TUSTIN, CA--(Marketwire - October 13, 2010) - Provista Life Sciences and Radient Pharmaceuticals Corporation (RPC) (NYSE Amex: RPC) announced today the validation study results of a blood test for early detection of lung cancer and Provista's plans to broadly introduce this new test to market.
The study completed the requisite analyses and data evaluation needed to validate Provista's test, based on Radient Pharmaceutical Corporation's antigens for fibrinogen degradation products (FDP), successfully detects lung cancer with a high degree of accuracy. The study included men and women between 20-76 years of age. The data generated in this final study proved consistent with previous findings and produced positive clinical performance marks of 87% sensitivity; 95% specificity; and an ROC Accuracy of 0.97. By industry standards the study proved very successful and will serve as the cornerstone to Provista's efforts to introduce a new lung cancer detection assay branded LC Sentinel™ to market. Provista intends to introduce LC Sentinel™ as a CLIA Laboratory Developed Test (LDT) for use in high-risk lung cancer patient populations in the U.S. by the end of the fourth quarter 2010 through its standard clinical channels that include physicians, medical clinics and hospitals. The company expects to seek FDA registration for LC Sentinel™ in 2011.
According to Provista CEO William Gartner, "We are exceptionally pleased at the test results and will aggressively market and commercialize this important and potentially life-saving lung cancer test beginning in the fourth quarter 2010." Gartner also expressed high praise for the quality of the RPC's manufacturing facilities and chemicals indicating the Company is pleased to be an exclusive partner of RPC in the development of the test. In conjunction with today's announcement, RPC and Provista also announced the two Companies will execute an exclusive lab partnership agreement where Provista Life Sciences will purchase RPC reagents exclusively for the development of LC Sentinel™.
The American Cancer Society's estimates of the impact of lung cancer in the U.S. during 2009 include approximately 219,000 new cases (both non-small cell and small cell) and 159,000 deaths resulting from the disease, accounting for 28 percent of all cancer deaths. Lung cancer is the leading cause of cancer death among both men and women -- 62% of those diagnosed in late stages die within 5 years. Provista estimates there are approximately 18 million high-risk patients who stand to benefit from the test's US introduction.
According to Mr. Douglas MacLellan, Executive Chairman and CEO of RPC, "The detection benefit observed in this study represents a meaningful additional to tests available today. We are very encouraged by the potential benefit of this test to patients who are facing the deadly threat of lung cancer. As previously announced, RPC is actively engaged in acquisition negotiations with Provista and with the success of the deal; we expect to combine both companies to achieve a leadership presence in the global cancer diagnostics market."
On September 27, 2010 RPC signed an extension of its original agreement dated July 13, 2010 to merge with Provista Diagnostics Inc., making the agreement between Provista Diagnostics and Radient Pharmaceuticals effective through December 31, 2010. Both Companies have confirmed continued interest in the merger and to pursue completion of the deal within a timeframe that suits the needs of both Companies and shareholders.
For additional information on Radient Pharmaceuticals, ADI and its portfolio of products visit the Company's corporate website at www.Radient-Pharma.com. For Investor Relations information contact Kristine Szarkowitz at IR@Radient-Pharma.com or 1.206.310.5323.
For additional information on Provista Diagnostics Inc and its diagnostic portfolio, visit the company's website at www.ProvistaLS.com. For additional information contact Donald Weber, COO, or William Gartner, CEO, at 602.224.5500.
About Provista Life Sciences:
Provista Life Sciences is a biotechnology diagnostics development and Commercialization Company located in Phoenix, AZ, the Company provides the scientific and operating management resources to rapidly advance the development and introduction of novel diagnostics technologies into the domestic and global marketplace. For more information, visit the company's Web site at www.ProvistaLS.com or call 1.602.224.5500.
About Radient Pharmaceuticals:
Headquartered in Tustin, California, Radient Pharmaceuticals is dedicated to saving lives and money for patients and global healthcare systems through the deployment of its Onko-Sure® In Vitro Diagnostic cancer test. The company's focus is on the discovery, development and commercialization of unique high-value diagnostic tests that help physicians answer important clinical questions related to early disease detection; treatment strategy; and the monitoring of disease progression, prognosis, and diagnosis to ultimately improve patient outcomes. Radient Pharmaceutical's current Onko-Sure® cancer testis used to guide decisions regarding patient treatment, which may include decisions to refer patients to specialists, perform additional testing, or assist in the selection of therapy. To learn more about our company, people and potentially life-saving cancer test, visit.
Forward Looking Statements:
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained in this document include certain predictions and projections that may be considered forward-looking statements under securities law. These statements involve a number of important risks and uncertainties that could cause actual results to differ materially including, but not limited to, the performance of joint venture partners, as well as other economic, competitive and technological factors involving the Company's operations, markets, services, products, and prices. With respect to Radient Pharmaceuticals Corporation, except for the historical information contained herein, the matters discussed in this document are forward-looking statements involving risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements.