SAN DIEGO, Feb. 7, 2012 /PRNewswire/ -- Prometheus Laboratories Inc., a specialty pharmaceutical and diagnostic company, today announced the execution of a research and collaboration agreement with an unnamed leading worldwide pharmaceutical company. The collaboration will use Prometheus' proprietary oncology diagnostic platform (CEER) to develop diagnostic arrays relating to the partner's oncology pipeline. The CEER arrays may ultimately be used in clinical trials for patient selection and may potentially accelerate the development of novel oncology therapeutic products.
Under the terms of the non-exclusive agreement, Prometheus will receive an upfront payment for the development of the first diagnostic array, additional payments for the development of each additional array, and research and development support and testing fees.
"This program represents an important addition to the expanding list of collaborations using our proprietary CEER diagnostic platform," said Joseph M. Limber, President and Chief Executive Officer of Prometheus. "We believe our technology can increase the probability of success in clinical trials and constitutes a significant step towards personalized medicine in cancer treatment, with the ultimate goal of improving the potential outcome for patients."
Prometheus' proprietary oncology diagnostic platform has the ability to measure the expression and activation of specific cancer pathways with high levels of sensitivity and specificity via tissue or blood sample. This technology has the potential to be used not only in the development process to select and evaluate the efficacy of drugs but also in the clinical setting to enable real-time molecular profiling, monitor drug effectiveness and direct the use of a growing number of targeted therapies.
Prometheus Laboratories Inc. is committed to improving lives through the development and commercialization of novel pharmaceutical and diagnostic products that enable physicians to provide greater individualized patient care. Prometheus is a leader in applying the principles of personalized medicine to the diagnosis and treatment of gastrointestinal diseases and is applying these principles to oncology. Its strategy includes the marketing and delivery of pharmaceutical products complemented by proprietary diagnostic testing services. By integrating therapeutics and diagnostics, Prometheus believes it can provide physicians with more targeted solutions to optimize care for their patients. Prometheus became part of Nestle Health Science in July 2011. Prometheus' corporate offices are located in San Diego, California. For more information about Prometheus, please visit www.prometheuslabs.com.
About Nestle Health Science
Nestle Health Science, a fully-owned subsidiary of Nestle S.A., has been operational since January 1, 2011 and has worldwide headquarters in Lutry, Switzerland. Nestle Health Science offers nutritional solutions for people with specific dietary needs related to illnesses, disease states or the special challenges of different life stages. For more information about Nestle Health Science, please visit www.nestlehealthscience.com.
SOURCE Prometheus Laboratories Inc.