Health & Fitness
Health and Fitness
Health and Fitness
Tue, December 22, 2009
Mon, December 21, 2009 Radient Pharmaceuticals Expands Distribution Partnership With GenWay Biotech to Penetrate Highly Strategic International Market
TUSTIN, CA--(Marketwire - December 21, 2009) - Through its US-based subsidiary AMDL Diagnostics Inc., Radient Pharmaceuticals Corporation (RPC) (
Under the terms of the agreement, GenWay Biotech Inc. has non-exclusive rights to distribute RPC's Onko-Sure™ in vitro diagnostic cancer (IVD) test in the European Union, Middle East (excluding Israel), United Kingdom and Russia; and is responsible for product sales and marketing in these markets. Radient Pharmaceuticals signed a similar agreement with GenWay Biotech earlier this year which gave GenWay Biotech the exclusive rights to market, sell and distribute Onko-Sure in Canada.
Today's agreement is in effect and part of RPC's strategy to further commercialize Onko-Sure in strategic international markets where there is significant demand for cancer screening, diagnostic and monitoring tests. According to Douglas MacLellan, Chairman and CEO of Radient Pharmaceuticals, "This new distribution agreement with GenWay Biotech provides Radient Pharmaceuticals with sales revenue growth in four highly strategic and large international markets."
GenWay will penetrate these markets with the support of a dedicated sales and marketing organization for Onko-Sure. MacLellan continued, "We have already established a productive, revenue-generating partnership with GenWay for Canada and are seeing steady and solid product sales there. We anticipate having comparable, and potentially greater, sales success in the new targeted markets GenWay is responsible for."
Onko-Sure is a simple, non-invasive, patent-pending and regulatory-approved in vitro diagnostic test that enables physicians and their patients to effectively monitor and/or detect certain types of cancers by measuring the accumulation of specific breakdown products in the blood called Fibrin and Fibrinogen Degradation Products (FDP). FDP levels rise dramatically with the progression of cancer. Onko-Sure is approved by the US FDA for the monitoring of colorectal cancer and by Health Canada as a lung cancer screen and cancer monitoring tool.
According to ReportLinker the worldwide IVD oncology market is estimated to exceed $15.6 billion in the next 5 years, offering strong product revenue potential for Onko-Sure. Radient Pharmaceuticals now projects approximately $7.6 million in Onko-Sure test kit and CLIA lab testing services sales by year-end 2010 with approximately $3 million in net earnings. The financial terms of today's agreement were not specifically disclosed.
According to the American Cancer Society, 1 in 8 deaths worldwide is due to cancer, and globally, cancer causes more deaths than AIDS, tuberculosis, and malaria combined. It is the 2nd cause of death in economically developed countries and the 3rd leading cause of death in developing countries; and imposes a substantial burden on the world economy. Medical and related non-medical costs associated with new cancer cases in 2009 are estimated to be US$217 billion with lost productivity as a result of time out of work accounting for an additional US$69 billion, according to a new report from the Economist Intelligence Unit and American Cancer Society. The number of new cancer cases globally is expected to climb to almost 17 million by 2020 from just under 13 million today as the population ages and the disease cuts an ever-wider path through emerging economies.
For additional information on Radient Pharmaceuticals, ADI and its portfolio of products, visit the Company's corporate website at [ www.Radient-Pharma.com ]. For Investor Relations information, contact Kristine Szarkowitz at [ kszarkowitz@Radient-Pharma.com ] or 1.206.310.5323.
About Radient Pharmaceuticals:
Headquartered in Tustin, California, Radient Pharmaceuticals Corporation is an integrated pharmaceutical company devoted to the research, development, manufacturing, and marketing of diagnostic, and premium skin care products.
About GenWay
Genway Biotech, Inc. is a diagnostic company based in San Diego, CA that manufactures and supplies key components of diagnostic kits, such as antibodies and antigens, to diagnostic companies. The Company's proprietary technology platform specializes in producing avian IgY antibodies from genes and proteins of human, animal, plant, bacterial and other sources. GenWay also offers single chain recombinant scFv and shark vNAR antibodies. More than 40,000 products are available from the Company's catalog. GenWay is also actively developing novel cancer diagnostic tests for point-of-care and over-the-counter diagnostics. For more information about GenWay Biotech, please visit [ http://www.genwaybio.com ].
Forward Looking Statements:
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained in this document include certain predictions and projections that may be considered forward-looking statements under securities law. These statements involve a number of important risks and uncertainties that could cause actual results to differ materially including, but not limited to, the performance of joint venture partners, as well as other economic, competitive and technological factors involving the Company's operations, markets, services, products, and prices. With respect to Radient Pharmaceuticals Corporation, except for the historical information contained herein, the matters discussed in this document are forward-looking statements involving risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements.
