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September 29, 2008: DxTech Receives Development Funding April 30, 2008: September 28, 2006: |
DxTech Receives Development Funding 29 September 2008 Merrimack, NH, September 29, 2008: DxTech LLC (“DxTech”), an innovative company focused on defining a new direction in global diagnostics by putting high-quality diagnostic information in the hands of the physicians in real time, has received development funding from PetroTech Holdings Corp., a majority owned subsidiary of the Laurus Family of Funds. DxTech is developing the fully-integrated Vantix™ point-of-care (“POC”) diagnostics system based on proprietary P3 Technology™ electrochemical sensor technology that has unparalleled sensitivity and dynamic range. The Vantix system is designed to unlock the potential of POC testing by matching the performance levels established by US reference laboratories, being CLIA ("Clinical Laboratory Improvement Amendments") waivable, improving patient care and practice economics, and thereby meet the global need for distributed diagnostics. In the US market, demand for the Vantix system is expected to result from providing the physician with reference lab quality results, increased practice efficiency and additional revenue to the physician. According to Steve Lufkin, CEO of DxTech, “This funding provides us the resources to further develop the ability of the P3 Technology biosensor to deliver a unique level of assay sensitivity and broad dynamic range.” |
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DxTech enters into long-term strategic alliance with Nicholas Piramal for point-of-care diagnostic testing system 30 April 2008 MERRIMACK, New Hampshire, April 30 – DxTech LLC (“DxTech”), an innovation company focused on putting high-quality diagnostic information in the hands of physicians in real time, has entered into a long-term strategic alliance with Nicholas Piramal India Limited (“NPIL”), one of the largest pharmaceutical and healthcare companies in India. The alliance includes a License and Development Agreement relating to DxTech’s proprietary technology, a Distribution Agreement and an agreement to establish a joint venture between the companies for the marketing and sales of the commercial product. DxTech is developing the fully-integrated, Vantix™ point-of-care (“POC”) diagnostics platform based on proprietary, electrochemical sensor technology that has unparalleled sensitivity and dynamic range. This combination will allow DxTech to bring two points of differentiation to the POC market that cannot be realized by any other POC technology currently available: the capability to conduct simultaneous diagnostic immunoassays and general chemistries on a single cartridge delivering a uniquely broad range of tests. In addition to its core focus on the US$48 billion routine diagnostic market in the US, DxTech’s Vantix™ platform also has the added potential to transform diagnostic testing in a range of other emerging markets, including Asia, parts of Europe, and Central and Latin America. In these markets, the Vantix™ platform could reduce or eliminate the need for expensive, centralised laboratory infrastructures and replace them with equally accurate testing that has a more favourable cost profile, distributed across each POC. The Vantix™ platform is designed to meet or exceed the performance levels established by US reference laboratories, to provide a complete solution from sample collection through claims processing, to be CLIA ("Clinical Laboratory Improvement Amendments") waivable, to provide a strong gross margin in the US market and, at the same time, to be economically viable in developing countries. In the US market, demand for the Vantix™ platform is expected to result from providing the physician with reference lab quality results, increased practice efficiency and additional revenue to the physician. DxTech assay and instrument development is being conducted at its facility in Merrimack, New Hampshire, while manufacturing of the proprietary sensor is being done at its facility in Cambridge, UK. The alliance gives NPIL an exclusive license to DxTech’s Vantix™ platform in India, Pakistan, Bangladesh, Sri Lanka, Nepal and Bhutan. In return, DxTech has received a multi-million dollar up-front fee and will receive three further product development fees, based on specific milestones over the next 18-36 months, each for at least one million dollars. DxTech will also receive long-term royalties based on gross sales in India, as well as its share of profits made by the joint venture. Nicholas Piramal will allocate dedicated employees to this relationship and will be investing additional funds for the joint venture’s marketing and distribution costs. NPIL is one of India's largest pharmaceutical and healthcare companies, having grown over the last 20 years through an aggressive strategy of successfully managed acquisitions, mergers and alliances. NPIL's core strengths include its 3,200 strong field force, successful brand building, state-of-the-art manufacturing plants, and an ability to successfully manage partnerships in its core businesses. In the field of diagnostics, NPIL’s customers are independent laboratories, hospitals, doctors and patients, and they provide comprehensive product and customer support through a network of engineers and scientists. Dr. Swati Piramal, Director – Strategic Alliances & Communications, NPIL, said: “This alliance is a significant step in our pursuit of launching innovative diagnostic platforms, by which physicians can diagnose diseases and decide the course of treatment for faster and better outcomes. This will herald a paradigm shift in the way diagnostic tests are currently conducted in our country.” Steve Lufkin, CEO of DxTech said, “We are delighted to be entering into this long-term relationship with Nicholas Piramal, a leading pharmaceutical and healthcare company in India. NPIL has a strong track record of success in diagnostics and we are proud to be associated with them. This relationship lays the foundation for how DxTech plans to enter other regional markets around the world.
NOTES TO EDITORS About the Piramal Group About Nicholas Piramal India Limited NPIL is listed in India on the National Stock Exchange (Ticker: NICOLASPIR) and the Bombay Stock Exchange (Ticker: 500302). The name change from Nicholas Piramal India Limited to Piramal Healthcare Limited is subject to approval by the Company’s shareholders and Central Government. For further information, see www.nicholaspiramal.com |
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DxTech, an XL TechGroup company, announces global technology partnership deals 28 September 2006 XL TechGroup (AIM: XLT), the systematic architect and builder of an ongoing stream of high value new companies, announces that its subsidiary, DxTech LLC ("DX Tech"), which is developing a fully-automated, point-of-need device that replaces all common blood and other biological tests currently performed at laboratories, has completed four milestone development and manufacturing partnerships deals as part of its on-going advancement strategy. The agreements are with: • Audit Diagnostics Ltd, the manufacturer of innovative clinical chemistry reagents based in Cork, Ireland; The completion of these partnership deals is significant in DxTech's transition from development towards commercialisation. XL TechGroup is able to confirm that these deals do not involve any revenue sharing arrangements, that any fees payable to the partners are not significant and will be subject to development milestones. XL TechGroup maintains an 85.59% equity interest in DxTech. DxTech's technology targets the clinical medical diagnostic market which is valued at US$18 billion in the US alone. These partnerships will also enable DxTech to further address the US$9.4 billion Pan-European market [Source: AACC/Scherago International, International Market Briefing VIII (2005)]. The simple-to-use instrument will be used in doctors' offices to perform a wide range of diagnostic tests with near real time results to achieve immediate diagnosis, which significantly improves patient care and satisfaction. This compares very favourably with current working practices of waiting hours or days for results from a central laboratory. Insurance companies will also benefit from reduced costs due to the elimination of sample shipping and unnecessary prescriptions written in advance of receiving diagnostic results. Doctors in those markets without a national health service, such as the USA, will additionally benefit directly through increased productivity and personal reimbursement for the tests. John Scott, CEO of XL TechGroup, said: "These partnerships signal DxTech's move from development through to a trans-Atlantic manufacturing phase. We are delighted that DxTech is now targeting key product demonstrations in Q4 2006 and the completion of its first commercial deals within Q1 2007, well ahead of schedule. The agreements position DxTech at the forefront of developments in worldwide patient diagnosis."
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XL TechGroup creates third company 11 July 2005 XL TechGroup, Inc. (AIM: XLT), the systematic architect and builder of an ongoing stream of high value new companies, is pleased to announce the creation of DxTech LLC, the third company to reach the development stage of XL TechGroup's proven methodology for value creation. DxTech follows AgCert International, which was created by XL TechGroup in May 2002 and listed on the London Stock Exchange in June 2005, and TyraTech which was created in June 2004 and which is expected to be generating revenues by the end of 2005. DxTech is developing a unique micro-fluidic platform to initiate a transition from centralised to distributed diagnostics. The technology addresses the need in the medical diagnostics market for real-time results at point-of-care for a comprehensive array of tests typically required by clinicians. The diagnostic platform is fully-automated, requiring only a drop of blood applied directly to a credit card-sized disposable cartridge to provide a diagnosis within minutes that equals or exceeds the 'gold standard' achievable by a reference laboratory. Test and quality control data is transmitted via a small electronic reader to a centralised management system where results are processed and stored. The technology leads directly to more targeted medicine and therapies, as it provides immediate, accurate diagnosis of a disease, thereby allowing the most appropriate treatment to be applied at an earlier stage. It also has the ability to transform the current clinical trial process, thereby significantly shortening the time and reducing the cost of developing new drugs. In 2004, US$40 billion of clinical laboratory tests were performed in the US alone, and DxTech's technology addresses the US$18 billion clinical blood test segment of this market. By providing doctors with the ability to perform a wide range of diagnostic tests in their offices with one simple instrument, patient care will be significantly improved through immediate diagnosis, rather than waiting several days for results from a central laboratory. Insurance companies will benefit from reduced costs due to the elimination of both sample shipping and temporary prescriptions written in advance of receiving diagnostic results, while doctors in the USA will gain through direct reimbursement for the tests rather than this revenue going to the reference laboratories. Discussions with a number of major pharmaceutical companies have highlighted the ability of the DxTech diagnostic platform to fulfil their need for a major overhaul of the clinical trial process. The technology has been designed to enable pharmaceutical companies to recruit patients for trials on a worldwide basis, including from lower cost developing countries, while continuing to meet stringent international regulatory requirements. It will also enable patients to transmit data from their own homes, resulting in significant reductions to the cost and length of trials. The centralised database will analyse and normalise data in real-time against any number of criteria, including novel biomarkers, to provide more immediate feedback on drug safety and efficacy without the need to wait for clinical endpoints. Significant opportunities also exist within developing countries where the lack of clinical and transportation infrastructure severely limits access to accurate diagnostic testing, which could save lives and dramatically improve quality of life. An affordable, portable device has the potential to make a major impact in these areas. John Scott, Chief Executive Officer of XL TechGroup, said: "The formation of XL TechGroup's third company further demonstrates the success of our systematic approach to value creation. We are really excited about the potential of DxTech to transform current practice for diagnostic testing, to deliver substantial cost-savings and benefits across the pharmaceutical and healthcare industries."
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