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Odyssey Thera, Inc. Announces Exclusive License For Breakthrough Technology To PanBio Limited (PBO.AX)


10/19/2005 5:11:47 PM

SAN RAMON, Calif., Oct. 19 /PRNewswire/ -- Odyssey Thera, Inc. today announced it has granted an exclusive worldwide license of its patented technology to an Australian-based medical diagnostics company, Panbio Limited (Panbio), for use in the development of a new system for the detection of disease in humans and animals.

Jim Porter, Panbio's Chief Executive Officer, said the Odyssey Thera license was a key milestone in Panbio's plan to develop a breakthrough technology platform for the diagnostic market.

"If we are successful," stated Porter, "clinical diagnostic tests that currently require up to three hours will be processed in a matter of minutes saving time and money to our customers -- a dramatic and proprietary breakthrough by Panbio."

Professor Stuart Hazell, Panbio's Vice-President for Research and Development, said the Protein-Fragment Complementation Assay (PCA) technology license from Odyssey Thera had the capability to change the way enzyme immunoassays were performed around the world.

"PCA is already successful in drug discovery and has the potential to bring to the field of in vitro diagnostics the capacity to detect diseases without the need for extensive manipulations of reagents," said Professor Stuart.

While the specific terms of the agreement are confidential, Panbio will pay Odyssey Thera upfront license fees and royalties, which have been funded as a part of Panbio's recent capital raising.

About Panbio

Panbio is an international diagnostics company headquartered in Brisbane, Queensland, Australia. With operations in Columbia, Maryland, U.S.A., the company conducts fundamental research, develops, manufactures and markets diagnostic products. Panbio's mission is the development of "better diagnostics for more people" and the company is committed to scientific innovation, quality products and growth in shareholder value. Panbio is recognized around the world as an innovator and market leader having introduced the first clinical diagnostics for Ross River Fever and West Nile Virus. For more information visit http://www.panbio.com/.

About Odyssey Thera

Odyssey Thera, Inc. is a privately held biotechnology company that is pioneering drug discovery through the application of pathway-based approaches. With an initial focus on anti-cancer agents, Odyssey Thera uses its proprietary protein-fragment complementation assay (PCA) process and high throughput systems biology to improve the efficiency and success of drug discovery and development. PCA combined with the use of living human cells instead of isolated proteins strengthens the predictive value of preclinical screening, significantly reducing the number of failures in drug discovery and improving pipelines and treatments for cancer and other diseases. For more information, please visit the company website at http://www.odysseythera.com/.

Odyssey Thera, Inc.

CONTACT: Marnie L. MacDonald, Ph.D., President and CEO of Odyssey Thera,Inc., +1-925-242-5001



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