LOS ANGELES, Jan. 27, 2014 (GLOBE NEWSWIRE) -- Response Genetics, Inc. (Nasdaq:RGDX), a company focused on the development and sale of molecular diagnostic tests that help determine a patient's response to cancer therapy, today announced that it has achieved its third milestone payment from GlaxoSmithKline LLC ("GSK") related to the issuance of a U.S. patent for detection of BRAF Mutations.
In support of the development of Tafinlar® (dabrafenib), in March 2010, GSK entered into a non-exclusive license agreement with Response Genetics whereby Response Genetics granted GSK a non-exclusive, sublicenseable license to its proprietary PCR analysis technology and diagnostic expertise to assess BRAF gene mutations in human tumor samples. The agreement entitled Response Genetics to certain milestone payments. Response Genetics earned its first milestone payment of $500,000 in July of 2012 for submission of the first Premarket Approval ("PMA") and its second milestone payment of $500,000 in May 2013 for the FDA's approval of the PMA. Response Genetics has now earned its third milestone payment of $500,000 upon notice that its patent entitled "Methods, Primers, Probes and Kits Useful for the Detection of BRAF Mutations" was allowed by the United States Patent and Trademark Office.
"We are extremely pleased to have achieved this milestone," said Thomas A. Bologna, Chairman and CEO of Response Genetics. "The BRAF patent approval is yet another example of the long-standing and mutually-beneficial relationship between Response Genetics and GSK. All of us at Response Genetics take pride in the role we played in the success of this important cancer therapy."
About Response Genetics, Inc.
Response Genetics, Inc. (the "Company") is a CLIA-certified clinical laboratory focused on the development and sale of molecular diagnostic testing services for cancer. The Company's technologies enable extraction and analysis of genetic information derived from tumor cells stored as formalin-fixed and paraffin-embedded specimens. The Company's principal customers include oncologists and pathologists. In addition to diagnostic testing services, the Company generates revenue from the sale of its proprietary analytical pharmacogenomic testing services of clinical trial specimens to the pharmaceutical industry. The Company's headquarters is located in Los Angeles, California. For more information, please visit www.responsegenetics.com.
Forward-Looking Statement Notice
Except for the historical information contained herein, this press release and the statements of representatives of the Company related thereto contain or may contain, among other things, certain forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995.
Such forward-looking statements involve significant risks and uncertainties. Such statements may include, without limitation, statements with respect to the Company's plans, objectives, projections, expectations and intentions, such as the ability of the Company, to provide clinical testing services to the medical community, to continue to strengthen and expand its sales force, to continue to build its digital pathology initiative, to attract and retain qualified management, to continue to strengthen marketing capabilities, to expand the suite of ResponseDX® products, to continue to provide clinical trial support to pharmaceutical clients, to enter into new collaborations with pharmaceutical clients, to enter into areas of companion diagnostics, to continue to execute on its business strategy and operations, to continue to analyze cancer samples and the potential for using the results of this research to develop diagnostic tests for cancer, the usefulness of genetic information to tailor treatment to patients, and other statements identified by words such as "project," "may," "could," "would," "should," "believe," "expect," "anticipate," "estimate," "intend," "plan" or similar expressions.
These statements are based upon the current beliefs and expectations of the Company's management and are subject to significant risks and uncertainties, including those detailed in the Company's filings with the Securities and Exchange Commission. Actual results, including, without limitation, actual sales results, if any, or the application of funds, may differ from those set forth in the forward-looking statements. These forward-looking statements involve certain risks and uncertainties that are subject to change based on various factors (many of which are beyond the Company's control). The Company undertakes no obligation to publicly update forward-looking statements, whether because of new information, future events or otherwise, except as required by law.
CONTACT: Investor Relations Contact:
Peter Rahmer
Trout Group
646-378-2973
Company Contact:
Thomas A. Bologna
Chairman & Chief Executive Officer
323-224-3900
