PHILADELPHIA--(BUSINESS WIRE)--May 4, 2006--ANGLE Technology Ventures, the U.S. technology commercialization arm of ANGLE plc (LSE:AGL - News), today announced the formation of its latest venture company, Parsortix, Inc.
Parsortix has secured intellectual property that will change the $600 million global market for prenatal diagnostics by eliminating the need for maternal invasive procedures. The technology, developed in private laboratories in both the United States and Europe, also is applicable to bone marrow transplant procedures used in the therapeutic regimen for cancer treatment.
“ANGLE is excited to be launching Parsortix as our first new company in southeastern Pennsylvania,” said ANGLE Associate Director David Counts. “The prenatal diagnostic market is ready for a new approach, and the Parsortix technology has tremendous implications for the U.S. and global markets.”
For approximately 6.5 million pregnancies that occur annually in the United States alone, Parsortix’s technology will enable determination of chromosomal abnormalities in the first trimester of pregnancy without the need for invasive diagnostic procedures. Early definitive diagnosis for chromosomal abnormalities associated with spina bifida, Down’s, Turner, and Klinefelter syndromes, as well as other disorders due to genetic abnormalities, can help physicians better care for both the mother and fetus during pregnancy.
This technology also will help provide better care for chemotherapy and radiation-treated patients who have to undergo bone marrow transplants. It will help ensure the safety of marrow transplants for the patients receiving their own bone marrow (autologous transplants) and also may be used in preventing immune rejection during bone marrow transplant from another donor.
“Parsortix’s technology enables more inexpensive procedures and more timely diagnosis, truly adding value to both prenatal care and cancer therapeutics,” Counts said.
In accordance with its process for new venture creation, ANGLE will provide management and initial funding to Parsortix--creating a business plan, initial management, IP protection, regulatory guidance, and product planning. ANGLE will work with Ben Franklin Technology Partners of southeastern Pennsylvania to provide the necessary guidance, review and investment for the success of Parsortix, which is being formed through a strategic relationship between the Ben Franklin Technology Partners of southeastern Pennsylvania and ANGLE. The agreement provides that ANGLE will work with Ben Franklin Technology Partners to promote economic development in southeastern Pennsylvania through the formation of technology-based enterprises.
About ANGLE
Founded in 1994, ANGLE is an international venture management and consulting company. ANGLE focuses on the commercialization of technology and the development of technology-based industry, from creating new companies to the planning, managing and marketing of research parks, incubators, and other initiatives. ANGLE operates in the United States, Europe and the Middle East. ANGLE has U.S. offices in Charlottesville, VA, Vienna, VA, Rockville, MD, Philadelphia, PA, Pittsburgh, PA and Minneapolis, MN. For more information about ANGLE Technology visit: www.angletechnologyus.com.
Contact: ANGLE Technology Lisa S. Smith, 301-524-5654 LSS@angletechnology.com or FitzGerald Communications Kristin Martell, 202-973-4781 angle@fitzgerald.com
Source: ANGLE Technology
