MISSISSAUGA, ONTARIO--(Marketwire - Nov 20, 2012) - CML HealthCare Inc. (CLC.TO) (the "Company" or "CML"), a leading provider of medical diagnostic services in Canada, today announced an exclusive licensing agreement with Mitomics Inc., the world''s premier developer of mitochondrial DNA-based tests for early disease detection, to make available the Prostate Core Mitomic Test™ (PCMT) to Canadians.
Today approximately 70% of first prostate biopsies come back negative, but half of those patients over time will be diagnosed with prostate cancer and many will require additional biopsies as part of the diagnosis. Mitomics'' PCMT can detect the presence of malignant cells by applying the science of mitochondrial DNA analysis to tissue samples from the first prostate biopsy. Results from PCMT can assist in the diagnosis and management of prostate cancer and may eliminate the need for a subsequent biopsy. Under the agreement, Canadian urologists will be able to order PCMT through CML HealthCare in early 2013. Specimens will be analyzed at Mitomics'' CLIA laboratory in Aurora, Colorado.
"CML HealthCare is proud to offer this advanced diagnostic to assist urologists across Canada with their diagnosis and management of prostate cancer," said Thomas Wellner, President and Chief Executive Officer of CML HealthCare. "The Mitomics relationship is another example of our commitment to add innovative, non-government pay medical diagnostics to our test menu while leveraging our existing business platform. We believe PCMT will provide significant benefits to patients, physicians and the health care system," continued Mr. Wellner.
"With their extensive laboratory and distribution network, CML HealthCare is the ideal partner to offer our Prostate Core Mitomic Test to urologists across Canada," added Robert Poulter, President and Chief Executive Officer of Mitomics. "This agreement is aligned with our commercial strategy to provide broad access to PCMT and further validates the strong demand from physicians to improve the diagnosis of prostate cancer for patients."
According to the Canadian Cancer Society, prostate cancer is the most common cancer among Canadian men (excluding non-melanoma skin cancer). One in seven men will develop prostate cancer during his lifetime and one in 28 will die of it. In 2012, an estimated 26,500 men will be diagnosed with prostate cancer and 4,000 will die of it.
About the Prostate Core Mitomic Test™ (PCMT)
PCMT is a highly advanced, patented test based on the science of mitochondrial DNA (mtDNA). Using previously obtained prostate biopsy tissue, PCMT can determine the presence of malignant cells via a cancerization field effect by detecting underlying molecular alterations in normal-appearing tissue. This is all performed quickly and easily with a simple lab test.
Conducted in Mitomics'' CLIA-certified lab, PCMT uses existing prostate-biopsy material to detect mitochondrial-DNA alterations (called "deletions") that appear in benign tissue when a tumour is present in adjacent tissue. These molecular alterations, known as the cancerization field effect, enhance tumor detection in instances where biopsy cores appear histologically benign because they have failed to intersect tumor tissue. Initial prostate biopsies can miss one-third of all cancers, leading to false-negative results. PCMT provides the clinician with insights far surpassing conventional screening methods. The concurrent high sensitivity of 85% and negative predictive value of 92% contribute unprecedented strength to this assay through its ability to identify prostate cancer. For more information or to order PCMT, please visit http://www.mitomicsinc.com/prostate-core-mitomic-test/. For more information please visit www.mitomicsinc.com. Timing of PCMT availability in Canada from CML HealthCare is scheduled for the first quarter of 2013.
Mitomics provides clinical solutions that deliver the earliest possible detection of disease through mitochondrial DNA-based testing. Using proprietary technology, called Mitomic Technology™, the company has developed a platform on which it is developing an array of molecular tests that address significant needs in oncology. The company''s flagship product, the Prostate Core Mitomic Test™ (PCMT™), was launched in 2011, and is the most accurate and safest test currently on the market for prostate cancer screening. PCMT is a simple test, conducted in Mitomics'' CLIA-certified lab, using existing biopsy tissue to identify the biomarker associated with malignant cells in benign tissue. Mitomics is currently using its platform of mtDNA testing to develop similar tests for the detection of breast cancer, bladder cancer, thyroid cancer, melanoma, ovarian cancer, pancreatic cancer, uterine cancer, and endometriosis. Mitomics is headquartered in Thunder Bay, Ontario, Canada. www.mitomicsinc.com.
About CML HealthCare Inc.
Based in Mississauga, Ontario, CML HealthCare Inc. is Canada''s leading community-based, medical diagnostic services provider operating 140 laboratory collection centres in Ontario, 94 imaging centres in Ontario and British Columbia, and a reference laboratory in Ontario focused on specialized coagulation testing for customers worldwide. CML is publicly-traded on the Toronto Stock Exchange under the symbol "CLC" and has approximately 89.8 million common shares outstanding. For more information, please visit www.cmlhealthcare.com and follow us on Twitter @cmlhealthcare.
Caution concerning forward-looking statements
This document includes forward-looking statements within the meaning of certain securities laws, including the "safe harbour" provisions of the Securities Act (Ontario) and other provincial or territorial securities law in Canada. These forward-looking statements include, among others, statements with respect to our objectives, goals and strategies to achieve those objectives and goals, as well as statements with respect to our beliefs, plans, objectives, expectations, anticipations, estimates and intentions. The words "may", "will", "could", "should", "would", "suspect", "outlook", "believe", "plan", "anticipate", "estimate", "expect", "intend", "forecast", "objective" and "continue" (or the negative thereof), and words and expressions of similar import, are intended to identify forward-looking statements.
By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, which give rise to the possibility that predictions, forecasts, projections and other forward-looking statements will not be achieved. Certain material factors or assumptions are applied in making forward-looking statements and actual results may differ materially from those expressed or implied in such statements. We caution readers not to place undue reliance on these statements, as a number of important factors, many of which are beyond our control, could cause our actual results to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates and intentions expressed in such forward-looking statements. These factors include, but are not limited to: dependence on government-based revenues in Canada; general economic conditions; pending and proposed legislative or regulatory developments in Canada including the impact of changes in laws, regulations and the enforcement thereof; reliance on funding models in Canada; operational and infrastructure risks including possible equipment failure and performance of information technology systems; intensifying competition resulting from established competitors and new entrants in the businesses in which we operate; our ability to complete strategic acquisitions and to integrate our acquisitions successfully; insurance coverage of sufficient scope to satisfy any liability claims; fluctuations in total patient referrals; technological change and obsolescence; loss of services of key senior management personnel; privacy laws; ability to pay dividends in the future; structural subordination of common shares; leverage and restrictive covenants; fluctuations in cash timing and amount of capital expenditures; tax-related risks; unpredictability and volatility of the price of common shares; dilution; and future sales of common shares.
We caution that the foregoing list of important factors that may affect future results is not exhaustive. When reviewing our forward-looking statements, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Additional information about factors that may cause actual results to differ materially from expectations, and about material factors or assumptions applied in making forward-looking statements, may be found in the "Risk Factors" section of our Annual Information Form, under "Business Risks" and elsewhere in our Management''s Discussion and Analysis of Operating Results and Financial Position ("MD&A") for the year ended December 31, 2011 and elsewhere in our filings with Canadian securities regulators. Except as required by Canadian securities law, we do not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time by us or on our behalf. Such statements speak only as of the date made.