LOS ANGELES & MELBOURNE, Australia--(BUSINESS WIRE)--Response Genetics Inc. (Nasdaq: RGDX - News), a company focused on the development and sale of molecular diagnostic tests for cancer, and Genetic Technologies Ltd. (ASX: GTG - News; NASDAQ: GENE - News), the leading private genetic testing laboratory in Australia, today announced an exclusive distribution and services agreement. Under terms of the agreement, Genetic Technologies will become the exclusive distributor in Australia, Indonesia, Malaysia, the Philippines, Singapore and Thailand for Response Genetics’ ResponseDX: Colon™, ResponseDX: Lung™ and ResponseDX: Gastric™ genetic test panels. Financial terms were not disclosed.
ResponseDX™ tests are proprietary PCR-based tests used to analyze the expression of genes that correlate with response to commonly used chemotherapy agents. Since launching in September 2008, more than 4,700 ResponseDX™ tests have been sold, with a reorder rate of approximately 90 percent. In the U.S., the current run rate is approximately 1,800 tests per quarter with a reimbursement of approximately $1,400 per test. By personalizing care based on a tumor’s genetic makeup, ResponseDX™ tests can help physicians to better tailor treatment for their patients with cancer.
“Cancer is a global problem and requires a global solution,” said Kathleen Danenberg, CEO and president of Response Genetics. “Based on encouraging sales and rapid adoption here in the Unites States, we have embarked on a growth strategy focused on expanding the availability of our tests in additional markets. We are pleased to partner with Genetic Technolgies, the leader in genetic testing in Australia, to make our ResponseDX™ tests available there, as well as in certain Asian countries. Together we hope to reduce the significant social and economic burdens of this devastating disease as more people have an opportunity to experience the benefits of our personalized medicine approach.”
Dr. Paul MacLeman, CEO of Genetic Technologies said, “This is an important further step in Genetic Technologies’ move into advanced cancer management. As previously announced, we are seeking to leverage in-house developed tests through partnerships with third party developers of novel tests. This agreement, which follows a similar distribution arrangement with Rosetta Genomics Inc. and Trimgen Inc., will assist us to expand our growing portfolio of genetic tools that will enable oncologists to more effectively manage patient diagnosis and therapy, improving treatment outcomes. Genetic Technologies is very excited to announce its relationship with Response Genetics, an acknowledged leader in the area of cancer diagnostic test development.”
ResponseDX™ genetic tests are available in the United States through direct sales and through NeoGenomics Laboratories, the exclusive national clinical reference laboratory authorized to offer Response Genetics’ proprietary tests. All tests are performed through Response Genetics’ CLIA-certified laboratory.
About ResponseDX™ Tests
Response Genetics Inc. has developed PCR-based genetic tests – ResponseDX™ tests – to help physicians make more informed therapeutic treatment decisions for patients with non-small cell lung cancer (NSCLC), gastric cancer and colorectal cancer. The proprietary ResponseDX™ panels include four key genes: excision repair cross-complementing factor 1 (ERCC1), thymidylate synthase (TS), human epidermal growth factor receptor 2 (HER2) and epidermal growth factor receptor (EGFR) expression. These test panels also include the analysis of EGFR gene mutations in NSCLC and K-ras (KRAS) gene mutations in colorectal cancer. Using ResponseDX™ testing, clinicians may make better treatment decisions by adopting a cost-effective panel approach.
Response Genetics’ KRAS mutation analysis provides some of the fastest turnaround times in the industry and accurate results on the smallest biopsies – which benefits patients because, in many cases, no tissue samples other than the pre-treatment diagnostic biopsy will be required for the biomarker analysis.
About Genetic Technologies Limited
Genetic Technologies was an early pioneer in recognising important new applications for “non-coding” DNA (DeoxyriboNucleic Acid). The Company has since been granted patents in 24 countries around the world, securing intellectual property rights for particular uses of non-coding DNA in genetic analysis and gene mapping across all genes in all multicellular species. Its three-pronged business strategy includes: 1) the global commercialization of its patents through an active licensing program; 2) the expansion of its dominant commercial genetic testing business in Australia; and, 3) the commercialisation of its various research and development projects aimed at generating further intellectual property of potentially global commercial significance. For more information, please visit www.gtglabs.com.
About Response Genetics, Inc.
Response Genetics Inc. (“RGI”) is focused on the development and sale of molecular diagnostic tests for cancer. RGI’s technologies enable extraction and analysis of genetic information from genes derived from tumor samples stored as formalin-fixed and paraffin-embedded specimens. In addition to diagnostic testing services, the Company generates revenue from the sales of its proprietary analytical pharmacogenomic testing services of clinical trial specimens to the pharmaceutical industry. RGI was founded in 1999 and its principal headquarters are located in Los Angeles, California. For more information, please visit www.responsegenetics.com.
Forward-Looking Statement Notice
Except for the historical information contained herein, this press release and the statements of representatives of RGI related thereto contain or may contain, among other things, certain forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995.
Such forward-looking statements involve significant risks and uncertainties. Such statements may include, without limitation, statements with respect to the Company’s plans, objectives, projections, expectations and intentions, such as the ability of the Company to successfully consummate the services contemplated by the distribution agreement, the ability of the Company to offer its ResponseDX tests in Australia, Indonesia, Malaysia, the Philippines, Singapore and Thailand the use of predictive biomarkers for personalizing therapy, the ability of the Company to continue to collect revenues on sales of its ResponseDX tests, the cost-effectiveness of test panels, and other statements identified by words such as “projects,” “may,” “could,” “would,” “should,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans” or similar expressions.
These statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties, including those detailed in the Company’s filings with the Securities and Exchange Commission. Actual results, including, without limitation, actual sales results, if any, or the application of funds, may differ from those set forth in the forward-looking statements. These forward-looking statements involve certain risks and uncertainties that are subject to change based on various factors (many of which are beyond the Company’s control). The Company undertakes no obligation to publicly update forward-looking statements, whether because of new information, future events or otherwise, except as required by law.
Contact:
Investor Relations: Trout Group Peter Rahmer, 646-272-8526 or Media Relations: Fleishman-Hillard Barry Sudbeck, 415-318-4261
