Molecular Profiling Institute secures $7.5 million in Series B funding

10/27/05

AmeriPath, Affymetrix, and Gen-Probe provide funding to accelerate the introduction of new genetic-based prognostics to cancer patients

Phoenix, AZ October 27, 205--The Molecular Profiling Institute, Inc. (Molecular Profiling) today announced that it has secured $7.5 million in capital through a Series B financing from three key investors: AmeriPath, Affymetrix and Gen-Probe Incorporated. Molecular Profiling is a leading specialty reference laboratory that utilizes proprietary genomic analysis methods to guide treatment decisions for cancer patients.

"Our series B funding will accelerate the introduction of our new genetic-based profiling to oncology patients," said Dr. Robert J. Penny, Molecular Profiling President and CEO.

The funding will be utilized to launch additional molecular tests in the areas of breast cancer, prostate cancer, and lymphoma and to develop additional assays through collaborations in clinical trials that indicate populations of patients who may best respond to targeted cancer therapies. Among the testing offered, Molecular Profiling has an exclusive license to provide the MammaPrint® 70 gene breast cancer prognostic in the United States and also provides tissue banking and analysis services for a number of pharmaceutical organizations.

Molecular Profiling's advanced tests are provided principally through their partner AmeriPath, one of the leading anatomic pathology laboratory companies in the United States. "Following AmeriPath's planned acquisition of Specialty Laboratories, an enhanced role in Molecular Profiling enables us to better provide the latest and best testing for cancer patients to a wider patient base," said Keith Laughman, President for Esoteric Services at AmeriPath. "Molecular Profiling gives us unique access to a top genetic testing laboratory and a pipeline to unique proprietary testing, which is important to our pathologists as we deliver premier healthcare to the communities and the patients that we serve."

Robert Lipshutz, Ph.D., Senior Vice President, Emerging Markets and Molecular Diagnostics at Affymetrix stated that "We are pleased to be working with Molecular Profiling to accelerate scientific breakthroughs that will help improve patient care." Affymetrix' GeneChip technology enables researchers to identify and measure genes that are similarly expressed among a group of people who share the same disease.

Gen-Probe, which manufactures a broad portfolio of diagnostic and blood screening products to detect a variety of diseases, has also established a collaboration with Molecular Profiling to validate and commercialize certain of its investigational assays. The first will be the investigational PCA3 test, which is intended as an aid in the diagnosis of prostate cancer. Henry L. Nordhoff, Chairman, President and CEO of Gen-Probe stated that "Molecular Profiling has the capability to facilitate our product validation and market entry."

Molecular Profiling was founded as the conduit for the commercial application of the Translational Genomics Research Institute's (TGen) research projects and the International Genomics Consortium's (IGC) tissue banking and analysis capabilities.

Source: Eurekalert & others

Last reviewed: By John M. Grohol, Psy.D. on 21 Feb 2009
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