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Molecular Profiling Institute Secures $7.5 Million In Series B Funding


10/28/2005 6:23:12 PM

PHOENIX--(BUSINESS WIRE)--Oct. 28, 2005--The Molecular Profiling Institute, Inc. (Molecular Profiling) today announced that it has secured $7.5 million in capital through a Series B financing from three key investors: AmeriPath, Affymetrix and Gen-Probe Incorporated. Molecular Profiling is a leading specialty reference laboratory that utilizes proprietary genomic analysis methods to guide treatment decisions for cancer patients.

"Our series B funding will accelerate the introduction of our new genetic-based profiling to oncology patients," said Dr. Robert J. Penny, Molecular Profiling President and CEO.

The funding will be utilized to launch additional molecular tests in the areas of breast cancer, prostate cancer, and lymphoma and to develop additional assays through collaborations in clinical trials that indicate populations of patients who may best respond to targeted cancer therapies. Among the testing offered, Molecular Profiling has an exclusive license to provide the MammaPrint® 70 gene breast cancer prognostic in the United States and also provides tissue banking and analysis services for a number of pharmaceutical organizations.

Molecular Profiling's advanced tests are provided principally through their partner AmeriPath, one of the leading anatomic pathology laboratory companies in the United States. "Following AmeriPath's planned acquisition of Specialty Laboratories, an enhanced role in Molecular Profiling enables us to better provide the latest and best testing for cancer patients to a wider patient base," said Keith Laughman, President for Esoteric Services at AmeriPath. "Molecular Profiling gives us unique access to a top genetic testing laboratory and a pipeline to unique proprietary testing, which is important to our pathologists as we deliver premier healthcare to the communities and the patients that we serve."

Robert Lipshutz, Ph.D., Senior Vice President, Emerging Markets and Molecular Diagnostics at Affymetrix stated that "We are pleased to be working with Molecular Profiling to accelerate scientific breakthroughs that will help improve patient care." Affymetrix' GeneChip technology enables researchers to identify and measure genes that are similarly expressed among a group of people who share the same disease.

Gen-Probe, which manufactures a broad portfolio of diagnostic and blood screening products to detect a variety of diseases, has also established a collaboration with Molecular Profiling to validate and commercialize certain of its investigational assays. The first will be the investigational PCA3 test, which is intended as an aid in the diagnosis of prostate cancer. Henry L. Nordhoff, Chairman, President and CEO of Gen-Probe stated that "Molecular Profiling has the capability to facilitate our product validation and market entry."

Molecular Profiling was founded as the conduit for the commercial application of the Translational Genomics Research Institute's (TGen) research projects and the International Genomics Consortium's (IGC) tissue banking and analysis capabilities.

About the Molecular Profiling Institute Inc. - Molecular Profiling is a CLIA-certified specialty reference laboratory that helps cancer patients worldwide by applying the discoveries of the Human Genome Project to personalized medicine. Molecular Profiling provides cutting-edge testing facilities, products, and resources for genomic and proteomic profiling and treatment of cancers and pharmaceutical services to identify populations that may respond to targeted therapies. Molecular Profiling has strategic relationships with AmeriPath Inc., Affymetrix Inc., Gen-Probe Inc., IBM, the International Genomics Consortium (IGC), and the Translational Genomics Research Institute (TGen). For more information, please see www.molecularprofiling.com.

About Affymetrix - Affymetrix scientists invented the world's first microarray in 1989 and began selling the first commercial microarray in 1994. Since then, Affymetrix GeneChip® technology has become the industry standard in molecular biology research. Affymetrix technology is used by the world's top pharmaceutical, diagnostic and biotechnology companies as well as leading academic, government and not-for-profit research institutes. More than 1,300 systems have been shipped around the world and more than 3,000 peer-reviewed papers have been published using the technology. Affymetrix' patented photolithographic manufacturing process provides the most information capacity available today on an array, enabling researchers to use a whole-genome approach to analyze the relationship between genetics and health. Headquartered in Santa Clara, Calif., Affymetrix has subsidiaries in Europe and Asia in addition to manufacturing facilities in Sacramento, Calif. and Bedford, Mass. The company has about 1000 employees worldwide. For more information, please see www.affymetrix.com.

About AmeriPath Inc. - AmeriPath is one of the leading anatomic pathology laboratory companies in the United States. AmeriPath offers a broad range of testing and information services used by physicians in the detection, diagnosis, evaluation and treatment of cancer and other diseases and medical conditions. The company's extensive diagnostics infrastructure includes over 400 pathologists and doctorate-level scientists providing services in over 20 states utilizing 40 independent pathology laboratories, more than 200 hospitals, and their Centers of Excellence. For more information, please see www.ameripath.com.

About Gen-Probe - 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. For more information, please see www.gen-probe.com.

About the International Genomics Consortium (IGC) - IGC is a non-profit medical research foundation established to serve common, unmet needs including: the standardization of the collection of properly consented tissues of interest, the molecular characterization of these tissues, and standardization in the representation of these results. For more information, please see www.intgen.org.

About the Translational Genomics Research Institute (TGen) - TGen's mission is to make and translate genomic discoveries into advances in human health. "Translational research" is a relatively new field employing innovative advances, such as genome-wide array technology, and the burgeoning field of computational biology, to provide the data and tools necessary to identify the genes that play a role in hereditary susceptibility to disease. For more information, please see www.tgen.org.

Contact: Molecular Profiling Institute Inc. David Mallery, 858-509-0668 dmallery@molecularprofiling.com

Source: AmeriPath Inc.



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