ONI BioPharma Inc. Licenses Unique Gene Targets for Colorectal Cancer
September 29 2008 - 5:46PM
Marketwired
ONI BioPharma Inc. (AMEX: ONI) announced today that it has entered
a Collaboration Agreement with a major international diagnostics
company regarding ONI's unique biomarkers for early, middle and
late stage colorectal cancer. Terms of the agreement have not been
disclosed.
ONI BioPharma scientists used its dynamic diagnostic platform,
PCMAT, to discover proteins that are specifically expressed when
healthy bowel cells become cancerous. The discovery of these novel
colorectal cancer biomarkers can lead to new ways to diagnose and
treat this disease. They also can be used to determine the success
or failure of different treatment methods. The Company recently
filed a U.S. patent application covering its collection of novel
proteins and genes that are specifically expressed in colorectal
cancer cells. Partial funding for this project was provided through
a competitive Small Business Innovative Research (SBIR) grant from
the National Cancer Institute.
The Company's President and CEO, Stanley B. Stein, stated that,
"PCMAT and ONI's other diagnostic platform PIVIAT are extremely
powerful technologies that can be applied to a limitless range of
diseases, including those that afflict humans, animals and plants.
This Collaboration Agreement validates the economic value of the
Company's PCMAT(TM) target identification platform technology. The
goal is to provide and test targets that meet a critical worldwide
need for better diagnostic test over the entire range of
disease."
The Company is currently engaged in a strategic analysis of the
business model for its diagnostics franchise in order to optimize
the shareholder return from its powerful PIVIAT and PCMAT
platforms. Methods for rapid, in-house validation of novel
diagnostic targets are being developed and are expected to be in
place in the second quarter of 2009.
About Colorectal Cancer
The Colon Cancer Alliance estimates that one million people are
diagnosed with colorectal cancer worldwide each year. In the US, it
is the second leading cause of cancer death, underscoring the
significant unmet medical need associated with this type of cancer.
According to a recently published study by Kalorama Information,
the worldwide market for early cancer detection tests will reach
$7.4 billion by 2009, since the demand for such tests will continue
to increase as new cancer cases approach ten million annually.
About ONI BioPharma Inc.
ONI BioPharma Inc. is a biopharmaceutical company with a
pipeline of unique proprietary technologies, some of which are
being commercialized. The Company also has a number of products in
discovery, preclinical and clinical development, with a
concentration in the main therapeutic area of infectious diseases,
diagnostics, and oral health. The Company has developed platform
technologies with respect to its products, thereby creating a
pipeline of future products, which the Company expects to
develop.
Safe Harbor Statement: Under the Private Securities Litigation
Reform Act of 1995: This release includes forward-looking
statements that reflect ONI BioPharma's current views with respect
to future events and financial performance. These forward-looking
statements are based on management's beliefs and assumptions and
information currently available. The words "believe," "expect,"
"anticipate," "intend," "estimate," "project" and similar
expressions that do not relate solely to historical matters
identify forward-looking statements. Investors should be cautious
in relying on forward-looking statements because they are subject
to a variety of risks, uncertainties, and other factors that could
cause actual results to differ materially from those expressed in
any such forward-looking statements. These factors include, but are
not limited to those set forth in our most recently filed annual
report on Form 10-KSB and quarterly report on Form 10-Q, and other
factors detailed from time to time in filings with the Securities
and Exchange Commission. We expressly disclaim any responsibility
to update forward-looking statements.
Contact: ONI BioPharma Inc. Stanley B. Stein 386-418-4018 X222
www.onibiopharma.com
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