REPORT FOR FIRST QUARTER 2008
The first quarter report for 2008 was approved by the Board of Directors on April 29th. Please find the report and an investor presentation enclosed.
Highlights from the report:
- New Patents Accepted on Alzheimer’s disease for Europe
- Patient inclusion completed in the Indian multi centre study
- Development of a diagnostic product for Parkinson’s disease has been initiated
- Increased global recognition following scientific presentations
Highlights post quarter end:
- MoU for distribution of breast cancer test in India
At the end of the quarter DiaGenic has received information from the European Patent Office that it will approve the patent application for the diagnosis of Alzheimer’s disease using blood samples and the analysis of gene expression. When the patent is issued it will be valid in 19 European countries.
Inclusion of participants in the extensive clinical multi-centre study with blood samples from 9 different hospitals was closed at the end of February.
With funding from the Michael J. Fox Foundation, development of a product for early diagnosis of Parkinson’s disease was initiated. Based on information on informative probes from our partner in the USA (Dr Clemens Scherzer from Brigham and Women’s Hospital) and from our own research, DiaGenic now has selected genes for further testing through clinical studies.
DiaGenic presented scientific data at the annual meeting of the 5th International Pharmaco-Economic Conference on Alzheimer’s Disease (IPECAD) in Newark, USA. DiaGenic presented new data on its blood based gene expression signature showing the same high accuracy independent of AD stage, thus demonstrating that the test is useful in detecting very mild to moderate AD.
The company’s liquid assets totalled NOK 12.4 million at 31 March 2008.
Total operating costs for the 1tst quarter amounted to NOK 7.9 million.
The Company has entered into a mandate agreement with Kaupthing as manager related to DiaGenic’s equity financing. The Company and the manager have decided not to perform the equity offering until after information related to the 1st quarter presentation has been communicated to the market.
Highlights post quarter end:
- MoU for distribution of breast cancer test in India
the board of directors of DiaGenic has approved a signed Memorandum of Understanding (MoU) between DiaGenic and SRL Ranbaxy Ltd., concerning SRL Ranbaxy becoming partner in the India and ancillary territory for DiaGenic’s diagnostic test for breast cancer. A final agreement shall imply that SRL Ranbaxy, the largest laboratory chain in India with more than 700 hundred collection centres and laboratories over the entire region, will market and sell the test. SRL Ranbaxy will also be responsible for the collection of blood samples. DiaGenic will receive approximately NOK 300 per test net at present foreign exchange rates.
Attachments: The Q1 report and presentation slides
Contact:
MD PhD Erik Christensen, Managing Director
Telephone: +47 95939918
e-mail: erik.christensen@diagenic.com