OPKO Health Announces License Agreement for OPKO's Alzheimer's Diagnostic Technology
MIAMI--(BUSINESS WIRE)--
OPKO Health, Inc. (NYSE:OPK) today announced that it has signed an
agreement with Laboratory Corporation of America Holdings (LabCorp)
under which LabCorp licensed exclusive rights in North America and the
United Arab Emirates to OPKO's intellectual property to develop and
commercialize laboratory testing services for Alzheimer's disease.
Financial terms of the transaction were not disclosed.
OPKO's diagnostic is designed to detect elevated levels of antibodies
that appear to be unique to Alzheimer's disease. The Alzheimer's
disease-specific antibodies were discovered using OPKO's novel
proprietary platform that OPKO has demonstrated in initial studies to be
capable of identifying biomarkers for a wide range of diseases to which
the immune system reacts, including Alzheimer's disease, as well as
cancers, autoimmune diseases, neurodegenerative diseases and infectious
diseases. In addition to Alzheimer's disease, OPKO is pursuing the
development of diagnostics for non-small cell lung cancer, pancreatic
and other cancers, and diseases for which early detection could lead to
earlier therapy and dramatically improved outcomes.
"Licensing of our Alzheimer's diagnostic technology to a major clinical
laboratory, such as LabCorp, marks a significant milestone for OPKO's
diagnostics program and the advancement of our molecular diagnostics
tests," commented Phillip Frost, M.D., Chairman and Chief Executive
Officer of OPKO. "LabCorp, one of the world's leading suppliers of
diagnostic services, has a track record of introducing new testing
services that improve patient disease management."
"We believe that OPKO's innovative technology will lead to more accurate
diagnoses, more effective treatment, and better patient outcomes," said
David P. King, Chairman and Chief Executive Officer of LabCorp. "We are
pleased to offer this important diagnostic tool to our customers in
North America and the UAE."
About Alzheimer's Disease
Currently it is estimated that over five million people in the United
States, and over 35 million people worldwide, have Alzheimer's disease
and the national cost of caring for people with Alzheimer's and other
dementias was estimated to be $172 billion in 2010 in the United States
alone. By 2050, it is estimated that between 11 and 16 million people in
the United States over the age of 65 will have Alzheimer's, and the
global prevalence of people living with Alzheimer's and other dementias
is expected to be greater than 115 million. Currently there are no
specific tests to detect Alzheimer's disease and follow its progression.
Current diagnosis tools such as behavioral and cognitive measurements,
brain scans and spinal fluid analysis have limited diagnostic accuracy,
may not detect early stage disease, and in the case of spinal fluid
analysis are highly invasive. Definitive diagnosis can currently be made
only from examination of postmortem brain tissue samples. An effective
early diagnostic blood test would provide a significant breakthrough in
supporting definitive early diagnosis.
About OPKO Health, Inc.
OPKO is a multi-national biopharmaceutical and diagnostics company that
seeks to establish industry-leading positions in large and rapidly
growing medical markets by leveraging its discovery, development and
commercialization expertise and novel and proprietary technologies.
This press release contains "forward-looking statements," as that
term is defined under the Private Securities Litigation Reform Act of
1995 (PSLRA), which statements may be identified by words such as
"expects," "plans," "projects," "will," "may," "anticipates,"
"believes," "should," "could," "intends," "estimates," and other words
of similar meaning, including statements regarding our product
development efforts and product expectations, including our ability to
develop and commercialize a diagnostic test for Alzheimer's and other
diseases, our ability to develop tests to identify biomarkers for a wide
range of diseases to which the immune system reacts, and the potential
of the technology to lead to more accurate diagnoses, more effective
treatment, and better patient outcomes, as well as other non-historical
statements about our expectations, beliefs or intentions regarding our
business, technologies and products, financial condition, strategies or
prospects. Many factors, including those described in our filings with
the Securities and Exchange Commission, could cause our actual
activities or results to differ materially from the activities and
results anticipated in forward-looking statements. These factors
include, that initial testing may not be indicative of future success
and we will be unable to successfully develop or commercialize a
diagnostic test for Alzheimer's disease or other diseases such as other
neurodegenerative disorders, autoimmune diseases, and various cancers,
that the diagnostic test may fail and not be successful in identifying
biomarkers or antibodies unique to Alzheimer's Disease or other diseases
or achieve the expected results or effectiveness, and may not generate
data that would support the approval or marketing of this or other
diagnostic products, that others may develop products, including other
early stage diagnostic products which are superior to the test we are
developing, and that the diagnostic test if developed may not have
advantages over other marketed products. In addition, forward-looking
statements may also be adversely affected by risks inherent in funding,
developing and obtaining regulatory approvals of new,
commercially-viable and competitive products and treatments, general
market factors, competitive product development, product availability,
federal and state regulations and legislation, the regulatory process
for new products and indications, manufacturing issues that may arise,
patent positions and litigation, among other factors. The
forward-looking statements contained in this press release speak only as
of the date the statements were made, and we do not undertake any
obligation to update forward-looking statements. We intend that all
forward-looking statements be subject to the safe-harbor provisions of
the PSLRA.
OPKO Health, Inc.
Steve D. Rubin, 1-305-575-6015
Source: OPKO Health, Inc.
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