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Proteome Systems Ltd. Strengthens Focus on Diagnostics and Exits Therapeutics Business
8/22/2008
SYDNEY, Australia--(BUSINESS WIRE)--Proteome Systems Ltd (ASX:PXL - News) announced today it will cease active efforts to develop and commercialise a therapeutic compound portfolio acquired through the Company’s 2005 merger with Eukarion, Inc. “Since my appointment as CEO, the management team has been dedicated to harnessing PXL’s expertise in biomarker discovery and development to produce a pipeline of diagnostic products based on the Company’s proprietary platform. Simply put, the Eukarion portfolio no longer fits with our corporate development strategy,” said Jenny Harry, Chief Executive Officer of Proteome Systems.
Research will continue via funding from the US government but operations in PXL’s Boston office will be closed within the next three months. PXL will retain full rights to the portfolio of assets which are anti-oxidant compounds for dermatological and neurological indications and will continue to consider out-licensing opportunities. The closure of US operations will result in savings of $550,000 per annum which will start to be realized from February 2009. “PXL must remain focused on allocating resources to leverage the progress made with our two near-term revenue generating programs (TB & WheatRite™), to consolidate the Company’s role as a leader in developing point-of need diagnostic tests for infectious and respiratory diseases,” added Dr. Harry.
About Proteome Systems
Proteome Systems Limited (ASX:PXL - News) is a diagnostics company with expertise in biomarker discovery and diagnostic test development for respiratory and infectious diseases. In addition, PXL can partner in alternative fields given its capabilities to work across the entire spectrum of diagnostic test development – from identification and isolation of biomarkers, point-of-need test design, clinical development or field testing to final product. PXL’s product pipeline includes: a WheatRite™ test for wheat quality which is partnered with Bayer CropSciences AG and a test for active tuberculosis, in collaboration with Becton, Dickinson and Company (BD).
Additional information about Proteome Systems can be found at www.proteomesystems.com.
Contact:
Proteome Systems Limited
Jenny Harry, CEO, 0417428290 (Mobile)
+61 2 8877 8947 (Office)
Source: Proteome Systems Limited
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