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J&J Unit Veridex Licenses OncoMethylome's Prostate Cancer Dx

NEW YORK (GenomeWeb News) — OncoMethylome Sciences today said it has licensed a prostate cancer test it is developing to Johnson & Johnson subsidiary Veridex.
OncoMethylome said it has completed the initial research phase of the urine-based test, and said Veridex will finish developing it and will have the rights to market the resulting product worldwide.
The company said that under the agreement it will receive an undisclosed milestone payment now and will be due royalties and sales milestones in the future.  
OncoMethylome said a urine-based test is better than tissue-based tests because 75 percent of the biopsies that are performed based on prostate-specific antigens return negative results, and because those tests sometimes miss cancer when it is present.
Financial terms of the deal were not released.

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