Liquid Biotech USA, Inc. Announces Completion of Proof-of-Concept (POC) Clinical Study that Triggers a $1M Milestone Payment from Oncolys Biopharma, Inc.
PHILADELPHIA, April 5, 2016 /PRNewswire/ -- Liquid Biotech USA, Inc. (LB) today announced that a combination of pre-clinical and clinical data from a recently completed study supports its diagnostic bladder and lung cancer test in a clinical setting. The completion of the clinical POC meets the milestone requirements as set out by our partner, Oncolys Biopharma, Inc. (TYO:4588; OBP), and triggers a $1M payment. The diagnostic test is based on a proprietary platform technology developed by OBP and The University of Pennsylvania and exclusively licensed for North America by LB. The technology can identify, enumerate and isolate individual circulating tumor cells (CTCs) found in the blood of cancer patients - a liquid biopsy. CTCs are identified due to their expression of telomerase; an enzyme that is expressed in many forms of cancer but shows little to no activity in non-malignant cells.
"We are excited to have met the clinical endpoint for the POC study demonstrating that our diagnostic can detect CTCs as well or in some cases better than currently employed assays," said Dr. Philip M. Sass, Chairman, President, and CEO of Liquid Biotech USA, Inc. "We have several other clinical studies ongoing and as we accumulate more data we plan on working towards submission of a 510(k) to FDA in the near future."
"We are extremely pleased with our progress at this stage in our development and look forward to using the milestone payment toward the achievement of our clinical objectives, as they relate to our eventual 501K submission," stated Jeffrey M. Janco, Executive Vice President, Chief Operating Officer and member of the Board of Liquid Biotech USA, Inc.
About Liquid Biotech USA
Liquid Biotech USA, Inc.'s mission is to employ our novel, proprietary technology to isolate, enumerate and genetically analyze circulating tumor cells (CTCs) in cancer patients in order to develop sensitive, non-invasive diagnostic testing to enable physicians to better manage their patients' cancer. In addition, we support internal, corporate, and academic research by isolating and analyzing individual CTCs, employing next generation DNA sequencing technology to discover novel cancer driver genes to support drug development efforts of our partners, develop next generation stage specific cancer biomarkers, and support companion diagnostics.
Company Contact:
Dr. Philip M. Sass
Chairman, President and CEO
Liquid Biotech USA, Inc.
[email protected]
www.liquidbiotechusa.com
SOURCE Liquid Biotech USA, Inc.
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