NEW YORK (GenomeWeb News) — GeneNews today said it will pocket $2 million as part of a deal to develop and validate biomarkers for prostate diseases, including cancer, for an unnamed Asian biomedical consortium.
GeneNews said it will use its Sentinel Principle and Discovery Funnel technologies to find the biomarkers. If a biomarker panel is successfully validated, GeneNews will develop and market a blood-based diagnostic called ProstateSentry.
Toronto-based GeneNews said that under the agreement it will hold all of the intellectual property stemming from the research, but that the consortium will receive “certain royalties” from sales of the product.
The company has a similar blood-based diagnostic for colon cancer, called ColonSentry, in more advanced stages of development.
"While our primary focus is currently on the development of … ColonSentry, this non-dilutive investment will allow us to accelerate the development of a second product in our Sentry pipeline,” GeneNews CEO K. Wayne Marshall said in a statement.
The company did not immediately return a call seeking more information about the consortium.