»MDx Health Establishes California Lab, Boosts Revenue in Fourth Quarter 2011
MDxHealth (Liege, Belgium), which recently established a clinical laboratory in Irvine, Calif., reported that total revenues for the fourth quarter of 2011 increased by 48 percent to 9 million euros from 6 million euros during the same period in 2010. The revenue increase was attributable to the company’s pharmaco-diagnostic business.
For the full year ended Dec. 31, 2011, revenues increased by 6 percent to 2.7
In the fourth quarter, MDxHealth established a Clinical Laboratory Improvement Amendments (CLIA)-registered laboratory for the commercialization of its diagnostic assays. The company’s California facility received its clinical laboratory license and CLIA certificate of registration in less than five months of leasing the lab facility.
In 2011, research and development activities and resources were directed to the clinical validation of the ConfirmMDx for Prostate Cancer test, accelerated development of additional cancer tests in the company’s pipeline, and development of pharmaco-diagnostic tests.
The growth in revenues from their pharmaco-diagnostic business in Q4 2011 of nearly 50 percent versus Q4 2010 represents continued validation and acceptance of their epigenetic technology and tests within the pharmaceutical industry, said Jan Groen, Ph.D., chief executive officer of MDxHealth. “Additionally, we have made important strides in the development and validation of our ConfirmMDx for Prostate Cancer test and significantly advanced preparations for product launch in the coming months.”
The company is building the sales and marketing infrastructure necessary to support the expected launch of its ConfirmMDx Prostate Cancer test in the United States in early 2012. The company will also continue to focus on the development and validation of its PredictMDx for Brain Cancer (glioblastoma) test directed at the MGMT epigenetic biomarker, which is being used in Merck Serono’s Phase III clinical trial for their drug candidate cilengitide. The test may be able to help identify glioblastoma cancer patients who could benefit from cilengitide treatment.
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