Phenomenome Discoveries and CML HealthCare Inc. Jointly Announce Commercial Licensing Agreement
SASKATOON, Saskatchewan – April 11, 2011 – Phenomenome Discoveries Inc. (the “Company” “PDI”) and CML HealthCare Inc. (TSX: CLC) (“CML”) are pleased to announce a Canadian commercial licensing agreement for diagnostic blood tests that assess an individual’s risk of cancer. Using patented technology, PDI has developed a series of blood tests to detect novel metabolites which are indicators of risk for certain types of cancer. PDI’s most advanced research program is in colorectal cancer (CRC), where they discovered high levels of over 30 novel metabolites in the blood of healthy individuals, which are deficient in the blood of up to 90% of patients with CRC. PDI has developed a convenient and affordable CRC blood test based on this discovery, which is expected to have the potential to significantly improve compliance over other currently available CRC diagnostic screening tests. The PDI CRC blood test could identify and further prioritize patients for colonoscopies based on their increased risk for colon cancer.
On May 9, 2011 PDI will present the results of a landmark multi site, six thousand patient clinical trial evaluating the performance of the CRC test at the Digestive Disease Week meeting in Chicago. Digestive Disease Week (DDW) is the largest and most prestigious meeting in the world for GI professionals. Every year it attracts approximately 16,000 physicians, researchers and academics from around the world.
“We are very fortunate to have the expertise of CML to assist us in the commercialization of our research,” said John Hyshka, PDI’s Chief Financial and Operating Officer, “PDI has a number of diagnostic tests that are nearing final validation stages of research, and CML brings critical skills in commercialization and processing of high volume laboratory tests.”
“We are pleased to work with PDI in bringing convenient, affordable blood tests for cancer screening to Canadians. Specific cancers such as colorectal cancer are highly curable if diagnosed early, and blood tests like this have an ability to improve compliance and may play an important role in saving lives,” said Paul Bristow, President and Chief Executive Officer for CML. “With our shared commitment to providing compassionate patient care and high quality, accurate diagnostic medical tests, we are excited by the potential of our relationship with PDI.”
About Phenomenome Discoveries Inc.
Phenomenome Discoveries Inc. (PDI) is a Saskatoon based human health research company, focusing on the discovery and development of novel disease screening, treatment and health monitoring products. Founded in 2000 and privately owned, PDI uses its patented biomarker discovery platform to discover and develop new biomarkers for cancer and neurodegenerative disorders and has launched therapeutics and diagnostics divisions based on the results of its research. For more information please visit www.phenomenome.com
About CML HealthCare Inc.
CML HealthCare Inc. is one of North America’s largest community-based healthcare services provider. Based in Mississauga, Ontario, CML HealthCare Inc. is a leading provider of laboratory testing services in Ontario, the largest provider of medical imaging services in Canada and is a leading provider of medical imaging services in the U.S. Northeast. CML HealthCare Inc. is publicly-traded on the Toronto Stock Exchange under the symbol “CLC” and has approximately 89.8 million common shares outstanding. To reach CML HealthCare Inc. via the worldwide web, log on to www.cmlhealthcare.com.
For more information, please contact:
Director of Operations
Director, Corporate Communications
Phenomenome Discoveries Inc.
CML HealthCare Inc.
(306) 244-8233, ext 210
(905) 565-0043 ext.3472