CARLSBAD, Calif. and SINGAPORE, Oct. 9, 2012 /PRNewswire/ -- Life Technologies Corporation (NASDAQ: LIFE) and VelaDx have entered into a license and supply agreement that will give VelaDx rights to develop and market next generation sequencing-based, in vitro diagnostic tests on the Ion Personal Genome Machine (PGM) platform. VelaDx will seek approvals from global regulatory authorities for clinical diagnostic tests in oncology and infectious disease.
Vela Diagnostics chose the Ion PGM System because of its speed, simplicity and flexibility, and because it's complementary to Vela's Sentosa workflow and its menu of qPCR assay kits. Both Ion's PGM and Vela's Sentosa systems can operate on a menu of single-indication tests or multiple-indication panels that can easily be implemented in virtually any laboratory. A seamless, bi-directional data communication with laboratory information systems between the Ion PGM and Sentosa systems will maintain the accuracy of data and improve the efficiency of the laboratory workflow.
"Our agreement with Life Technologies puts Vela Diagnostics at the cutting edge position in medicine," said Vela CEO, Michael Tillmann. "The Ion PGM System will support Vela's strategy to improve laboratory efficiency and bring new innovative tests to our customers to help improve treatment decisions for patients."
Target markets addressed by VelaDx are attractive and growing quickly.
A recent PiperJaffray report estimates the current infectious disease market to be $2 billion annually and growing by more than 8 percent. United Health Group predicts the genetic testing market will grow to $25 billion by 2021.
"Semiconductor sequencing is a transformative technology that can make diagnostic tests faster a one-day turnaround and more informative, helping doctors around the world save lives and make personalized medicine a reality," said Ion Torrent President and COO Gregg Fergus. "The founders and management team at Vela Diagnostics have a proven track record of first-mover success in the diagnostic marketplace and are ideal partners to introduce tests in the important clinical areas they have licensed."
The Ion PGM Sequencer uses a completely novel sequencing technology that directly translates the language of chemistry into the binary language of computers on a semiconductor chip. This new approach has democratized sequencing, making it far more accessible than ever before. The system can perform a sequencing run in just 90 minutes and automated sample prep makes it easy for a lab technician of any experience level to operate. The cost of the Ion PGM System is just a fraction of other systems and accuracy is at a Q30 quality level, both of which are helping to rapidly drive adoption. More than 1,000 units were sold in the system's first 18 months on the market. Life Technologies plans to seek clearance for the Ion PGM System from the FDA as well as approval from other global regulatory agencies."
About Vela Diagnostics
VelaDx provides a broad menu of molecular diagnostic tests, consolidated on its automated Sentosa workflow system. The Group was incorporated by an industry experienced management team in 2011 with the vision of providing in-vitro diagnostic solutions for customers to achieve improved patient management. VelaDx is a privately owned Group of Companies headquartered in Singapore. The Asia Pacific, European and North American commercial operations of the Group are based in Singapore, Hamburg and New Jersey, respectively. VelaDx also operates R&D sites in Singapore and New Jersey in addition to a Global Manufacturing facility in Singapore. For more information, please visit us at www.veladx.com
About Life Technologies
Life Technologies Corporation (NASDAQ: LIFE) is a global biotechnology company with customers in more than 160 countries using its innovative solutions to solve some of today's most difficult scientific challenges. Quality and innovation are accessible to every lab with its reliable and easy-to-use solutions spanning the biological spectrum with more than 50,000 products for agricultural biotechnology, translational research, molecular medicine and diagnostics, stem cell-based therapies, forensics, food safety and animal health. Its systems, reagents and consumables represent some of the most cited brands in scientific research including: Ion Torrent, Applied Biosystems®, Invitrogen, GIBCO®, Ambion®, Molecular Probes®, Novex®, and TaqMan®. Life Technologies employs approximately 10,400 people and upholds its ongoing commitment to innovation with more than 4,000 patents and exclusive licenses. LIFE had sales of $3.7 billion in 2011. Visit us at our website: http://www.lifetechnologies.com.
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This press release includes forward-looking statements about our anticipated results that involve risks and uncertainties. Some of the information contained in this press release, including, but not limited to, statements as to industry trends and Life Technologies' plans, objectives, expectations and strategy for its business, contains forward-looking statements that are subject to risks and uncertainties that could cause actual results or events to differ materially from those expressed or implied by such forward-looking statements. Any statements that are not statements of historical fact are forward-looking statements. When used, the words "believe," "plan," "intend," "anticipate," "target," "estimate," "expect" and the like, and/or future tense or conditional constructions ("will," "may," "could," "should," etc.), or similar expressions, identify certain of these forward-looking statements. Important factors which could cause actual results to differ materially from those in the forward-looking statements are detailed in filings made by Life Technologies with the Securities and Exchange Commission. Life Technologies undertakes no obligation to update or revise any such forward-looking statements to reflect subsequent events or circumstances.
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