Albuquerque, N.M, and Research Triangle Park, N.C. (Nov. 15, 2010) – Cancer diagnostics company Biomoda, Inc. (OTC BB: BMOD) has allied with Quintiles Global Central Laboratories to help refine the automated image recognition system for measuring the photon emission rate and cell morphology of CyPath®-stained cells to detect early stage lung cancer.
“One of the key prerequisites prior to commercialization is a highly accurate, fully automated system for reading the assay with state-of-the-art digital technology,” Biomoda President John Cousins said. “Quintiles is the perfect partner for us as we develop our own expert system of digital cytopathology for cancer cell identification. Their in-house pathology capabilities and expertise in tissue-based testing are second to none.”
“We look forward to harnessing innovative pathology and digital technologies with Biomoda to streamline and improve the selection of cancer patients in the New Health,” said Christopher Ung, Vice President, Strategic Business & Operations, Oncology, Quintiles. “Quintiles is committed to alliances that support advances in personalized medicine and the development of safer, more effective targeted therapies.”
Biomoda’s CyPath® labeling solution for the early detection of cancers binds to cancer cells and fluoresces under specific frequencies of medium light. Biomoda is seeking Food and Drug Administration (FDA) approval of its cytology-based screening technology as a Class III medical device. Pending FDA approval, CyPath® is for investigational use only.
Under the terms of the agreement, Quintiles will review CyPath®-stained slides and pap-stained slides to analyze the cell matrices and help Biomoda further calibrate the “signature” of cancer and other aberrant cells that have been labeled with the CyPath® solution.
Quintiles develops proprietary and novel biomarker tests for analyzing genes and proteins that affect cancer cell growth and mutation, and performs these assays at labs in the United States, Scotland and China. Quintiles has the largest and now entirely CAP-accredited central laboratory network in the world, with wholly owned facilities in the United States, Europe, South Africa, India, China, Singapore and Japan, and a tightly controlled network of affiliate laboratories in Argentina and Brazil.
Biomoda (www.biomoda.com) is a cancer diagnostics company focused on the development of accurate, inexpensive and noninvasive tests for the early detection of cancer. In addition to its first product for lung cancer, diagnostic assays for cervical, breast, colorectal, bladder, and oral cancers are targeted for development.
Quintiles is the only fully integrated biopharmaceutical services company offering clinical, commercial, consulting and capital solutions worldwide. The Quintiles network of more than 20,000 engaged professionals in 60 countries works with an unwavering commitment to patients, safety and ethics. Quintiles helps bio pharmaceutical companies navigate risk and seize opportunities in an environment where change is constant. For more information, please visit www.quintiles.com.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on estimates, projections, beliefs and assumptions of Biomoda management at the time of such statements and are not guarantees of future performance. Forward-looking statements involve risks and uncertainties in predicting future results and conditions. Actual results could differ materially from those projected in these forward-looking statements due to a variety of factors, including, without limitation, the acceptance by customers of our products, our ability to develop new products cost-effectively, our ability to raise capital in the future, the development by competitors of products using improved or alternative technology, the retention of key employees and general economic conditions. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the Company’s reports and registration statements filed with the Securities and Exchange Commission, including those under the heading "Risk Factors" in the Company's Annual Report on Form 10-K filed with the SEC on March 30, 2010. Forward-looking statements are made as of the date of this press release and are subject to change without notice.