TUSTIN, CA--(Marketwire - May 05, 2010) - Through its US-based subsidiary AMDL Diagnostics Inc., Radient Pharmaceuticals Corporation (RPC) (NYSE Amex: RPC) announced today it has signed a collaboration agreement with diagnostics development and commercialization firm Provista Life Sciences LLC (PLS).
Under the terms of the agreement, PLS will provide CLIA (Clinical Laboratory Improvement Amendment certified) laboratory support services to RPC. This includes support for the on-going product development of RPC's Onko-Sure in vitro diagnostic (IVD) cancer test and securing insurance reimbursement and CPT code assignments for clinical laboratories using Onko-Sure in commercial laboratory efforts. This announcement follows RPC's most recent news that PLS has independently validated Onko-Sure as a potential screening tool for breast cancer detection.
"Provista is extremely pleased to partner with a dynamic and market leading company like Radient Pharmaceuticals," said William Gartner, President and CEO of Provista. "Our business centers on the development and commercialization of early disease state detection test procedures, and Radient offers a novel IVD cancer test with significant potential to dramatically improve early stage cancer screening for cancer patients. We are looking to add Radient's FDP markers to our already successful blood screening test for breast cancer, called the BT Test, to potentially enhance its performance. There are tremendous business, market and technology synergies between Radient and Provista and we look forward to advancing both companies through this collaboration."
RPC's Onko-Sure IVD test is a simple, non-invasive, patent-pending and regulatory-approved test for use as an aid in early detection of cancer. Onko-Sure enables physicians and their patients to effectively monitor and/or detect certain types of cancers by measuring the accumulation of specific breakdown products in the blood called Fibrin and Fibrinogen Degradation Products (FDP). FDP levels rise dramatically with the progression of cancer. Onko-Sure is approved by the US FDA for the monitoring of colorectal cancer, Health Canada as a lung cancer screen and cancer monitoring tool, and the European Union, Indian government, Korean government, and Taiwanese government as a cancer monitoring or cancer screening test.
According to Mr. Douglas MacLellan, Chairman and CEO of Radient Pharmaceuticals, "Our engagement with Provista enables Radient to more aggressively advance key product development programs for our current and next-generation Onko-Sure cancer tests. Additionally, through this close partnership, we are furthering product commercialization -- an on-going commitment RPC has to the overall healthcare community and our partners, customers and valued shareholders."
Provista's BT Test, or Biomarker Translation Test, measures the molecular level of specific proteins in the blood and, by using a proprietary relational software program developed by Provista, a comprehensive report is generated providing the healthcare provider with the individual concentration levels of each of these protein markers along with a singular test score, called the BT Score, which an indicator of breast cancer presence or absence. The BT Test is greater than 95% accurate in detecting breast cancer when used on women under 50, and greater than 80% accurate in women 50 years and older.
Additional information on Radient Pharmaceuticals and its product portfolio is available via RPC's corporate website at www.radient-pharma.com.
About Radient Pharmaceuticals:
Headquartered in Tustin, California, Radient Pharmaceuticals Corporation is an integrated pharmaceutical company devoted to the research, development, manufacturing, and marketing of diagnostic and therapeutic products. Visit www.Radient-Pharma.com for additional information.
About Provista Life Sciences:
Provista Life Sciences is a biotechnology diagnostics development and commercialization company located in Phoenix, AZ, that 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.
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.