LYNDHURST, N.J., Sept. 7 /PRNewswire-FirstCall/ -- Quest Diagnostics
Incorporated (NYSE: DGX), the nation's leading provider of diagnostic testing,
information and services, announced that it has completed the acquisition of
Enterix, Inc., the privately held Australian-based company that developed and
manufactures the InSure(R) Fecal Immunochemical Test (F.I.T.), an FDA-cleared
test for use in screening for colorectal cancer and other sources of lower
gastrointestinal bleeding, for approximately $43 million in cash. Additional
terms of the transaction were not disclosed.
In May 2003, Quest Diagnostics entered into an initial agreement with
Enterix to sell the InSure F.I.T. in the U.S. on an exclusive basis. By
acquiring Enterix, Quest Diagnostics assumes ownership of the intellectual
property for the InSure F.I.T. test as well as future generations of the test,
including InSure II, a version of the test that can be performed in doctors'
offices, which recently received 510(k) clearance from the FDA.
"We are excited to acquire the worldwide rights to the InSure tests for
colorectal cancer screening," said Surya N. Mohapatra, Ph.D., Chairman and CEO
of Quest Diagnostics. "Colorectal cancer is the third most common form of
cancer in the U.S. and is often curable when detected early. We have seen how
a simple, non-invasive annual test such as InSure can have a profound impact
on early detection. We see an opportunity to help patients around the world
screen for colorectal cancer at an early stage when the disease is most
treatable."
InSure F.I.T. offers several important benefits over traditional
guaiac-based fecal occult blood testing. Studies show that the InSure assay
is an accurate alternative to traditional guaiac-based fecal occult blood
testing. InSure F.I.T. eliminates false positive test results due to the
interference from certain foods such as red meat or the use of common
medications including aspirin. In addition, the InSure test provides for easy
specimen collection using a long-handled brush to gently brush the surface of
the stool and then collect the surrounding toilet water by dabbing it onto a
card.
About Quest Diagnostics
Quest Diagnostics is the leading provider of diagnostic testing,
information and services that patients and doctors need to make better
healthcare decisions. The company offers the broadest access to diagnostic
testing services through its national network of laboratories and patient
service centers, and provides interpretive consultation through its extensive
medical and scientific staff. Quest Diagnostics is a pioneer in developing
innovative new diagnostic tests and advanced healthcare information technology
solutions that help improve patient care. Additional company information is
available at: www.questdiagnostics.com.
The statements in this press release which are not historical facts or
information may be forward-looking statements. These forward-looking
statements involve risks and uncertainties that could cause actual results and
outcomes to be materially different. Certain of these risks and uncertainties
may include, but are not limited to, competitive environment, changes in
government regulations, changing relationships with customers, payers,
suppliers and strategic partners and other factors described in the Quest
Diagnostics Incorporated 2005 Form 10-K and subsequent SEC filings.
SOURCE Quest Diagnostics
CONTACT: Jennifer Somers (Media), +1-201-393-5700, or Laure Park
(Investors), +1-201-393-5030, both of Quest Diagnostics
Web site: http://www.questdiagnostics.com