Transgenomic Licenses Commercial Rights to Its Long QT Syndrome DNA Testing Portfolio to LabCorp
- July 20th, 2016
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LabCorp’s DNA Testing for Long QT Syndrome, a Congenital Heart Rhythm Disorder Associated with Potentially Lethal Arrhythmias, is Enhanced by TBIO’s Intellectual Property
OMAHA, NE / CRWE PRESS RELEASE / July 20, 2016 - Transgenomic, Inc. (TBIO), (NASDAQ: TBIO), today announced that it has signed a commercial license agreement with Laboratory Corporation of America® Holdings (LabCorp®) (NYSE: LH) for TBIO’s portfolio of intellectual property pertaining to DNA susceptibility testing for Long QT syndrome (LQTS), a primarily congenital heart rhythm disorder that is associated with potentially lethal cardiac arrhythmias. Certain prescription medications and activities can trigger LQTS in susceptible individuals, so accurately identifying individuals at risk is important. Further details of the non-exclusive agreement were not disclosed.
TBIO President and CEO Paul Kinnon commented, “We are delighted to license our Long QT syndrome DNA testing portfolio to LabCorp, one of the premier diagnostic testing companies in the US. The portfolio includes relevant intellectual property from a number of major research and commercial institutions, and we believe it produces more comprehensive and accurate test results. LabCorp has the scale and reach to ensure that this superior LQTS testing is broadly available to patients who might benefit, with the potential to reduce the burden of this dangerous condition and improve overall patient care.”
Mr. Kinnon continued, “This royalty-generating agreement with LabCorp is the most recent example of our ongoing strategy to monetize our non-core assets, as we continue to focus on advancing the commercialization of our enabling ICE COLD-PCR technology for precision medicine.”
Long QT syndrome is a heart condition in which delayed repolarization of the heart following a heartbeat increases the risk of episodes of irregular heartbeats. These episodes may lead to fainting or sudden death due to ventricular fibrillation. In some individuals, the QT prolongation occurs after the administration of certain medications or sports activities. LQTS is primarily a congenital condition but it can also be acquired as a result of severe malnutrition. Genetic testing can help identify people at risk of Long QT syndrome and, by detecting the presence of specific LQTS genetic variants, testing can also help physicians identify the most appropriate treatment and monitoring plan for individual patients.
“We are very excited to enhance LabCorp’s Long QT syndrome testing through this agreement with Transgenomic,” said Marcia Eisenberg, PhD, Chief Scientific Officer of LabCorp Diagnostics. “Providing potentially life-saving information about additional mutations associated with Long QT syndrome is a further example of LabCorp fulfilling its mission to improve health and lives through world-class diagnostics.”
Transgenomic, Inc. is a global biotechnology company advancing personalized medicine in cardiology, oncology, and inherited diseases through advanced diagnostic technologies, such as its revolutionary ICE COLD-PCR. Transgenomic also provides specialized clinical and research services to biopharmaceutical companies developing targeted therapies. Transgenomic’s diagnostic technologies are designed to improve medical diagnoses and patient outcomes.
Certain statements in this press release constitute “forward-looking statements” of Transgenomic within the meaning of the Private Securities Litigation Reform Act of 1995, which involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results, performance or achievements expressed or implied by such statements. The known risks, uncertainties and other factors affecting these forward-looking statements are described from time to time in Transgenomic’s filings with the Securities and Exchange Commission, including in Transgenomic’s Annual Report on Form 10-K, filed with the Securities and Exchange Commission on April 14, 2016. Any change in such factors, risks and uncertainties may cause the actual results, events and performance to differ materially from those referred to in such statements. Accordingly, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 with respect to all statements contained in this press release. All information in this press release is as of the date of the release and Transgenomic does not undertake any duty to update this information, including any forward-looking statements, unless required by law.
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Source: Transgenomic, Inc.