Labcorp Plans to Develop and Commercialize the Innovative Prostate Cancer Liquid Biopsy Test in the U.S.
Proteomedix, a Swiss diagnostics company committed to advancing prostate cancer care, announced today that it entered into an agreement for Labcorp, a leading global life sciences company, to be the only laboratory to develop and commercialize the Proclarix Prostate Specific Antigen (PSA) test in the U.S.. Proclarix is performed using the same blood sample as a PSA test, and is designed to help determine the risk of clinically significant prostate cancer for men with an elevated total PSA and a digital rectal examination that indicates elevated prostate volume, but who are not suspected of having cancer. In appropriate cases, the test provides a non-invasive alternative to a prostate biopsy, which can have significant side effects.
"We are extremely proud of our new collaboration with Labcorp," said Helge Lubenow, CEO of Proteomedix, and added: "About 1 in 7 men will be diagnosed with prostate cancer during their lifetimes, and this type of cancer is the most frequent in men and the second deadliest. There is an important unmet medical need for an accurate diagnosis of clinically significant prostate cancer by employing an innovative, simple blood test. The future commercialization of this assay in the U.S. will significantly impact how care and treatment for men with elevated PSAs is managed. We are pleased to work with Labcorp to make this test available to improve care for more men in the U.S."
"Labcorp is focused on expanding access to innovative diagnostic options like Proclarix," said Dr. Prasanth Reddy, M.D., MPH, FACP, senior vice president and oncology head at Labcorp. "This test will give patients and providers clear answers to help them make more informed decisions about the most appropriate monitoring and treatment plan for each patient."
Tungsten Advisors served as the exclusive financial advisor to Proteomedix. Brown Rudnick served as legal counsel to Proteomedix.
Financial and other terms were not disclosed.
Proteomedix is a healthcare company whose mission is to transform prostate cancer diagnosis. The company has identified novel biomarker signatures with utility in prostate cancer diagnosis, prognosis, and therapy management. The lead product Proclarix is a blood-based prostate cancer test panel and risk score currently available in Europe. Proteomedix is located in the Bio-Technopark of Zurich-Schlieren, Switzerland. For more information, visit www.proteomedix.com.
About Tungsten Advisors
Tungsten Advisors (www.tungstenadv.com) is an investment banking firm focused on strategic advisory and corporate finance for healthcare and technology companies. Tungsten provides transactional services including financings (private placements/PIPEs), corporate licensing and mergers and acquisitions (M&A). Tungsten also focuses on company incubation and makes direct investments alongside the creation of new companies in healthcare and technology.
Securities offered through Finalis Securities LLC Member FINRA/SIPC. Tungsten Partners LLC d/b/a Tungsten Advisors and Finalis Securities LLC are separate, unaffiliated entities.
About Brown Rudnick
Brown Rudnick is an international law firm that serves clients around the world from offices in key financial centers across the United States and the United Kingdom. We combine ingenuity with experience to achieve great outcomes for our clients in high-stakes litigation and complex business transactions. We deliver partner-driven service; we incentivize our lawyers to collaborate in the client's best interest; and we put excellence before scale, focusing on industry-driven, client-facing practices where we are recognized leaders.
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Dr. Helge Lubenow, CEO
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