Japan s Mitsui Makes Equity Investment in Correlogic

NEW YORK, Feb. 10 (GenomeWeb News) -  Tokyo-based Mitsui today announced an equity investment in Correlogic Systems of Bethesda, Md.

Terms of the deal were not disclosed.

Mitsui, Japan's second largest trading house, behind Mitsubishi, said that it has also signed a memorandum of understanding to explore creating a Japan-based joint venture for the deployment of Correlogic's proteomics-based diagnostic testing technology.

The investment was conducted by the business development segment of the Mitsui's Performance Chemicals unit. The company said it was attracted by the potential of Correlogic's technology to detect a range of disease states. Mitsui will be exploring the validation of the technology with Japanese patients for a number of disease states, including cancers most prevalent in Japan, the company said in a statement.

Correlogic has entered into licensing agreements with Laboratory Corp. of America and Quest Diagnostics for the North American market development and commercialization of a diagnostic test applying Correlogic's technology to ovarian cancer.