NMPS looks strong going forward, and either its going to move up further or be bought out at a substantial premium, as the technology appears sound and it looks very undervalued currently.
Tuesday August 29, 9:15 am Eastern Time
Press Release
SOURCE: Matritech, Inc.
Matritech's Proteomics Discovery Process Successfully Detects Markers For Colon Cancer
Level of accuracy similar to NMP66 for breast cancer
NEWTON, Mass., Aug. 29 /PRNewswire/ -- Matritech Inc. (Nasdaq: NMPS - news), a cancer-detection company using proprietary proteomics discovery processes to identify and commercialize proteins as cancer markers, announced the completion of preliminary testing which confirmed the presence of colon cancer-specific proteins in the blood of patients with this disease.
In a study which tested the blood from twenty (20) colon cancer patients and twenty (20) normal individuals, Matritech scientists found elevated levels of specific proteins in the blood of all of the individuals with cancer and, by contrast, found no evidence of such proteins in the blood of any normal individuals.
The process used by the Matritech scientists permits discovery of cancer- specific proteins, which was also the basis for the company's NMP66 breast cancer blood test. The company is using this same discovery process to identify new cancer proteins in the blood of prostate cancer patients, and intends to apply the same process to other cancer types in the future.
``We are encouraged by the broad applicability of our proteomic discovery process,'' said Dr. Ying-Jye Wu, Matritech's Vice President of Research and Development. ``Additional testing is underway to verify the identity of the proteins detected in the blood of these patients. Having successfully applied our process to breast and colon cancer, we feel that we have established a proven discovery platform applicable to the majority of other forms of cancer.
``While testing of additional blood specimens continues, we are strengthening our patent position in these new markers,'' added Dr. Wu. ``We intend to add these colon cancer markers to our existing patent portfolio consisting of sixteen U.S. patents.''
``Identification and management of individuals with colon cancer would be vastly improved by the availability of an accurate blood based tumor marker,'' said Stephen D. Chubb, chairman and chief executive officer of Matritech. ``When colon cancer is discovered at its earliest stage, the five-year survival rate is over ninety percent. The key to reducing mortality from this disease is earlier, more accurate information than is available to clinicians today. If further testing continues to show this level of accuracy, we will be one step closer to reducing mortality from this disease.''
During the next several months, the Company's scientists will examine additional blood samples from colon cancer patients for the presence of these colon cancer proteins, which may be useful in the early detection of colon cancer. The approach that the company plans to take for colon cancer will be similar to that taken at this stage of its successful NMP66 breast cancer- testing program. Samples will be tested from patients at different stages of colon cancer, in addition to those with benign conditions such as colorectal polyps, inflammatory bowel disease and Crohn's disease.
Detection of these colon cancer markers in blood was accomplished using a novel approach for cancer marker detection, mass spectrometry, a technique which the Company believes is immediately applicable to other cancer tests it is developing, including prostate cancer. Mass spectrometry techniques for detecting the elevation of specific proteins in blood is expected to improve the accuracy of the tests in development by Matritech as well as expedite the introduction of these second generation, blood-based cancer diagnostic tests in clinical laboratories worldwide.
According to the American Cancer Society (ACS), colon cancer is the third most common type of cancer. The ACS estimates that there will be approximately 130,200 cases of colon cancer in 2000, resulting in 56,300 deaths.
Matritech's nuclear matrix protein (NMP) core technology correlates levels of NMPs in body fluids to the presence of cancer. Multiple published clinical studies have validated this ability of NMPs to detect early-stage cancer. Matritech has a deep pipeline of NMP-based products in pre-clinical and clinical development for the detection of major cancers including bladder, cervical, breast, colon and prostate cancers. The NMP22 Test Kit is cleared for marketing in the United States for management and screening of individuals at risk of bladder cancer. It is also sold in Europe and Japan, where it is approved for bladder cancer screening.
Matritech, Inc. based in Newton Mass., is using its proprietary NMP technology, discovered at the Massachusetts Institute of Technology, and licensed exclusively to Matritech, to develop and commercialize innovative serum-,cell- and urine based NMP diagnostic products.
Statement Under the Private Securities Litigation Reform Act
Any forward-looking statements related to the Company's expectations regarding the performance, timing or extent of market acceptance, and regulatory approvals of the Company's blood-based cancer tests are subject to a number of risks and uncertainties, many of which are beyond the Company's control. These include, but are not limited to, risks related to the Company's limited capital resources, unforeseen delays in product development or denials of FDA and other regulatory approvals, future product demand and pricing, competitive products and technical developments and general business and economic conditions. There can be no assurances that the Company's expectations for its products will be achieved. |
