrough technology from the research stage to widespread public
availability."
Correlogic's protein pattern blood test offers the prospect of accurate
and early detection of ovarian cancer. In published research* on a population
of women who were at high risk for ovarian cancer, the test identified 100
percent of all ovarian cancers, including stage one ovarian cancer -- the
earliest and most curable stage.
The partnership with the nation's two premier clinical diagnostic labs
combines Correlogic's breakthrough technology with the proven expertise of
LabCorp and Quest Diagnostics in introducing and performing large-scale
sophisticated diagnostic testing. Together the three companies are positioned
to make the potentially lifesaving ovarian cancer test available to women
across North America.
"We look forward to working with Correlogic to bring this potentially
life-saving technology to women at risk for ovarian cancer and their
physicians," said Joyce G. Schwartz, M.D., Vice President and Chief Laboratory
Officer for Quest Diagnostics.
"The acquisition of this technology is very much in keeping with our
overall strategy of seeking out the latest genomic and proteomic advances in
the field of diagnostics," said Myla P. Lai-Goldman, M.D., LabCorp's Executive
Vice President, Chief Scientific Officer and Medical Director. "An accurate,
specific test for the early detection of ovarian cancer is currently a very
significant unmet medical need."
Correlogic is collaborating with the Food and Drug Administration
(FDA)/National Cancer Institute (NCI) Clinical Proteomics Program to apply its
proprietary early detection technology to ovarian cancer diagnosis. NCI-
sponsored clinical trials are scheduled to begin in April 2003. Once the
clinical trials are complete, the test will be submitted to the FDA for
approval for patient use. This same technology was recently shown to have
potential use in the early detection of prostate cancer.
Ovarian cancer is the most deadly of gynecological cancers. It is also
one of the most curable -- if detected at its earliest stage. Currently,
however, two-thirds of women diagnosed with ovarian cancer are diagnosed in
the later stages because no effective test exists for the early detection of
ovarian cancer. There will be an estimated 23,300 new cases of ovarian cancer
in the U.S. in 2002, and approximately 14,000 women are expected to die of the
disease.
About Quest Diagnostics
Quest Diagnostics Incorporated is the nation's leading provider of
diagnostic testing, information and services, providing insights that enable
physicians, hospitals, managed care organizations and other healthcare
professionals to make decisions to improve health. The company offers patients
and physicians the broadest access to diagnostic laboratory services through
its national network of laboratories and patient service centers. Quest
Diagnostics is the leading provider of esoteric testing, including gene-based
medical testing, and empowers healthcare organizations and clinicians with
state-of-the-art connectivity solutions that improve practice management.
Additional company information can be found on the Internet at:
http://www.questdiagnostics.com .
About LabCorp
The first national clinical laboratory to fully embrace genomic testing,
Laboratory Corporation of America® Holdings (LabCorp®) has been a pioneer
in commercializing new diagnostic technologies. As a national laboratory with
annual revenues of $2.2 billion in 2001 and over 25,000 employees, the Company
offers more than 4,000 clinical tests ranging from routine analyses to
sophisticated molecular diagnostics. Serving over 200,000 clients in North
America, LabCorp combines its expertise in innovative clinical testing
technology with its Centers of Excellence, offering specialty testing and
state-of-the-art molecular gene-based testing in infectious disease, oncology
and genetics. (http://www.labcorp.com .)
About Correlogic Systems
Correlogic Systems, Inc., headquartered in Bethesda, Maryland, is a bio IT
company engaged in the development of bioinformatic tools and processes for
proteomic and genomic-based clinical diagnostic systems and new drug
discovery. Correlogic, the FDA and the NCI have entered into a Cooperative
Research and Development Agreement to explore the application of Correlogic's
process and technology to the detection of other cancers. Correlogic is also
working with other research institutions to explore the applicability of its
process and technology to non-cancer disease states.
(http://www.correlogic.com .)
Cautionary Statement: Certain statements contained in this release are
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. These statements are based on management's
current expectations and are subject to uncertainty and changes in
circumstances. Actual results could differ materially due to, among other
things, operational and other difficulties associated with integrating
acquired business, general business conditions, competition among managed care
companies, rising health care costs, trends in medical loss ratios, health
care reform, delay in receipt of regulatory and other approvals for pending
transactions and other regulatory issues.
*The Lancet, Volume 359, Number 9306, February 16, 2002.