Ticker Symbol: CUR
QUEBEC CITY, March 20 /CNW Telbec/ - "DiagnoCure (TSX: CUR) will leverage
its established prostate cancer diagnostics expertise to become a leader in
the fast growth molecular diagnostics market for cancer," the President of
DiagnoCure Inc., said Tuesday.
Speaking to shareholders at the Company's annual meeting, President and
Chief Executive Officer John Schafer said DiagnoCure would pursue its
molecular diagnostics strategy, "in a focussed and aggressive manner in order
to establish its leadership position in the global molecular diagnostics
In December, four months after his appointment, Mr. Schafer announced the
Company was discontinuing its research work with cell-based assays to focus on
Mr. Schafer said the forecast growth of molecular diagnostics presented a
compelling argument for DiagnoCure to focus its resources in this area.
"Molecular diagnostics is the fastest growing segment of the $25 billion
in-vitro diagnostics (IVD) market. The cancer segment of molecular diagnostics
is growing faster than 30 percent annually.
"This technology has changed cancer management by providing critical new
information," he explained. "This market is entering a new phase of growth as
emerging tests, such as PCA3, DiagnoCure's prostate cancer specific gene,
achieve clinical validation and regulatory approval. In addition to being more
accurate indicators of cancer, these new biomarkers also provide the clinician
with important data on how to best manage cancer treatment," he said.
"We are well positioned to take a leadership role in this dynamic market
segment. DiagnoCure has strong expertise in the molecular diagnostics market
for cancer. We will be playing a bigger role in the commercialization of our
future products. We have a range of partners with a track record in
identifying early breakthrough biomarkers with proven tests and we have the
support of capital markets.
Last week, the company announced a bought deal of $25.1 million put
together by National Bank Financial. "These funds will enable us to move
forward in our molecular diagnostics strategy," the CEO of DiagnoCure said.
Upon completion of the bought deal, DiagnoCure will have $40 million in cash
with which to fund its growth.
In the meantime, Gen-Probe (NASDAQ: GPRO) continues to market their PCA3
test. Announcements are expected later this week from Gen-Probe during the
Congress of the European Urological Association.
DiagnoCure specializes in the development, production and
commercialization of molecular diagnostics for the detection and management of
cancer. Its first test, ImmunoCyt(TM) / uCyt+(TM) for bladder cancer, is
distributed worldwide. In 2003, the Company entered into a strategic alliance
with Gen-Probe (NASDAQ: GPRO) for the development and commercialization of a
second generation PCA3-based diagnostic test for prostate cancer. This test is
now available in analyte specific reagent (ASR) format in the U.S. as well as
in Europe with full CE Mark. The Company plans to expand its product
portfolio, namely in prostate, lung and other cancers. In addition to its own
research, the Company intends to acquire or in-license promising cancer
biomarkers from both academic and commercial institutions. Additional
information can be found at www.diagnocure.com.
This release contains forward-looking statements that involve known and
unknown risks, uncertainties and assumptions that may cause actual results to
differ materially from those expected. By their very nature, forward-looking
statements are based on expectations and hypotheses and also involve risks and
uncertainties, known and unknown, many of which are beyond DiagnoCure's
control. As a result, investors are cautioned not to place undue reliance on
these forward-looking statements. The forward-looking statements regarding the
outcome of research and development projects and future revenues are based on
management expectations. In addition, the reader is referred to the applicable
general risks and uncertainties described in DiagnoCure's most recent Annual
Information Form under the heading "Risk Factors". DiagnoCure undertakes no
obligation to publicly update or revise any forward-looking statements
For further information:
For further information: Thom Skinner, Chief Financial Officer,
DiagnoCure Inc., (418) 527-6100, firstname.lastname@example.org