$2 million budget includes funding for multicenter clinical study
NORCROSS, Ga.--(BUSINESS WIRE)--Jun 26, 2012-- Guided Therapeutics, Inc., (OTCBB: GTHP) (OTCQB: GTHP) developer of a rapid and painless biophotonic testing platform for the early detection of disease, today announced that it has extended its licensing agreement to co-develop a non-invasive Barrett's Esophagus detection product, for a third consecutive year, with Konica Minolta Technology Center, Inc. (Konica Minolta) of Tokyo.
Under terms of the agreement, Guided Therapeutics will be paid approximately $2 million, including a licensing fee over the course of the next eight months, subject to certain milestones, by Konica Minolta Technology Center, Inc. As part of the focus in the coming year to develop a product for detection of esophageal cancer, Guided Therapeutics will retain all rights to lung and biliary cancer that were previously shared.
Barrett's esophagus, a condition in which the cells of the lower esophagus become damaged, usually from repeated exposure to stomach acid, may lead to esophageal cancer if left undetected and untreated.
The Barrett's Esophagus product, being developed with Konica Minolta, is based on the company's non-invasive cervical disease detection technology, the LuViva(R) Advanced Cervical Scan, which is undergoing the U.S. Food and Drug Administration's premarket approval process and CE Mark review.
"We continue to enjoy a strong working relationship with Konica Minolta and together have made significant progress over the past year in development of the Barrett's product," said Mark L. Faupel, Ph.D., President and CEO of Guided Therapeutics, Inc. "The results of our recently completed feasibility study give both companies confidence to further advance the program and begin a larger patient multicenter clinical study." According to the World Health Organization esophageal cancer ranks just below cervical cancer in newly diagnosed cases. New cases of esophageal cancer are estimated at 410,000 worldwide, with more than 16,000 new cases a year and more than 14,000 deaths in the U.S. alone.
Barrett's esophagus is believed to be caused by excessive acid reflux.
About The Technology Platform The Guided Therapeutics disease detection platform, which consists of a base unit and single-patient-use calibration disposable, scans tissue with light to identify cancer and pre-cancer painlessly and non-invasively. The proprietary, patented biophotonic technology is able to distinguish between normal and diseased tissue by detecting biochemical and morphological changes at the cellular level. Unlike traditional tests, the Guided Therapeutics test does not require laboratory analysis or a tissue sample, is designed to provide results immediately and eliminate costly unnecessary testing.
About the Konica Minolta Group The diverse business domain of the Konica Minolta Group, spanning from business technologies, performance materials, optics and sensing products to healthcare products and services, is based on creative minds to bring new values to society. These businesses are sustained by material technology, optical technology, nano-fabrication technology, imaging technology and other core technologies. Konica Minolta Technology Center, Inc. serves as the core R&D entity to create the ground-breaking innovations needed to support the strong growth for the Group. For more information, visit: http://www.konicaminolta.com/ About Guided Therapeutics Guided Therapeutics, Inc. (OTCBB: GTHP) (OTCQB: GTHP) is developing a rapid and painless testing platform for the early detection of disease based on its patented biophotonic technology that utilizes light to detect disease at the cellular level. The Company's first planned product is the LuViva(R) Advanced Cervical Scan, a non-invasive device used to detect cervical disease instantly and at the point of care. In a multi-center clinical trial, with women at risk for cervical disease, the technology was able to detect cervical cancer up to two years earlier than conventional modalities, according to published reports. Guided Therapeutics has also entered into a partnership with Konica Minolta to develop a non-invasive test for Barrett's Esophagus using the technology platform. For more information, visit: www.guidedinc.com.
The Guided Therapeutics LuViva (R) Advanced Cervical Scan is an investigational device and is limited by federal law to investigational use. LuViva, the wave logo and "Early detection, better outcomes" are registered trademarks owned by Guided Therapeutics, Inc.
Forward-Looking Statements Disclaimer: A number of the matters and subject areas discussed in this news release that are not historical or current facts deal with potential future circumstances and developments. The discussion of such matters and subject areas is qualified by the inherent risks and uncertainties surrounding future expectations generally and also may materially differ from Guided Therapeutics' actual future experience involving any of or more of such matters and subject areas. Such risks and uncertainties include: the early stage of products in development, the uncertainty of market acceptance of products, the uncertainty of development or effectiveness of distribution channels, the intense competition in the medical device industry, the uncertainty of capital to develop products, the uncertainty of regulatory approval of products, dependence on licensed intellectual property, as well as those that are more fully described from time to time under the heading "Risk Factors" in Guided Therapeutics' reports filed with the SEC, including Guided Therapeutics' Annual Report on Form 10-K for the fiscal year ended December 31, 2011, and subsequent quarterly reports.
CONTACT: Cameron Associates Investors: Alison Ziegler, 212-554-5469 or Guided Therapeutics Bill Wells, 770-242-8723 Ext. 241 KEYWORD: UNITED STATES NORTH AMERICA GEORGIA INDUSTRY KEYWORD: HEALTH CLINICAL TRIALS MEDICAL DEVICES ONCOLOGY SOURCE: Guided Therapeutics, Inc.
Copyright Business Wire 2012 PUB: 06/26/2012 09:37 AM/DISC: 06/26/2012 09:37 AM http://www.businesswire.com/news/home/20120626006128/