Mitsui & Co., Ltd Expands Investment In Correlogic Systems, Inc., Enters Research Collaboration
Published: Oct 23, 2006
ROCKVILLE, Md., Oct. 23 /PRNewswire/ -- Correlogic Systems, Inc. announced today that Mitsui & Company, Ltd. has made a second tranche investment in Correlogic and that the two companies have entered into a research collaboration for the clinical development of diagnostic tests for use in Japan.
In 2004, Mitsui made a first-round investment and the companies entered an agreement to explore the application of Correlogic's pattern recognition approach and technology to the detection of ovarian cancer in Japanese patients. Under the auspices of Jikei University, Japan's leading medical institution for gynecologic cancers, Correlogic conducted a "mini-trial" involving the application of Correlogic's technology to Japanese patient serum samples.
The agreement announced today reflects the successful conclusion of the "mini-trial" and the commitment of both companies to proceed with development of a range of pattern recognition blood tests in Japan. The agreement includes development of tests suitable for Japanese patients, for the detection of ovarian and other cancers, including cancers with particular prevalence in Japan. Quintiles Transnational Japan K.K., Japan's largest Contract Pharmaceutical Organization, has been selected to work with Mitsui and Correlogic in the collection of additional research samples and the conduct of clinical trials.
"Mitsui's expanded investment in Correlogic is an important endorsement of our technology," said Peter Levine, President and CEO, Correlogic Systems, Inc. "The R&D agreement represents an enormous opportunity for Correlogic to bring our technology to the world's second largest market."
About Correlogic Systems, Inc.
Correlogic Systems, Inc. is a Rockville, MD-based clinical proteomics company that has developed patented technology and processes with a wide variety of applications for biomarker discovery, disease detection, and new drug discovery. The technology's first application has been in the field of proteomics - the study of human proteins. OvaCheck(R), a blood test for the early detection of ovarian cancer, is Correlogic's first diagnostic test using its patented "Hidden Patterns" approach. The test is undergoing the final stages of its extensive validation process. Correlogic has entered into licensing agreements with Quest Diagnostics, Inc., and Laboratory Corporation of America for the North American market development and commercialization of OvaCheck. Mitsui & Co. and Quest Diagnostics are equity investors in Correlogic. Visit Correlogic at http://www.correlogic.com.
Certain statements contained in this release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results could differ materially due to, among other things, operational and other difficulties associated with integrating acquired business, general business conditions, competition among managed care companies, rising health costs, trends in medical loss ratios, health care reform, delay in receipt of regulatory and other approvals for pending transactions and other regulatory issues.Correlogic Systems, Inc.
CONTACT: Annette Fribourg, Vice President of Correlogic Systems, Inc.,+1-301-795-1707, or firstname.lastname@example.org
Web site: http://www.correlogic.com/