Mediwatch plc (“Mediwatch” or “the Company”, AIM: MDW), the innovative urological diagnostic company, has signed a five-year agreement for the worldwide distribution of PSAwatch, its flagship point-of-care total PSA measuring system for prostate cancer, with Inverness Medical Innovations, Inc. (“Inverness”, NYSE: IMA) a leading provider of near-patient diagnostics, monitoring and health management solutions.
This is a very important and substantial distribution agreement for Mediwatch as Inverness has an extensive global sales-force which will complement Mediwatch’s own worldwide distribution network and provide the Company with considerably more market reach. Inverness is recognised as a market leader with significant expertise in marketing point-of-care tests, which they already manufacture for other pathological conditions.
Prostate cancer is the second most common cause of cancer deaths with 670,000 men worldwide diagnosed with it annually. Approximately 10,000 men die every year in the UK from prostate cancer with over 34,000 diagnosed with the disease (Source: Cancer Research UK). There are 60 million PSA tests globally with PSAwatch the first quantitative, point-of-care PSA test in this £300 million market. It uses the Mediwatch Bioscan reader and therefore does not require laboratories.
Philip Stimpson, Mediwatch Chief Executive commented’
“We are confident that this strategically important distribution agreement will deliver a significant revenue stream. The market for point of care diagnostics is growing rapidly as a result of a combination of; the population aging, growth of local clinics, home testing and the need for faster, cheaper, more portable and easier to use medical equipment.
“This is a significant development for Mediwatch as it means we can both actively promote worldwide the early diagnosis of prostate cancer, with portable rapid-testing equipment. This is particularly poignant and gratifying for us, being a British company, as this is Prostate Cancer Awareness Month in the UK.”
Mediwatch plc: Innovative Diagnostic Solutions
Mediwatch is a leader in its field. The Company is continually striving to develop and market faster, simpler and less invasive diagnostic products to save lives and restore quality of life for people with a variety of urological conditions. Founded in 1995, Mediwatch (www.mediwatch.com) has developed a range of point-of-care medical equipment for the diagnosis of urological disorders.
The business focuses its design skills towards diagnostic products that can be used across the medical profession.
PSAwatch was developed to measure PSA (prostate specific antigen) in blood or plasma and was the first rapid, quantitative, point-of-care PSA test. Blood levels of PSA are used to diagnose or monitor both benign (non-cancerous) and malignant (cancerous) disease of the prostate.
PSAwatch, the quantitative point-of-care diagnostic test, is now being sold in the UK and European markets. Having obtained Investigator Review Board (IRB) approval in August 2008, the Group is well advanced with clinical trials being held both in the UK and the US for regulatory approval.
Mediwatch has established excellent foundations for continued growth building on the acquisition and integration of a division of Medtronic Inc in 2007, an international distribution network, the expansion into pathology services via Bostwick Laboratories and its research and development programmes.
In the year ended 31 October 2008 the Group continued its significant growth trend with record results with revenues increasing 64% to £9.3 million. The Group has maintained its focus on improvements to its existing portfolio as well as developing new products.
Based in Rugby, UK, the Group employs 61 personnel across the group, of which 18 are involved in sales & marketing and 10 in R&D.
For additional information on Mediwatch plc, please visit www.mediwatch.com
Inverness Medical Innovations, Inc.
By developing new capabilities in near-patient diagnosis, monitoring and health management, Inverness Medical Innovations enables individuals to take charge of improving their health and quality of life. A global leader in rapid point-of-care diagnostics, Inverness’ products, as well as its new product development efforts, focus on infectious disease, cardiology, oncology, drugs of abuse and women’s health. Inverness is headquartered in Waltham, Massachusetts.
For additional information on Inverness Medical Innovations, please visit www.invernessmedical.com.