TUSTIN, Calif., May 18 /PRNewswire/ -- Oncotech, the leading company in providing critical cellular and genomic information to oncologists to individualize chemotherapy, announced today its agreement with Innocell Corp., an innovative cancer diagnostics and immunotherapy company in South Korea. As a result of this agreement, Innocell has been granted the rights to market Oncotech's cancer diagnostic services to South Korean physicians and their cancer patients.
Oncotech is looking forward to working closely with Innocell to offer state-of-the-art cancer diagnostic tests to cancer patients throughout the country. Oncotech's assays are already well-received in the United States where over 5,000 physicians and more than 1,000 hospitals have already utilized Oncotech's cancer testing services. In South Korea, the overall incidence for cancer is over 100,000 patients per year. It will be a tremendous benefit to all cancer patients in South Korea to have access to Oncotech's individualized cancer testing services.
Frank J. Kiesner, President and CEO of Oncotech commented," We are pleased to enter the Asian market through this agreement and we expect, through our joint efforts, to be successful at providing proteogenomic and cellular diagnostics to South Korean cancer patients. Our relationship with Innocell will allow us to gain entry into the South Korean market with this initial launch into Asia and in the future our laboratory services will be offered to other Asian markets through additional agreements and affiliations."
Dr. Hyun Jin Jung, President and CEO of Innocell commented, "Through this collaboration with Oncotech, we can contribute to prolonging the life and improving the quality of life for Korean cancer patients. With the successful launch in the Korean market, Innocell can play a role as a platform in the process of launching Oncotech's business into Asian countries."
About Oncotech
Oncotech is a company dedicated to individualizing cancer therapy to improve the survival and quality of life of cancer patients. Oncotech provides innovative molecular oncology testing services to over one thousand hospitals in the United States and Europe. Oncotech collaborates with pharmaceutical and biotechnology companies to develop companion molecular diagnostics for their drugs. Recently, the company has invested heavily in Oncotech research and development to create the most advanced genetic research capability within its industry. Oncotech is applying this research capability to identify the next generation of proprietary molecular diagnostics to individualize chemotherapy. More information on the company is available at www.oncotech.com.
About Innocell
Innocell is a leading innovative Korean public company involved in advanced cancer diagnostics and proprietary immune therapies. Innocell focuses on personalized medicine and offers critical laboratory testing services to patients throughout South Korea and in addition performs research involving cell-based cancer therapies aimed at prolonging the life and improving the quality of life of cancer patients. Innocell markets Oncotech products, the EDR Assay and other services, exclusively in South Korea. More information on the company is available at www.innocell.com
OncotechCONTACT: Frank J. Kiesner, President and Chief Executive Officer ofOncotech Inc., +1-800-576-6326; or Yoon-June Park, M.D., Managing Director,Marketing of Innocell Corporation, +82-2-3397-3560
