NEW YORK, NY--(Marketwire - March 28, 2012) - LifeSci Advisors, LLC, a leading provider of investment research and investor relations services in the life sciences sector, today announced that it has initiated coverage of DiagnoCure, Inc. (TSX: CUR), a leading developer of molecular diagnostics to aid with the diagnosis and management of cancer. The Company developed a urine-based PCA3 prostate cancer test, which it licensed to Gen-Probe who now sells the test known as Progensa PCA3. As part of the licensing agreement, DiagnoCure will eventually receive 16% royalties on sales. The FDA granted premarket approval (PMA) for this diagnostic on February 15, 2012. The test also received Canadian approval in August 2011, and received CE marking approval in Europe in 2006. The Company also developed the Previstage GCC Colorectal Cancer Staging test, which is sold by Signal Genetics (private).
"The recent FDA premarket approval of the Progensa PCA3 prostate cancer diagnostic is a major milestone for the company and is further validation of DiagnoCure's technology and business strategy. It also represents a significant step towards profitability," said Andrew I. McDonald, Ph.D., Managing Director at LifeSci Advisors. "Moreover, the Company's recent pact with Signal Genetics should give DiagnoCure steady income to fund ongoing research and development projects."
In June 2011, DiagnoCure and Signal Genetics entered into a collaboration agreement for commercialization of the test. Under the terms of the agreement, DiagnoCure will receive at least $13.3 million over five years. In return, Signal Genetics received a worldwide, exclusive license to the Previstage GCC test as well as DiagnoCure's CLIA service laboratory in Pennsylvania.
In a 31-page Initiation Report by LifeSci Advisors, we explain the scientific basis and commercial prospects for DiagnoCure and Gen-Probe's Progensa PCA3 prostate cancer test and also the Previstage GCC colorectal cancer staging test. The Previstage GCC colorectal cancer staging test is CLIA approved in all 50 states, including New York, which has more stringent standards than federal guidelines.
It is estimated that 1.3 million men in the United States undergo prostate cancer biopsies every year, with another 1.1 million Europe and Canada. However, due to false positives and uncertainty up to 1.6 million of these men will eventually be evaluated for a repeat biopsy. The Progensa PCA3 assay has the potential to help many of these patients avoid an unnecessary biopsy and provide cost savings to the healthcare system.
Dr. McDonald's full Initiation Report is available to download at no cost at the LifeSci Advisors website, www.lifesciadvisors.com. In addition to this Initiation Report, LifeSci Advisors will also provide ongoing coverage and event-based research updates on the Company as developments occur.
The LifeSci Advisors research team is led by Dr. Andrew I. McDonald, an industry veteran with more than 15 years of healthcare industry experience. Prior to co-founding LSA, Dr. McDonald was the Senior Biotechnology Analyst at Great Point Partners, a leading health care investment firm with over $500 million under management. Before Great Point, he was Co-Head of Healthcare Research and Lead Biotechnology Analyst at ThinkEquity Partners, a boutique investment banking firm focused on growth companies. Dr. McDonald holds a Ph.D. in organic chemistry from the University of California, Irvine, and, earlier in his career, worked as a medicinal chemist at both Pfizer and Cytokinetics.
About LifeSci Advisors:
LifeSci Advisors (LSA) is a leading research firm and communications consultancy dedicated to the life sciences industry. The firm provides strategic counsel, customized marketing communications, comprehensive research reports and investor relations services to companies that specialize in the discovery, development and commercialization of drugs, drug delivery systems, medical devices and diagnostics. To learn more about LSA, visit the company's website, www.lifesciadvisors.com.
The research report described in this press release is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell securities. The securities discussed in LSA research reports may be unsuitable for some investors depending on their specific investment objectives, financial status, risk profile, or particular needs. Investors should consider LSA reports as only a single factor in making their investment decisions and should not rely solely on these reports in evaluating whether or not to buy or sell the securities of the subject company. LifeSci Advisors has been compensated by the company that is the subject of the report described and future research reports, investor relations services, and general consulting services. Please read each report's full disclosures and analyst background on the LSA website, www.lifesciadvisors.com, before investing. LifeSci Advisors is not a registered investment adviser or broker-dealer.
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