OPKO Health Enters into License Agreement with International Health Technology for Next Generation Prostate Cancer Biomarker Panel
MIAMI--(BUSINESS WIRE)--May 4, 2012-- OPKO Health, Inc. (NYSE:OPK) today announced execution of a license agreement granting International Health Technology, Ltd. (Cambridge, England) the right to offer OPKO's novel panel of kallikrein biomarkers and associated algorithm for the detection of prostate cancer in a laboratory setting in the U.K., Ireland, Sweden and Denmark. The OPKO panel represents the culmination of a decade of research by scientists in Europe and the U.S. and has been demonstrated in over 10,000 patients to predict the probability of cancer-positive biopsy in men suspect for prostate cancer. Studies have shown use of the panel could eliminate a significant amount of unnecessary prostate biopsies, demonstrating a reduction of over 50%.
International Health Technology, through close cooperation with some of the largest private hospitals chains in the UK and abroad, has access to world class private facilities and specialists to provide testing services for corporate clients in the private sector.
"The partnership with IHT will offer OPKO a unique opportunity for our kallikrein panel in select initial markets," said Phillip Frost, M.D., Chairman and CEO of OPKO Health. "We believe this technology will enable IHT to provide the patients they serve with better and more efficient healthcare, while lowering overall costs. We hope eventually that this panel will become the standard of care in prostate cancer screening." About International Health Technology, Ltd.
IHT specializes in launching new diagnostic technology in the private sector as part of a clinical service and as a distribution partner.
IHT mainly focuses on the UK market, but is expanding within the European Union.
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," "intends," "estimates," and other words of similar meaning, including statements regarding the potential benefits of the kallikrein biomarkers and associated algorithm, the ability of the biomarkers to predict or reduce the need for biopsies, whether OPKO or IHT will be able to commercialize a diagnostic product utilizing the new biomarkers, whether the biomarkers will offer higher specificity or greater accuracy than current diagnostics or provide better or more efficient healthcare or lower healthcare costs and whether this panel will become the standard of care in prostate cancer screening, 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 could cause our actual activities or results to differ materially from the activities and results anticipated in forward-looking statements. These factors include those described in our filings with the Securities and Exchange Commission, as well as risks inherent in funding, developing and obtaining regulatory approvals of new, commercially-viable and competitive products and treatments. In addition, forward-looking statements may also be adversely affected by 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.
CONTACT: OPKO Health, Inc.
Steven Rubin, 305-575-4100 KEYWORD: UNITED KINGDOM UNITED STATES EUROPE NORTH AMERICA FLORIDA INDUSTRY KEYWORD: HEALTH GENERAL HEALTH SOURCE: OPKO Health, Inc.
Copyright Business Wire 2012 PUB: 05/04/2012 09:14 AM/DISC: 05/04/2012 09:14 AM http://www.businesswire.com/news/home/20120504005597/