Transgenomic Signs Commercialization Collaboration with PerkinElmer for Oncology Diagnostic Test Portfolio

Business Wire

OMAHA, Neb.--(BUSINESS WIRE)--

Transgenomic, Inc. (TBIO), a global biotechnology company advancing personalized medicine in cardiology, oncology, and inherited diseases through diagnostic tests as well as clinical and research services, today announced that it has entered into a collaboration agreement with PerkinElmer, Inc.(PKI) a global leader focused on improving the health and safety of people and the environment, to market and distribute Transgenomic’s oncology diagnostic test portfolio of products in territories outside the United States.

Under the terms of the agreement, effective January 1, 2014, PerkinElmer will have the non-exclusive right to begin sales, marketing, distribution and field service activities on a worldwide basis (excluding US) for Transgenomic’s line of molecular diagnostic oncology products, including CRC RAScan™ and ACE™ kits, for use on the PerkinElmer LabChip® MultiDx platform. The CRC RAScan™ provides a single kit solution for detecting KRAS and NRAS genetic mutations that are highly relevant when considering administration of select EGFR inhibitor therapies associated with metastatic colorectal cancer. The initial launch will be in Europe and financial terms of the agreement were not disclosed.

“Molecular diagnostics are an integral and rapidly growing component of oncology care,” said Steve Wallace, Vice President, Molecular Diagnostics at PerkinElmer. “Transgenomic’s platform, technology and research collaborations place them at the forefront of innovation both for their marketed tests as well as their robust product pipeline. We look forward to providing customers a complete testing solution including DNA extraction, oncology diagnostic assays and high performance microfluidics instrumentation.”

“PerkinElmer is a leading global life science company with a strong reach throughout the clinical diagnostics market,” said Paul Kinnon, President and Chief Executive Officer of Transgenomic. “They are the ideal commercial collaborator for our oncology genetic testing portfolio outside of the US. This portfolio addresses a growing breadth of genetic markers important to assessing risk, prognosis and treatment of a variety of cancers.”

Mr. Kinnon continued: “This collaboration also highlights our strategy, which aims to optimize, through channel collaborations, the commercial potential of Transgenomic’s assets aimed at large genetic testing markets. Doing so allows us to focus resources on our areas of strength, including sales of our instrument lines outside of the US, marketing tests for rare genetic disorders, where we are a leader in the US, and developing tests and companion diagnostics using proprietary technology that is unequalled in the identification and detection of low-level mutations.”

About CRC RAScan™

CRC RAScan™ is a CE IVD marked mutation detection test designed to screen for selected KRAS and NRAS mutations (collectively referred to as “RAS mutations”) in patients with metastatic colorectal cancer (mCRC). CRC RAScan™ is the first dedicated test to more accurately detect the full range of RAS mutations that are relevant to a poor response to EGFR inhibitors. The identification of these RAS mutations can give physicians important clinical information to help them make better treatment decisions for the mCRC patients. The CRC RAScan™ test can identify mCRC patients who have RAS mutations at very low levels that cannot be detected using traditional Sanger Sequencing methods.

About Transgenomic, Inc.

Transgenomic, Inc. (www.transgenomic.com) is a global biotechnology company advancing personalized medicine in cardiology, oncology, and inherited diseases. The Company has three complementary business divisions: Clinical Laboratories, Pharmacogenomic Services and Diagnostic Tools, which provide specialized diagnostic tests, contract research services for drug development, and equipment, reagents and other consumables for clinical and research applications in molecular testing and cytogenetics.

About PerkinElmer, Inc.

PerkinElmer, Inc. is a global leader focused on improving the health and safety of people and the environment. The company reported revenue of approximately $2.1 billion in 2012, has about 7,500 employees serving customers in more than 150 countries, and is a component of the S&P 500 Index. Additional information is available through 1-877-PKI-NYSE, or at www.perkinelmer.com.

Forward-Looking Statements

Certain statements in this press release constitute “forward-looking statements” of Transgenomic within the meaning of the Private Securities Litigation Reform Act of 1995, which involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results, performance or achievements expressed or implied by such statements. Forward-looking statements include, but are not limited to, those with respect to management's current views and estimates of future economic circumstances, industry conditions, company performance and financial results, including the ability of the Company to grow its involvement in the diagnostic products and services markets. The known risks, uncertainties and other factors affecting these forward-looking statements are described from time to time in Transgenomic's filings with the Securities and Exchange Commission. Any change in such factors, risks and uncertainties may cause the actual results, events and performance to differ materially from those referred to in such statements. Accordingly, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 with respect to all statements contained in this press release. All information in this press release is as of the date of the release and Transgenomic does not undertake any duty to update this information, including any forward-looking statements, unless required by law.

Contact:
Investor Contact:
Argot Partners
David Pitts, 212-600-1902
david@argotpartners.com
or
Company Contact:
Transgenomic, Inc.
Investor Relations, 402-452-5416
investorrelations@transgenomic.com

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