ENGLEWOOD, Colo., March 29 /PRNewswire-FirstCall/ -- DMI BioSciences, Inc. (DMI, http://www.dmibiosciences.com/ ) announced today the licensing of its novel point-of-care diagnostic test (APPYTEST(R)) for acute appendicitis to BiOracle, Ltd. ( http://www.bioracle.co.uk/ ). BiOracle was granted exclusive, worldwide rights to develop and commercialize DMI's patented technology; DMI will receive milestone payments and royalties.
Appendicitis is the most common surgical emergency requiring an operation, yet early diagnostic assessment relies mainly on physical examination and signs and symptoms that can be misleading. The new test for appendicitis will provide clinicians with a rapid, non-invasive assay that is easy to administer, has high diagnostic specificity and can potentially reduce unnecessary hospitalizations and surgeries. At present, no rapid diagnostic biomarker has high diagnostic specificity for acute appendicitis.
"BiOracle has a very experienced team rapidly building a portfolio of preventive care products for global markets," said Bruce Miller, President and CEO of DMI. "We are pleased that BiOracle is commercializing a test we believe will significantly improve patient care while reducing healthcare costs."
DMI BioSciences, Inc. is a privately-held biopharmaceutical company based in Englewood, Colorado, that discovers and develops small molecule and peptide-based pharmaceuticals and biomarkers for acute and chronic inflammation. DMI focuses on immunologic, vascular and CNS diseases, including acute coronary syndrome, multiple sclerosis, Alzheimer's disease, asthma and cancer. DMI is co-developing several of its drug candidates with industry partners. Two of DMI's drug candidates are currently in human clinical trials. DMI's strategy is to develop pharmaceutical compounds and biomarkers through preclinical and early-stage clinical development and collaborate with financial and industry partners for later-stage development and commercialization.
Except for the historical information presented, matters discussed in this press release are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Statements that are not historical facts, including but not limited to statements that are preceded by, followed by, or that include the words "will"; "believes"; "should"; "intends"; "anticipates"; "plans"; "expects"; "estimates"; or similar statements are forward-looking statements. Forward looking statements include statements about the potential benefits of the license agreement between BiOracle, Ltd. and DMI BioSciences, the use of the APPYTEST(R) technology, either alone or in conjunction with other biomarkers, as a diagnostic tool to aid in the diagnosis of acute appendicitis. Risks and uncertainties include risks regarding the product development process generally, risks associated with the introduction of competitive products from companies with greater capital and resources, expansion or development of a direct sales effort in domestic and international markets, and risks and expenses associated with litigation, contract disputes, patent conflicts, product recalls, manufacturing constraints, backlog, delays or inefficiencies, shipment problems, seasonal customer demand, the timing of significant orders, changes in reimbursement policies, regulatory changes, competitive pressures on average selling prices, risks associated with the development and commercialization of new products. DMI BioSciences disclaims any intent or obligation to update these forward- looking statements.
DMI BioSciences, Inc.