Competition in the works??????
While watching The Nightly Business Report, they listed the highest percentage mover today on NASDAQ as Biomerica, a company that has developed a test kit for prostate cancer. It moved from 2+ points to 9+ points today. Quite a gain. In checking for any news on the company I found this press release on the WSJ site.
NEWPORT BEACH, Calif., June 12 /PRNewswire/ -- Biomerica Inc., (Nasdaq: BMRA)
announced today that it will introduce a 5 minute rapid diagnostic test for detecting Prostate
Specific Antigen (PSA), an early warning indicator of Prostate Cancer. The new PSA test will be
first marketed outside the United States and later will be sold in the U.S. after receiving FDA
clearance. The product is a part of BIOMERICA's "Rapid Diagnostic" product line which includes
tests for detecting: Fecal Occult Blood (an early warning sign of bowel problems including
colorectal cancer), Pregnancy, Ovulation and Blood in Urine.
In 1996 over 200,000 new cases of prostate cancer will be diagnosed in the U.S. and
approximately 40,000 men will die from the disease. Prostate cancer in the U.S. is the number two
killer of men followed only by lung cancer.
The product, which will be marketed under the trade-name, EZ- PSA(TM), is a simple five (5)
minute test which doctors can use while the patient is in the office. The EZ-PSA test utilizes an
advanced technology and is as simple to use as a home pregnancy test. The test only requires a
few drops of blood. EZ-PSA is a part of Biomerica's affordable line of Rapid Tests designed to
detect diseases before they become catastrophic and costly to treat. Initially EZ-PSA will be
directed to researchers and then marketed to doctors.
Biomerica's President, Joseph Irani, stated, "We believe the new EZ- PSA test will contribute a
significant revenue stream in the future. The test is inexpensive and easy to use. There should be no
reason that men over 50 years of age do not get tested for this deadly disease."
BIOMERICA (NASDAQ: BMRA) is a medical company engaged in the development,
manufacturing and marketing of advanced medical diagnostic products, including home self-testing.
/CONTACT: Investor Relations of Biomerica, 714-645-2111/
08:43 EDT
How this relates to Matritech's product isn't clear to me. However, since the article refers to needing FDA approval it may be too little too late depending upon where they are in the FDA approval process as compared to Matritech. I am anxious to hear Matritech's response to the news. |
