CANANDAIGUA, N.Y., Aug. 8 /PRNewswire/ -- The Infotonics Technology Center, a New York State Center of Excellence in photonics and microsystems, and Mediscience Technology Corporation of Cherry Hill, NJ, a leader in the design, development and commercialization of products that detect cancer, today announced their intention to work together to develop and bring to market an optical biopsy pill.
As outlined in a memorandum of understanding, Infotonics will further miniaturize a current prototype of the diagnostic pill -- earlier referred to as a compact photonic explorer or “camera pill” -- and will produce a sufficient quantity to conduct market trials for FDA approval.
Last month, Mediscience announced it had secured a firm commitment offering from a New York City-based investment group that will provide between $5 million and $10 million to support the project.
The optical biopsy pill is designed to be swallowed, then to travel through a patient’s digestive tract. Using ultraviolet radiation, the pill can detect abnormal tissue cells and transmit the information to an external monitor. Current commercially available “camera pills” provide images from within the digestive tract, but do not supply diagnostic information.
“Our optical biopsy pill demonstrates great promise in providing a non-invasive, preliminary means of detecting in vivo pre-cancerous and cancerous tissues in the upper digestive tract,” said Peter Katevatis, Mediscience’s chief executive officer.
“Our agreement with equity partner Infotonics allows us to leverage the Center’s unique microsystems and photonics capabilities to provide a diagnostic pill with tremendous market potential,” he said.
Infotonics’ CEO David Smith said: “This project is an excellent example of the type of collaborative effort that our Center of Excellence strives for to drive economic development. Infotonics-funded research on the compact photonic explorer has been going on at seven universities -- six of them in New York State -- over the past several years.”
The proof-of-concept research was led by Dr. Robert Alfano and his department at City University of New York. Other universities contributing to the research effort included SUNY Albany, SUNY Binghamton, RPI, RIT, University of Rochester, and Boston University.
Infotonics and Mediscience are hoping that development of the manufacturable prototype can begin at the Center this fall.
Investor Notice
Certain of the matters discussed in this announcement contain forward-looking statements that involve material risks and uncertainties including market conditions and FDA filings and/or approvals, which are required before the Camera Pill or the CD Ratiometer can be sold or licensed for use in the United States. This press release is intended to comply with Rule 135c promulgated under the Securities Act of 1933. (Submitted in full compliance with sections 8-K 1.01 and 2.01 re: “materiality” as applicable and in fulfillment of SEC Section 6, 6.01 Regulation (FD) Full Disclosure, and Section 7 and 7.0 as well as all applicable and presently effective Sarbanes-Oxley disclosure requirements under Regulation G.
8-K filing dated July 24, 2006 8-K filing Syracuse Univ. May 24, 2006 72 Pg Report CityGroup/Smith Barney Report 10-1-2004 by Peter Bye. Page 20 (MTC-Infotonics). www.Infotonics.org/ResearchProjects/CompactPhotonicExplorers.aspwww.cunyphotonics.com MEDISCIENCETECH.com Mediscience 8-K filing dated September 8, 2004 New England Journal of Medicine 7-29-04 (general results of developing capsule endoscopic technology) About the Infotonics Center
The Infotonics Technology Center Inc. (Infotonics) is a not-for-profit corporation that operates New York State’s Center of Excellence in Photonics and Microsystems. Infotonics is structured as a consortium whose founding participants include Corning, Inc., Eastman Kodak Company, and Xerox Corporation. Academic participants include some 20 New York State colleges and universities. Infotonics’ goal is to establish a unique, world-class research and development facility to enable rapid commercialization of new products. This initiative will provide major benefits to the region, including creation of jobs and attraction of new companies and investment revenue. For more information, access www.infotonics.org.
About Mediscience Technology
Mediscience Technology Corporation and its New York subsidiary, Medi-photonics Development Company LLC, is engaged in the design, development and commercialization of medical devices that detect cancer and molecular physiological change using frequencies of light that are emitted, scattered and absorbed to distinguish malignant, precancerous, or benign tissues from normal tissues. Mediscience’s exclusive protected non-invasive technology combines the advantages of real-time results with enhanced diagnostic sensitivity and specificity compared with other methods of cancer detection.
Infotonics Technology Center
CONTACT: Ron Roberts, Martino Flynn, +1-585-421-0100,rroberts@martinoflynn.com, for Infotonics
Web site: http://www.infotonics.org/
