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Vancouver, B.C. / TheNewswire / June 12, 2015 - Network Oncology Inc. ("Network Oncology", "the Company") announces the Company has acquired an exclusive worldwide license for a proprietary rapid point-of-care test for the detection of the Ebola virus in humans ("Ebola Test Kit Technology"). The Ebola Test Kit Technology works on a proprietary immunofiltration platform developed by privately held bioLytical Laboratories Inc. ("bioLytical") of Richmond, B.C. and provides results, using only fingerstick blood samples, in as little as 60 seconds which can be utilized in the field worldwide. bioLytical currently manufactures and sells a highly accurate HIV test that provides results in as little as 60 seconds translating into a compelling value proposition for patients, healthcare professionals and public health organizations.
The Company plans to complete commercial development of the existing technology and gain regulatory clearances to sell the test kits internationally, prioritizing countries with recent outbreaks of Ebola. Following the recent outbreak in West Africa, Ebola remains a large global issue as re-emergence of this deadly infection can occur at any time with little or no warning. The Ebola virus causes an acute, serious illness, which is often fatal if untreated. According to the World Health Organization1, the average Ebola virus disease case fatality rate is about 50%.
"There is a very short time window for the accurate detection of the Ebola virus in an infected individual before it's too late and the patient succumbs to the rapid progression of the disease. bioLytical's innovative, new assay detects very low levels of the Ebola virus which is critical to early diagnosis and furthermore provides results in as little as 60 seconds," said Rick Galli, Chief Technical Officer of bioLytical. "A 60 second test is a game-changer, allowing for the masses to be screened quickly and efficiently in remote areas and at airports, seaports and other points of entry."
"This license agreement with bioLytical Laboratories enables the Company to expand beyond oncology into medical diagnostic testing and grow our international marketing and distribution network over the coming months," said Manfred von Nostitz, President of Network Oncology. "From the patient's perspective, as well as from a healthcare professional's perspective, the commercialization of a rapid Ebola test will redefine the effectiveness of screening for this deadly disease. Implications are relevant to limit the spread of Ebola and trigger earlier treatment through fast detection. We are pleased to enter this partnership with bioLytical since we are committed to providing the healthcare community with better tests and new applications that ultimately translate into better treatment outcomes for patients and protection to society at large."
The Company has agreed to pay a non-refundable sum of $250,000 in cash and issue 15,000,000 common shares at a deemed price of $0.10 per share to bioLytical to acquire the Ebola Test Kit Technology. After commercialization is complete, a 9% royalty on net sales will also be paid to bioLytical in perpetuity for the license's 20 year term.
1 World Health Organization: Ebola Virus Disease Fact Sheet. http://www.who.int/mediacentre/factsheets/fs103/en/
About bioLytical Laboratories: bioLytical Laboratories Inc. is a privately owned Canadian company engaged in the research, development and commercialization of rapid, point-of-care in vitro medical diagnostics using its proprietary INSTI(TM) technology platform with a concentration on HIV. Today, the company markets and sells its signature INSTI(TM) HIV test and has a world- wide footprint of regulatory approvals including U.S. FDA approval, Health Canada approval and CE mark from European regulators. bioLytical has an active R&D program and their pipeline includes INSTI(TM) tests for diseases such as Hepatitis C and Ebola. For more information on bioLytical Laboratories, please visit www.biolytical.com.
About Network Oncology Inc.: Network has acquired and is currently selling a core portfolio of oncology generic products for the European markets with possible expansion to other territories. The Company is commercially focused and is dedicated to serving the oncology marketplace by understanding local market dynamics and its customers unmet needs. In addition, the Company has the ability to identify and pursue profitable segments of the oncology market in conjunction with providing value-added products and support services for its portfolio. Network also possesses the knowledge and capability to develop and commercialize differentiated versions of existing cancer products where an unmet need currently exists.
Further Information
Further details are available under the Company's profile on SEDAR at www.sedar.com, and the Company's profile on the CSE's website at www.cnsx.ca, and the Company's website at www.networkoncology.com .
For further information please contact:
Bill Thomas, CFO, and Director
Telephone: +353(0)874601340
E-mail: info@networkoncology.com
Website: www.networkoncology.com
Canadian Securities Exchange (CSE): Symbol NOI
Deutsche Boerse Xetra - Frankfurt Stock Exchange: Symbol 2NY; WKN#: A11827
Forward-Looking Information: This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of the Company. Forward-looking information is based on certain key expectations and assumptions made by the management of the Company including future plans for the development and sale of oncological pharmaceutical products as well as new products relating to disease testing. Although the Company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Forward-looking statements contained in this press release are made as of the date of this press release. The Company disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact, included in this release are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include the failure to satisfy the conditions of the Canadian Securities Exchange and other risks detailed from time to time in the filings made by the Company with securities regulators.
The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
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