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SOURCE BioLight Life Sciences Investments Ltd.
Study shows that in 95% of cases CellDetect™ distinguished staining and succeeded in identifying the cancerous cells
TEL AVIV, Israel, Feb. 4, 2014 /PRNewswire/ -- BioLight Life Sciences Investments Ltd. (OTC: BLGTY, TASE: BOLT), a firm that invests in, manages and commercializes biomedical innovations grouped into clusters around defined medical conditions, announced today that Micromedic Technologies (TASE: MCTC), BioLight's cancer diagnostic cluster company, has expanded its sales in the Chinese market.
Micromedic reported positive results from a post marketing pilot study conducted in a central hospital in Beijing using the CellDetect™ product for the detection and identification of cervical cancer. The Company also announced receipt of an order for the purchase of 100,000 cervical cancer detection kits from its strategic partner in China, Biomics Co., which builds upon the first commercial order from Biomics for 20,000 kits.
In the post marketing pilot study Micromedic's CellDetect™ product was tested for approximately three months and was used in 172 samples from women with cervical cancer or pre-cancer in China. The hospital that conducted the study reported that in 95% of the cases the product successfully showed the distinguishing staining. As such, it correctly identified the cancerous cells and improves the analysis process made by pathologists, and therefore is likely to reduce healthcare costs. Subsequently, the report recommended the introduction of Micromedic's product into routine testing for identifying cervical cancer.
The Chinese local distributor believes that these positive results will enable further penetration into the market segment at a price that is higher than the first order.
Similar interim results were obtained from another central hospital in Beijing that also participated in the post marketing pilot trials. Biomics expects final results from this second hospital to be reported late in the first quarter of 2014.
In March 2013 Micromedic signed a strategic agreement with Biomics, a company incorporated under the laws of the People's Republic of China, to supply and distribute Micromedic's CellDetect™ product for the detection and identification of cervical cancer in China. The Chinese Food and Drugs Authority (CFDA) previously approved the sale of the CellDetect™ product.
Suzana Nahum-Zilberberg, BioLight's CEO and Vice Chairman of Micromedic's Board of Directors, commented, "We are pleased with Micromedic's success in its post marketing pilot trial in China as the positive results are an important step in its strategy to penetrate the Chinese market and expand sales. We believe the CellDetect™ product will prove to be of great value in identifying disease in these developing markets and that the adoption of this technology by central hospitals in Beijing is testament to the product's advantages and its importance."
Micromedic believes CellDetect™ has a competitive advantage in developing markets such as China and India, with China being one of its primary commercial targets. Similarly, Micromedic recently signed a memorandum of understanding with a leading chain of more than 30 oncologic hospitals in India known for the treatment of cancer to begin cooperation in commercializing the product.
The CellDetect™ product for the detection and identification of cervical cancer also has regulatory clearances for sale in Europe and Israel.
About Cervical Cancer
Cervical cancer is the second leading cause of cancer death among women worldwide and approximately 85% of all cases are diagnosed in developing or under-developed regions. The global market for cervical cancer detection screening tests is estimated to be about $2 billion annually.
The CellDetect™ technology uses proprietary staining to help distinguish cancerous cells from healthy cells. This technology facilitates the performance of tests for detecting cancer by diagnosing the cancerous cells and also following the reoccurrence of the disease in patients after treatment. Micromedic is using CellDetect™ to detect and identify cervical cancer and monitor the reoccurrence of bladder cancer. The cervical cancer detection screening diagnostic test kit is in the initial commercial stage and Micromedic is conducting a clinical trial to prove its ability to monitor bladder cancer reoccurrence. Micromedic believes that the underlying technology may be adapted for other types of cancer as well.
Micromedic (TASE: MCTC), a subsidiary of BioLight, engages in the investment, management and promotion of products for the early detection of cancers and to match personal treatment to the patient. Micromedic's investment model is designed to create synergies between its technologies, enabling tackling the problem from different viewpoints, expanding exposure to new ideas and approaches, exploiting economies of scale, reducing time to market and increasing shareholder value. Micromedic has extensive collaborations with commercial companies and research institutions worldwide.
For further information please visit www.m-medic.com
BioLight Life Sciences Investments (OTC: BLGTY, TASE: BOLT), invests in, manages and commercializes biomedical innovations grouped into "clusters" around defined medical conditions. The two current clusters are in ophthalmology via 100% ownership of XLVision Sciences, and in cancer diagnostics via a 29% controlling ownership of Micromedic (TASE: MCTC). XLVision technologies include IOPtimate™, a laser-based noninvasive surgical treatment for glaucoma; TeaRx, a point-of-care dry-eye syndrome diagnostic test; and Eye-D™, a long-term controlled release drug-delivery implant platform. Micromedic diagnostic tests are designated for colorectal, cervical, breast, bladder, lung and other cancers.
For more information please visit the Company's website at www.bio-light.co.il
This press release contains forward looking statements on our current expectations and projections about future events. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about us and our affiliate companies. There can be no assurance that such results will be realized and actual results in each case could differ materially from those currently anticipated in such statements as a result of various factors. BioLight is not under any obligation to update or correct any future forecasts and/or forecasting statements to reflect events or circumstances after the date of this press release. BioLight makes no express or implied representation or warranty as to the achievement of the forecasts or the accuracy or completeness of the information contained herein. BioLight expressly disclaims any and all liability which may be based on such information, errors therein or omissions therefrom. This press release does not constitute an offer to sell or the solicitation of an offer to subscribe for or buy or sell securities of BioLight
Itai Bar-Natan, CFO (email@example.com)
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