How about more...
NEWTON, Mass., July 8 (Reuter) - Matritech Inc Chief Executive Stephen
Chubb said Monday's approval by the U.S. Food and Drug Administration of its
bladder cancer test paves the way for a similiar test for colon cancer and
other uses.
The NMP22 test kit, a painless, low-cost alternative to cystoscopy to
monitor bladder cancer, is the first Nuclear Matrix Protein-based diagnostic
product to be approved by the FDA, Matritech said.
"The approval by the FDA represents the first in a series of NMP
products," Chubb said during a conference call.
Matritech will begin clinical trials for an NMP test kit for colon cancer
this year and also start sales outside the United States this year, Chubb
said.
Matritech will launch the bladder cancer test kit this month in the
United States. Matritech President David Corbet said the initial market for
the test kit is more than $100 million, but would more than double if the FDA
approved it as a screen for bladder cancer. "We think that the test can be
run virtually each time a physician now would be doing a cystoscopy," Corbet
said. "That number we think can easily double if the test is incorporated
into screening," he said.
Chubb said Matritech has the exclusive rights to the NMP technology,
developed at the Massachusetts Institute of Technology, until 2006 and has 11
patents pending based on the technology.
Chubb said given the recent downturn in the company's share price,
Matritech is still considering whether to proceed with its offering of 1.8
million shares.
"We are in registration, we have it pending...but price is being taken
into consideration," he said.
Chubb said shareholders would see a "positive trend in progess" when
Matritech releases its second quarter earnings report in August.
-- Michael Ellis, Boston bureau, (617) 367-4176
13:07 07-08-96
What the hell, I'm a little excited for the co... |
