Exiqon A/S Today Announces a Grant of License to Roche Diagnostics Corporation
VEDBAEK, Denmark, October 1 /PRNewswire-FirstCall/ --
- Announcement No. 40/2008
- To OMX Nordic Exchange Copenhagen and the Press.
Exiqon A/S today announces a grant of license to Roche Diagnostics for use of the Universal ProbeLibrary that is based on Exiqon's proprietary LNA(TM) detection technology.
Roche Diagnostics will develop its new product line for RealTime ready qPCR assays with the Universal ProbeLibrary that is based on Exiqon's proprietary LNA(TM) detection technology.
"This extension of our successful partnership with Roche allows for the application of Exiqon's LNA(TM) detection technology in the new and fast growing market for ready-to-use and customizable RealTime PCR products. We are exited to have Roche Diagnostics, who is a leader in the RealTime PCR market, embrace the LNA(TM) detection technology in their new product offering," comments Lars Kongsbak, President and CEO of Exiqon."
For additional information, reference is made to the attached press release by the parties.
The financial details of the agreement including commercial milestone payments and royalties on future product sales are not disclosed.
Exiqon retains its financial outlook for 2008 including an expected revenue of DKK 140-150 million in 2008 including both research product sales and 10 months of diagnostic sales from Oncotech's activities corresponding to full year revenues including Oncotech of DKK 150-160 million and a net loss for the year 2008 of DKK 100-115 including DKK 6 million of costs of current incentive plans, including warrants..
Exiqon maintains its long-term financial goal of profitability by 2011 with its current cash position and break even of the research products business by 2009.
About Exiqon
Exiqon is dedicated to personalizing the treatment selection for cancer patients. Our goal is to optimize the use of existing medicine and avoid unnecessary and non-effective treatment. We aim to achieve this through improved diagnosis: by using diagnostic tests that analyses the genetic profile of each patient's tumor, we can help optimize the treatment selection for the individual patients. Exiqon is uniquely positioned to develop such new diagnostic tests, and we possess the necessary technology. The technology is referred to as LNA(TM). Using this technology, over a period of only four years Exiqon has been able to establish a position for itself as one of the market's leading providers of research products for gene expression analysis.
Our research products are used by university scientists and in the pharmaceutical industry around the world to make groundbreaking discoveries about the correlation between gene activity and the development of cancer and other disorders such as neurological disorders and metabolic diseases. We are currently developing our new molecular diagnostic products, and the first new product based on the LNA(TM) technology is scheduled for launch by the end of 2008. A number of new products will follow in the years ahead. Exiqon already has a significant market presence through its existing diagnostic product sales to hospitals in the USA. Through Oncotech, Exiqon markets diagnostic products that enable doctors to test whether their patients are resistant to one or more of the chemotherapies offered to treat these patients and helps them select an efficacious treatment. Oncotech is the market leader when it comes to selling such diagnostic tests based on an analysis of fresh tumor tissue. Exiqon plans to use Oncotech's leading market position to sell our new molecular diagnostic products based on the LNA(TM) technology.
Exiqon has more than 200 employees and is listed on the NASDAQ OMX in Copenhagen and categorized as a biotech company (Small Cap+).
About RealTime PCR
Real Time PCR (Polymerase Chain Reaction) is the most widely used technology for gene expression analysis and is applied in both research and diagnostic applications. There are more than 20.000 RealTime PCR instruments deployed today and the total market for RealTime PCR is estimated to be over 900 MUSD growing to over 1200 MUSD in 2012.
Disclaimer
Forward-looking statements:
This announcement contains forward-looking statements regarding Exiqon's potential future development and financial performance and other statements, which are not historical facts. Such statements are made on the basis of assumptions and expectations which, to the best of Exiqon's knowledge, are reasonable and well-founded at this time, but which may prove to be erroneous. Exiqon's operations are characterized by the fact that its actual results may deviate significantly from that described herein as anticipated, believed, estimated or expected.
CONTACT: For additional information please contact: CEO, Lars Kongsbak,
tel: +45-4566-0888 or +45-4090-2101; CFO, Hans Henrik Chrois Christensen
tel: +45-4566-0888 or +45-4090-2131