TUSTIN, CA--(Marketwire - November 02, 2010) - Radient Pharmaceuticals Corporation (RPC) (NYSE Amex: RPC) announced today it has entered into an exclusive 5-year Laboratory Services Agreement (LSA) with Provista Diagnostics Inc. (Provista). Provista conducts diagnostic research and provides CLIA laboratory developed tests and services to the general public.
Under the terms of the LSA, Provista will have the exclusive rights in the U.S. to develop and market CLIA laboratory developed tests (LDTs) for cancer screening purposes using RPC's proprietary polyclonal antibodies for fibrin and fibrinogen degradation products (FDP).
According to Douglas MacLellan, Executive Chairman and CEO of Radient Pharmaceuticals, "Collaboration with Provista is a natural fit for us. They have a strong, long-standing reputation for providing state-of-the-art CLIA testing services. In forging this relationship, Radient will be securing a new laboratory services and testing distribution channel for its products and we are extremely excited to expand a relationship between our two firms."
The LSA provides for both minimum quarterly antibody purchases from RPC and for RPC to share in the net proceeds from the sale of any LDTs that are developed by Provista from RPC's proprietary FDP antibodies.
Provista CEO William Gartner commented, "We have already successfully brought one cancer screening test to the market called the BT Test, which is a highly accurate blood test for the detection of breast cancer in women. Under our agreement with RPC we will actively pursue the development of new cancer screening and detection assays using RPC's proprietary FDP antibodies." According to Gartner this also includes accelerating the market introduction of a very sensitive FDP-derived CLIA laboratory developed test for lung cancer screening.
RPC also offers its Onko-Sure® test kit; a simple non-invasive patent-pending and FDA approved in vitro diagnostic (IVD) test kit for colon-rectal cancer (CRC) recurrence monitoring. The test enables physicians and healthcare professionals to effectively monitor CRC by measuring the accumulation of FDP in the blood. FDP levels rise dramatically with the progression of this cancer.
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 FDA-cleared In Vitro Diagnostic Onko-Sure® Test Kits for colon-rectal cancer recurrence monitoring 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-state detection, treatment strategy and the monitoring of disease progression or recurrence. To learn more about our company, people and potentially life-saving cancer test, visit www.radient-pharma.com.
About Provista Diagnostics Inc.
Provista Diagnostics is a medical diagnostics development company located in Phoenix, AZ. Provista develops and provides innovative tests for early disease-state detection to healthcare professionals and patients though its CLIA reference laboratory. For more information, visit the company's Web site at www.ProvistaLS.com or call 1.602.224.5500.
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.