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CombiMatrix Corporation (Nasdaq:CBMX) today announced the introduction of the first prostate cancer array-based test. Known as the ProScan(tm) test, it complements the company's growing portfolio of array-based diagnostic tests.
The ProScan test is based on key peer-reviewed studies that identified several genetic tumor markers that enable a more precise stratification of the risk profile of cancer patients. The ProScan test comprises probes for specific genomic loci of which copy number gains and losses have been shown to correlate with risk of recurrence and metastasis in patients post-prostatectomy. These additional probes are a further enhancement of the CMDX solid tumor array platform design which enables whole-genome tumor profiling, or genomic grading, while also providing information about the copy-number status of specific disease-associated loci.
"The ProScan test is an important first step toward introducing the concept of genomic pathology through CombiMatrix's well tested laboratory developed platform of array CGH," said Dr. Mercedes Gorre, Vice President of Scientific Affairs for Combimatrix Molecular Diagnostics. "The ProScan test provides a valuable new tool to physicians and patients with the potential for making informed decisions about the benefits and risks of whether or not to treat their prostate cancer and, if so, in what manner."
"The launch of the ProScan test further solidifies our leadership position in the array-based genetic testing market, in which we provide by far the broadest portfolio of tests," said Dr. Amit Kumar, President and CEO of CombiMatrix. "We're pleased to make this groundbreaking cancer diagnostic test available to physicians and to deliver on our commitment to launch the ProScan test by the end of this year."
In the U.S., prostate cancer is the second leading cause of cancer death in men and the second most common type of cancer found in men. The American Cancer Society estimates that there will be approximately 186,320 new cases of prostate cancer in 2008 and about 28,660 men will die from this disease. There are more than two million survivors alive today.
About CombiMatrix Corporation
We are a diversified biotechnology business, through the development of proprietary technologies, products and services in the areas of drug development, genetic analysis, molecular diagnostics, nanotechnology research, defense and homeland security markets, as well as other potential markets where our products and services could be utilized. The technologies we have developed include a platform technology to rapidly produce customizable, in-situ synthesized, oligonucleotide arrays for use in identifying and determining the roles of genes, gene mutations and proteins. This technology has a wide range of potential applications in the areas of genomics, proteomics, biosensors, drug discovery, drug development, diagnostics, combinatorial chemistry, material sciences and nanotechnology. We have also developed the capabilities of producing arrays that utilize bacterial artificial chromosomes on our arrays, also enabling genetic analysis. Other technologies include proprietary molecular synthesis and screening methods for the discovery of potential new drugs. Combimatrix Diagnostics, Inc. ("CMDX"), our wholly owned subsidiary located in Irvine, California, has developed capabilities of producing arrays that utilize bacterial artificial chromosomes, which also enable genetic analysis.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This news release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements are based upon our current expectations and speak only as of the date hereof. Our actual results may differ materially and adversely from those expressed in any forward-looking statements as a result of various factors and uncertainties, including the recent economic slowdown affecting technology companies, our ability to successfully develop products, rapid technological change in our markets, changes in demand for our future products, legislative, regulatory, and competitive developments, and general economic conditions. Our Annual Report on Form 10-K, recent and forthcoming Quarterly Reports on Form 10-Q, recent Current Reports on Forms 8-K and 8-K/A, and other SEC filings discuss some of the important risk factors that may affect our business, results of operations, and financial condition. We undertake no obligation to revise or update publicly any forward-looking statements for any reason.
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Investor Relations Contact:
Amit Kumar, Ph.D., President & CEO
Fax: (425) 493-2010
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