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CeMines International Inc. And Northern European Partners Enter Into Competence Center Programme With Enterprise Estonia To Form New Company: VTAK


10/19/2005 5:12:04 PM

GOLDEN, Colo., Jan. 10 /PRNewswire/ -- CeMines(TM) Inc., a life sciences company specializing in molecular research and development of minimally invasive clinical diagnostics and bioinformatics-based applications for targeted cancer therapeutics, today announced that Tallinn, Estonia-based CeMines Estonia OU, a wholly owned subsidiary of CeMines International Inc., has co-founded VTAK, a privately held company focused on research and commercialization of diagnostic and therapeutic products for cancer. VTAK is a company founded on the principles of strategic cooperation between private industry, academia and government.

In addition to CeMines Estonia OU, the co-founders of VTAK include: Tallinn Technical University, Helsinki Yliopiston Saatio, Regional Hospital of North Estonia, ProSyntest AS, Kevelt AS, CeleCure AS, Trial Form Support AB, and InBio OU.

VTAK was formed under the Competence Center Programme, in conjunction with 'Partnership Estonia' and the Estonian Government, Chamber of Commerce. Competence Centers are R&D institutions established and operated, together, by private enterprise and academic institutions. The mission of VTAK is to ensure a strong focus on applied scientific research, product development and product commercialization.

"VTAK is truly an innovative concept. I am increasingly impressed by Estonia's determination and actions to attract new enterprise," said Roger Attick, Chief Executive Officer of CeMines(TM) Inc. "Estonia has taken aggressive measures to develop its already unique asset base of intellectual capital. Further, VTAK is a brilliant example of Estonia's novel approach to leverage its investments in infrastructure in an effort to accelerate intellectual leadership in Europe-in this instance, for the diagnosis and treatment of cancer at the Point of Care.

"When we announced the creation of our International Division in December 2004, I said at that time: a comprehensive international business strategy is critical to securing long-term competitive advantages for CeMines," added Mr. Attick. "The fact is that Estonia is an ideal venue from which to amplify our research-and-development initiatives, as well as sustain a regulatory-affairs presence in the European Union. I have also often stated, 'CeMines will achieve differentiation through innovation.'

"VTAK is a clear example of how CeMines can deploy an innovative international business strategy to accelerate research and commercialize new methods and technology. In addition, we particularly emphasized that CeMines would leverage its presence in Europe to cultivate new research partnerships and distribution channels-certainly, our partnership with the government of Estonia and the founding of VTAK is a substantive first example of our execution on this strategy.

"As the only U.S.-based company participating in VTAK, CeMines considers it a great privilege and honor to be working with such esteemed and accomplished corporate and academic partners in this new era of cancer research," concluded Mr. Attick.

CeMines(TM) Inc., a life sciences company specializing in molecular research, is developing minimally invasive clinical diagnostic tests and targeted therapeutics for cancer. CeMines' novel approach to understanding human cellular regulatory mechanisms resulted in the discovery of CeMines Molecular FingerPrinting(TM), a patent-pending bioinformatics process for identification and profiling of cancer cells. CeMines' headquarters is in Golden, Colorado: http://www.cemines.com/.

CeMines(TM) Inc.

CONTACT: Ronald Trahan, APR of Ronald Trahan Associates Inc.,+1-781-762-9782, ext. 18


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