NEW YORK--(BUSINESS WIRE)--Xenomics, Inc. a developer of trans-renal molecular diagnostic technologies, announced today the appointment of Bruce A. Huebner, a veteran of the diagnostics industry, as Chief Executive Officer and board director. Concurrent with Mr. Huebner’s appointment, Xenomics announced the formation of TrovaGene, Inc., a wholly owned subsidiary, under the laws of the State of Delaware, and plans to change the name of the company to “TrovaGene.” The planned name change, by statutory merger, will be proposed to shareholders in the next 30 to 60 days. TrovaGene, under Mr. Huebner’s guidance, will be engaged in refocusing the company’s development and partnering programs. The company is pursuing several high value targets using its trans-renal DNA and RNA technology. One application for the detection of HPV in urine was presented this year at ASCO by Dr. David Robbins, VP Research and Development of Xenomics, which compared the Xenomics’ test with the market leading Digene HPV test now owned and marketed by Qiagen. In this study the Xenomics test showed superior sensitivity and specificity to the Digene assay. The company is also pursuing a test for the detection of KRAS mutations in urine samples from patients with colon cancer. The detections of these mutations will provide valuable information to the physician resulting in more optimal treatment decisions for the patient.
Mr. Huebner has over 35 years of experience in the diagnostic industry, and has been a key member of upper management in a number of clinical diagnostic companies including Hybritech, Inc., Gen-Probe, Inc., Nanogen, Inc. and Osmetech Molecular Diagnostics. From 1996 to 2002, he was Executive Vice President and Chief Operating Officer of Gen-Probe, Inc. which today is the world leader in diagnostics to detect and monitor sexually transmitted diseases, with a market cap of approximately $2.2 billion dollars. From 2002 to 2004, Mr. Huebner was President and Chief Operating Officer of Nanogen, Inc., a publicly held nanotechnology/microarray company. From 2005 to 2008, Mr. Huebner, as President of Osmetech, successfully established Osmetech as a fully integrated business, obtaining FDA clearance for four molecular diagnostic microarray products and introducing them to the marketplace.
“A major goal since I joined the company in April has been to put the recent past of the company behind us, and re-focus the company under an entirely new brand, “TrovaGeneTM” which will emphasize a commercially focused business based on the company’s unique trans-renal molecular diagnostic technology,” said Dr. Thomas H. Adams, Chairman of the Board and former Chairman, CEO, and founder of Gen-Probe Inc. “Over the past five years the company has established a very strong intellectual property position in the field of molecular diagnostics based upon the detection of trans-renal DNA and RNA. This patent position is as important in the field of molecular diagnostics as the patent position of the PCR patents of Roche and the ribosomal RNA and amplification patents of Gen-Probe. The key to our strategy going forward has been to identify the type of leader with the proven skills and know-how to develop TrovaGene into a successful molecular diagnostic business. I am pleased today to say that the search has culminated with the appointment of Bruce Huebner. Bruce has a proven track record and unique qualities that make him ideal for this task, and I am pleased to welcome him on board.”
“I am pleased to join the company at this critical time, and look forward to working closely with Tom, as we strategically refocus the company’s development, partnering, and commercial efforts under the TrovaGeneTM banner, as well as building the company into a key player in the molecular diagnostic marketplace,” said Mr. Huebner. “I am particularly impressed with the extensive IP portfolio related to the detection of trans-renal DNA and RNA in urine specimens. Our plan is to pursue a combined collaboration and development strategy which includes identifying corporate partners in Japan and Europe, while TrovaGene focuses on development of products for the North American market.”
About Xenomics, Inc. and TrovaGene, Inc.
The company has focused on the development of DNA and RNA-based tests using Trans-renal DNA (Tr-DNA) or RNA (Tr-RNA). Its patented technology uses safe and simple urine collection and can be applied to a broad range of applications, including tumor detection and monitoring, infectious disease detection, prenatal testing, tissue transplantation, genetic testing for forensic identity determination, drug development, and research to counter bioterrorism. Its TrovaGene, Inc. subsidiary was formed principally to provide a mechanism to change the company’s corporate domicile from Florida to Delaware and the company’s corporate name by statutory merger. The company’s founding scientists were the first to report that fragments of DNA from normal cell death cross the kidney barrier and can be detected in urine. The company believes that its technology will open significant new markets in the molecular diagnostics field. The company has been issued three U.S. patents covering different applications of the technology for molecular diagnostics and genetic testing and a European patent for the company’s prenatal testing applications, as well as numerous pending patent applications.
Forward-Looking Statements
Statements about the company’s expectations, applications of its technology, markets, and other statements that are not historical facts are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are based on management’s current beliefs, assumptions, estimates and projections. Actual results may differ materially from those projected in the forward-looking statements for various reasons, including risks associated with product development, government regulation, market acceptance, dependence on key personnel, obtaining financing and other factors.
Contact:
Xenomics, Inc. Bruce Huebner, Chief Executive Officer 858-354-9871
