PLEXERA BIOSCIENCE AND MITOSCIENCES INC. ANNOUNCE COLLABORATION ON MITOCHONDRIAL ARRAY
Letter of Intent Outlines Commercial Path for Mitochondrial Antibody Arrays for Use on the ProteomicProcessorTM
Bothell, Wash. (Sept. 25th, 2007) — Plexera Bioscience LLC, a wholly owned subsidiary of Lumera Corporation (NASDAQ:LMRA), and MitoSciences Inc., developers of antibodies and assays for understanding mitochondrial function, announced today that they have entered into an agreement that outlines a commercial path for an antibody array product which is enabled with Plexera’s ProteomicProcessorTM and MitoSciences' proprietary antibodies.
This product development is in conjunction with a separate and previously announced agreement with the Medical University of South Carolina in which researchers there are building a protein expression profiling assay with Mitosciences’ antibodies and Plexera’s ProteomicProcessorTM.
“Changes in mitochondrial proteins are known to be markers for certain pathologies and many adverse drug effects. We feel that by combining MitoSciences' well characterized antibodies and Plexera’s ProteomicProcessorTM we will have an assay that will have significant time and cost advantages over existing technologies. Perhaps as important will be our ability to identify and characterize multiple protein markers in one assay,” said Dr. Craig Beeson, Associate Professor of Pharmaceutical Sciences at MUSC and the Principle Investigator on this project.
“We are excited to be working along side of MitoSciences and believe that combining their content with our detection platform has very exciting commercial prospects.” said Dr. Tim Londergan, President and Chief Operating Officer of Plexera. “This has the potential to become a mainstream assay in the ADME and toxicology market as pharmaceutical companies desperately need to find new ways to screen and eliminate problematic compounds sooner in the process.”
The total U.S. ADME/Tox market was estimated to be $1.1 billion in 2003 and is expected to grow to $2.8 billion by 2009, representing a compound annual growth rate of 17.2%. Failures of pipeline drugs due to ADME and toxicology are estimated to be in the 50% to 60% range, making it the number one reason for preclinical attrition, according to market research firm Business Insights, Ltd. High-throughout technologies that quickly and efficiently identify toxic drug compounds promise to increase the success rate of new pharmaceutical drug development.
“This agreement is the first step in what we hope to be a long and prosperous commercial relationship with Plexera. Plexera’s interest in accessing our proprietary antibody library for use with the ProteomicProcessorTM further validates the market’s demand for more advanced mitochondrial related assays.” said John Audette, President of MitoSciences.
About Plexera Bioscience LLC
Plexera Bioscience LLC was established in July of 2007 as wholly owned subsidiary of Lumera Corporation (NASDAQ:LMRA), and is focused on providing the life sciences market with tools, content, and methods to simplify and accelerate proteomic discovery for therapeutic antibodies as well as predictive biomarkers.
About MitoSciences Inc.
MitoSciences is the leading developer of assays and antibodies for understanding mitochondrial function, and its products are used worldwide in life science research, drug development, and diagnostics. MitoSciences' MitoProfile® product line includes drug toxicity tests, point-of-care products for enzymatic testing, and a developing line of multiplexing assays for mitochondrial diseases and dysfunction.
Certain statements contained in this release are forward-looking statements that involve a number of risks and uncertainties. Factors that could cause actual results to differ materially from those projected in the company's forward-looking statements include the following: market acceptance of our technologies and products; our ability to obtain financing; our financial and technical resources relative to those of our competitors; our ability to keep up with rapid technological change; government regulation of our technologies; our ability to enforce our intellectual property rights and protect our proprietary technologies; the ability to obtain additional contract awards and to develop partnership opportunities; the timing of commercial product launches; the ability to achieve key technical milestones in key products; and other risk factors identified from time to time in the company's SEC reports, including its Annual Report on Form 10-K, and its Quarterly Reports on Form 10-Q.
Helene F. Jaillet, Ph.D, (Investor Relations), Lumera Corporation, 425-398-6546
Katie Fidler, Communications Manager, MitoSciences Inc., 541-284-1800
Todd Wolfenbarger, (Media), The Summit Group Communications, 801-595-1155, 801-244-9600 cell
SOURCE: Lumera Corporation