SAN DIEGO, Feb. 27, 2012 /PRNewswire via COMTEX/ — Trovagene, Inc. , a developer of trans-renal molecular diagnostics, today announced that it has hired Leomics Associates, Inc. to expand its business development activities and monetize the company’s high value intellectual property estate.
“Trovagene owns a significant portfolio of molecular diagnostic intellectual property with relevance for a broad array of clinical applications. While the company will focus its internal R&D efforts on laboratory-developed tests in oncology, we are seeking development and commercialization partners for in-vitro diagnostic (IVD) opportunities, and for the development of tests in other clinical areas such as infectious disease, non-invasive prenatal diagnostics, transplant medicine, and others,” stated Antonius Schuh, Ph.D.,Trovagene’s Chief Executive Officer. “We are pleased to be working with Leomics Associates to execute on our business development strategy. The firm’s principals have a proven track record in the industry and, amongst others, led the development of the molecular diagnostic testing business of Quest Diagnostics, the largest laboratory testing business in the United States.”
About Trovagene, Inc.
Headquartered in San Diego, California, Trovagene is developing its patented technology for the detection of transrenal DNA and RNA, short nucleic acid fragments, originating from normal and diseased cell death that cross the kidney barrier and can be detected in urine.
Trovagene has a dominant patent position as it relates to transrenal molecular testing. It has U.S. and European patent applications and issued patents that cover testing for HPV and other infectious diseases, cancer, transplantation, prenatal and genetic testing. In addition, it owns worldwide rights to nucleophosmin-1 (NPM1), an informative biomarker for acute myeloid leukemia (AML) and mutations in the SF3B1 gene, which have been shown to be associated with chemotherapy response in CLL (chronic lymphocytic leukemia) patients.
Trovagene has filed a Form 10 with the SEC. More complete current information about Trovagene is contained in the filing.
About Leomics Associates, Inc.
Leomics Associates, Inc. is a molecular diagnostics-focused consulting firm with ten years of experience, having contributed to some of the most successful molecular diagnostic projects in the industry. Leomics is led by Dr. Jorge Leon, a pioneer in the development and commercialization of molecular diagnostics, who, amongst others, helped establish the molecular diagnostic testing business at Quest Diagnostics and led its development and strategy through their critical growth years.
Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking words such as “anticipate,” “believe,” “forecast,” “estimated” and “intend,” among others. These forward-looking statements are based on Trovagene’s current expectations and actual results could differ materially. There are a number of factors that could cause actual events to differ materially from those indicated by such forward-looking statements. These factors include, but are not limited to, substantial competition; our ability to continue as a going concern; our need for additional financing; uncertainties of patent protection and litigation; uncertainties of government or third party payer reimbursement; limited sales and marketing efforts and dependence upon third parties; and risks related to failure to obtain FDA clearances or approvals and noncompliance with FDA regulations. As with any medical diagnostic tests under development, there are significant risks in the development, regulatory approval and commercialization of new products. There are no guarantees that future clinical trials discussed in this press release will be completed or successful or that any product will receive regulatory approval for any indication or prove to be commercially successful. Trovagene does not undertake an obligation to update or revise any forward-looking statement.