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Pharma and Imaging Companies interactions have progressed

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The interim report for the second quarter and the first half of 2010 was approved by the Board of Directors on 18 August 2010. Please find the report and the investor presentation attached.

Highlights from the report:

  • Distributor sales continue to be slow and below expectations - BCtect® is promoted by the first clinic in UK and 6 more is starting after summer

  • Strength of IP and competitive position drives Pharma and PET imaging companies’ interest in DiaGenic. Multiple interactions ongoing in Alzheimers area (ADtect/MCItect)

  • New Board of Directors elected – more focus on partnering options for DiaGenic

  • Notice of Allowance on a family 3 Patent covering 30 countries in Europe

 

The sales of ADtect® and BCtect® through distributors are building slowly and below expectations. The market barriers for direct sales of new innovative diagnostic products using gene expression remain high.

 

Providing biomarkers for drug development and companion diagnostics is a key strategic focus area for DiaGenic and has been a priority in the last quarter.

 

World leading Pharma and Imaging companies have expressed their interest in collaboration with DiaGenic, triggered by our strong IP and development of ADtect®, - the world’s first CE-market blood based test for early Alzheimer’s disease detection, and our unique competitive advantage and capabilities in developing biomarkers by measuring gene expression in blood. These companies state the need for an easy to use biomarker and finally an IVD approved diagnostic test, such as a blood test, for patient selection for treatment or for qualifying to a high cost PET imaging.

 

DiaGenic’s vision for such collaborations is companion diagnostic products with the use of DiaGenic’s blood based tests together with a new drug or imaging product. DiaGenic recognises the extensive marketing and sales organizations such companies represent.

 

Supporting the renewed focus, in June a new board of Directors was elected. The Board has extensive experience from international pharmaceutical industry, chaired by Henrik Lund MD PhD, former Vice President in AstraZeneca and vice-chairman Ingrid Wiik M Pharm & MSc, former CEO in the NYSE listed Alpharma Inc. Also 4 of the other board members have background from this industry segment.

 

After the second quarter, the company received “Notice of Allowance” in Europe for its family 3 patent application. The claims allowed cover a set of gene sequences for diagnosis of breast cancer. The patent when granted will be valid in 30 European countries. DiaGenic has now more than 100 patents (granted/allowed) within the three patent families, reflecting its position as a world leader among molecular diagnostic companies involved in developing blood based gene expression tests.  

 

Comprehensive income totalled NOK -10.5 million for the second quarter in 2010 compared with NOK -7.5 million in the corresponding period in 2009. Total operating costs for the second quarter in 2010 amounted to NOK 10.5 million compared with NOK 7.6 million in the second quarter in 2009. The company’s cash and cash equivalents totalled NOK 19.8 million at 30 June 2010.

 

During the first half of 2010 the Company issued 16 million warrants. Each warrant holds the right to subscribe for one new share in the Company at a subscription price of NOK 3.25 per share. The due date to call the warrants is set to 22 September 2010.

 

 Future prospects

  • Accelerate the companion diagnostics strategy, including marketing of our biomarkers to the pharmaceutical and imaging industry, leading to partnering agreements.
  • Gain market acceptance of BCtect® and ADtect® in selected countries in Europe.
  • Continue with ADtect® US market entry plan

 Attachments: The Interim Report and Presentation 

 

Contact:

Erik Christensen, CEO

Telephone: 47 95939918

e-mail: erik.christensen@diagenic.com

About DiaGenic ASA

DiaGenic is an innovative Norwegian biotechnology company that seeks to create value for patients, partners, and investors by developing new and more patient friendly methods for early detection of diseases. DiaGenic is currently a world leader in analyzing gene expression signatures related to disease in easily available clinical samples such as peripheral blood. This unique method is based on the principle that even when a disease is localized at a specific part of the body, secondary responses, which are also characteristic of the disease, can be measured in other parts of the body. DiaGenic has developed and CE marked two blood based diagnostic tests, BCtect® for early breast cancer detection and ADtect® for early detection of Alzheimer’s Disease. The company protects its technology through an extensive patent portfolio. DiaGenic promotes its products towards leading pharmaceutical and imaging companies, and towards clinicians. DiaGenic is listed on the Oslo Stock Exchange. For more information visit www.diagenic.com

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