Expression Pathology Raises $6.5 Million to Develop Personalized Medicine Assays for Protein Biomarkers in FFPE Tissue
Proprietary tissue proteomics platform and strategic vision for future growth in pre-clinical and clinical biomarker research spur new financing
ROCKVILLE, Md., April 20 /PRNewswire/ -- Expression Pathology Inc., a leading developer of technology for tissue protein analysis, announced that it has received additional financing of $6.5 million. The financing was led exclusively by Abraxis BioScience, a fully integrated, global biotechnology company.
The financing will be used to apply Expression Pathology's patented Liquid Tissue(R) proteomics technology in developing proprietary, personalized medicine clinical assays that relate measurement of protein biomarkers of drug response and disease prognosis to specific patient treatment decisions.
"Formalin-fixed paraffin-embedded tissue is the standard form of patient tumor and biopsy samples worldwide," said Casey Eitner, President and CEO of Expression Pathology. "We believe the ability of our technology to interrogate archived tissue collections to discover and validate protein biomarkers that relate to disease progression, drug response and toxicity, and to measure those biomarkers accurately in standard tissue from clinical trials and medical care, will translate into a tremendously valuable asset. We are pleased that Abraxis shares this vision."
"Expression Pathology has created unique technology solutions for tissue protein analysis," said Lex Van der Ploeg, Senior Vice President of Integrative Medicine and Translational Science at Abraxis, and a Board Member of Expression Pathology. "Abraxis is looking forward to harnessing these technologies and clinical assays in its development and diagnostic programs, and to benefiting from the value which is being created by growing interest from biopharmaceutical companies and academic research groups, who are increasingly seeking to access Expression Pathology's technologies to accelerate their own research and drug development."
About Abraxis BioScience
Abraxis BioScience is a fully integrated global biotechnology company dedicated to the discovery, development and delivery of next-generation therapeutics and core technologies that offer patients safer and more effective treatments for cancer and other critical illnesses. The company's portfolio includes the world's first and only protein-bound nanoparticle chemotherapeutic compound (ABRAXANE), which is based on the company's proprietary tumor targeting technology known as the nab(R) platform. The first FDA approved product to use this nab(R) platform, ABRAXANE, was launched in 2005 for the treatment of metastatic breast cancer. Abraxis trades on the NASDAQ Global Market under the symbol ABII. For more information, please visit www.abraxisbio.com.
About Expression Pathology Inc.
Expression Pathology Inc., Gaithersburg, MD, has developed proprietary techniques for discovery and analysis of protein biomarkers in tissue. The company's Director(R) laser microdissection slides enable precise, rapid, automated collection of specific cellular features from tumor tissue. Its Liquid Tissue(R) reagent technology makes possible discovery and measurement of proteins in formalin-fixed tissue by mass spectrometry. EPI employs its Liquid Tissue(R) proteomics platform in its own and collaborative biomarker discovery and assay development programs, and offers contract research services and products. For more information, please visit www.expressionpathology.com.
CONTACT: Peter Tunon, VP Sales and Marketing of Expression Pathology,
+1-301-977-3654, p.tunon@expressionpathology.com; or Maili Bergman,
Director Corporate Communications of Abraxis BioScience, Inc.,
+1-310-405-7522, mbergman@abraxisbio.com
Web site: http://www.expressionpathology.com/