SAN DIEGO, Oct. 26 /PRNewswire-FirstCall/ -- Gen-Probe Incorporated announced today that the Company has formed a non-exclusive collaboration with the Molecular Profiling Institute Inc. (Molecular Profiling), a private, specialty reference laboratory, to accelerate market development for Gen-Probe's pipeline of novel cancer diagnostics. Molecular Profiling is the for-profit reference laboratory of the Translational Genomics Research Institute (TGen), a non-profit biomedical research institute whose mission is to make and translate genomic discoveries into advances in human health.
Under the terms of the agreements, Molecular Profiling has agreed to validate, commercialize and undertake market development activities for up to four Gen-Probe products, starting with the Company's investigational PCA3 assay, which is intended as an aid in the diagnosis of prostate cancer. Gen-Probe also will have a five-year "right of first refusal" should Molecular Profiling seek a partner to develop non-tissue-based diagnostic products based on cancer and predictive medicine markers discovered or acquired by Molecular Profiling. Molecular Profiling has exclusive rights to TGen's markers. In addition, Molecular Profiling will provide Gen-Probe certain clinical contract research services associated with the PCA3 development program.
As part of the collaboration, Gen-Probe has acquired a minority interest in Molecular Profiling. Financial terms were not disclosed, but the transaction is expected to have no effect on Gen-Probe's income statement, and an immaterial effect on the Company's cash position.
"Oncology remains an important driver of long-term growth for Gen-Probe," said Hank Nordhoff, Gen-Probe's chairman, president and chief executive officer. "This agreement adds another dimension to our oncology strategy. We based our strategy on core Gen-Probe technologies such as Transcription Mediated Amplification, then added exclusive rights to novel cancer markers from companies like DiagnoCure and Corixa. Now by collaborating with Molecular Profiling and its network of partners, we intend to strengthen our ability to build markets for these markers and accelerate adoption of our innovative diagnostic tests, starting with our investigational PCA3 assay."
Molecular Profiling's mission is to introduce discoveries made in the research lab to clinical patient care. Molecular Profiling offers tests to help oncologists better understand and treat cancer patients with personalized treatment plans based on the molecular characteristics of their tumors. Additionally, Molecular Profiling participates in biospecimen analysis and storage for research, product development and clinical trials. Molecular Profiling has access to greater than 20% of the nation's patients through its partnerships and relationships with nationwide physician organizations.
Gen-Probe Incorporated is a global leader in the development, manufacture and marketing of rapid, accurate and cost-effective nucleic acid tests (NATs) used to diagnose human diseases and screen donated human blood. Gen-Probe markets a broad portfolio of products that use the Company's patented technologies to detect infectious microorganisms, including those causing sexually transmitted diseases, tuberculosis, strep throat, pneumonia and fungal infections. The Company also developed and manufactures the only FDA-approved blood-screening assay for the simultaneous detection of HIV-1 and HCV, which is marketed by Chiron Corporation. In addition, Gen-Probe's TIGRIS instrument is the only fully automated, high-throughput NAT system for diagnostics and blood screening. Gen-Probe has more than 20 years of NAT expertise, and its products are used daily in clinical laboratories and blood collection centers worldwide. Gen-Probe is headquartered in San Diego and employs approximately 900 people. For more information, go to www.gen-probe.com.
Caution Regarding Forward-Looking Statements
Any statements in this press release about our expectations, beliefs, plans, objectives, assumptions or future events or performance are not historical facts and are forward-looking statements. These statements are often, but not always, made through the use of words or phrases such as believe, will, expect, anticipate, estimate, intend, plan and would. For example, statements concerning research and development activities, new products, potential regulatory approvals and customer adoption are all forward-looking statements. Forward-looking statements are not guarantees of performance. They involve known and unknown risks, uncertainties and assumptions that may cause actual results, levels of activity, performance or achievements to differ materially from those expressed or implied by any forward-looking statement. Some of the risks, uncertainties and assumptions that could cause actual results to differ materially from estimates or projections contained in the forward-looking statements include but are not limited to: (i) the risk that development efforts for our new products, including our PCA3 test and other oncology assays, will not be successful, (ii) the risk that these new products will not be cleared for marketing in the timeframes we expect, if at all, (iii) the possibility that the market for the sale of our new products, such as our PCA3 assay, may not develop as expected, (iv) we may not be able to compete effectively, and (v) we may not be able to maintain our current corporate collaborations and enter into new corporate collaborations or customer contracts. The foregoing describes some, but not all, of the factors that could affect our ability to achieve results described in any forward-looking statements. For additional information about risks and uncertainties we face and a discussion of our financial statements and footnotes, see documents we file with the SEC, including our most recent annual report on Form 10-K and all subsequent periodic reports. We assume no obligation and expressly disclaim any duty to update any forward-looking statement to reflect events or circumstances after the date of this news release or to reflect the occurrence of subsequent events.
Sr. director, investor relations and