QUEBEC CITY, May 1, 2012 /CNW Telbec/ - DiagnoCure, Inc. (TSX: CUR), a
Quebec life sciences company that develops and commercializes
high‐value cancer diagnostic tests, issued a statement today commenting
on the proposed acquisition of its commercial partner Gen-Probe
(Nasdaq: GPRO) by Hologic Inc. (Nasdaq: HOLX). The acquisition,
announced yesterday, is being viewed favorably by DiagnoCure management
who see an opportunity for the combined companies to put additional
resources behind the marketing of the PROGENSA® PCA3 prostate cancer
test.
"Our expectation is that the combined entity, with an expanded footprint
within cancer diagnostics, will be in an even stronger position to
bring PROGENSA PCA3 to physicians and patients" stated Dr. Yves Fradet,
President and Chief Medical Officer of DiagnoCure. "Hologic has already
demonstrated a commitment to commercializing high value tests and has
an established marketing presence in this space. Importantly, we do not
foresee any changes in the strategy to maximize the commercial
potential of PROGENSA PCA3."
Under the terms of this transaction, announced on April 30,
Gen-Probe will become a wholly-owned subsidiary of Hologic. Hologic
intends to market Gen-Probe's products on a global basis, focusing on
both developed and emerging markets around the world. The combined
companies will have direct sales and marketing infrastructure in the
U.S. and Europe as well as distribution capabilities in China and other
emerging markets. The Gen-Probe brand is to be maintained and it is
expected that the growth trajectory of Gen-Probe's products will be
significantly enhanced. The transaction is expected to close in the
second half of 2012 and is subject to the satisfaction of certain
closing conditions, including approval of Gen-Probe's shareholders.
Gen-Probe received FDA approval for the PROGENSA PCA3 assay on February
15, 2012. The urine-based test is indicated for use in conjunction with
other patient information to aid in the decision for repeat biopsy in
men 50 years of age or older who have had one or more previous negative
prostate biopsies and for whom a repeat biopsy would be recommended by
a urologist based on the current standard of care, before consideration
of PROGENSA PCA3 assay results. A negative PROGENSA PCA3 assay result
is associated with a decreased likelihood of a positive biopsy. A
prostate biopsy is required to diagnose cancer.
DiagnoCure licensed the PROGENSA PCA3 technology to Gen-Probe on an
exclusive worldwide basis in November 2003. As part of the licensing
agreement, DiagnoCure receives 8% royalties on cumulative sales up to
$62.5 million and 16% thereafter.