LabMD to Distribute Mitomics’ Prostate Core Mitomic Test™ to Urology Practices
Thunder Bay, Ontario, Canada, February 14, 2012 – Mitomics, a world leader in the research and development of mitochondrial genome-based products, today announced a non-exclusive agreement with LabMD, Inc., an Atlanta-based clinical pathology laboratory, to market Mitomics’ flagship product, the Prostate Core Mitomic Test™ (PCMT), in the United States.
“We are pleased to partner with LabMD to make PCMT available to their urology customers nationwide,” said Robert Poulter, president and chief executive officer of Mitomics. “LabMD has an outstanding reputation and strong track record of providing exceptional service to its customers. They continue to integrate cutting-edge technologies into their lab, and we have found great synergies between our two companies. This agreement supports our ongoing strategy to expand access to our prostate cancer testing technology through strategic collaborations as well as through direct sales by our field force.”
PCMT is a highly advanced test, based on the science of mitochondrial DNA (mtDNA), that accurately identifies a biomarker that can indicate the presence of cancerous cells using previously obtained prostate biopsy tissue. PCMT takes advantage of a tumor’s cancerization field effect to identify molecular changes and enable detection of missed tumors. The test’s sensitivity of 84 percent and ability to accurately rule out prostate cancer with a negative predictive value of 91 percent can provide reliable information to physicians and patients confronted with a possible prostate cancer diagnosis.
“Mitomics’ PCMT fits well within our current portfolio of clinical pathology tests, and we look forward to offering urologists this highly accurate test for patients with suspected prostate cancer who have a negative initial biopsy outcome,” said Michael Daugherty, founder, chief executive officer and president of LabMD. “We are committed to enhancing our service offerings and are excited to be working closely with Mitomics to increase the availability of PCMT.”
Prostate cancer is the most commonly diagnosed cancer in males and the second leading cause of cancer death in the U.S. Every year, more than 230,000 American men are diagnosed with prostate cancer, and more than 30,000 die from the disease. If detected early, prostate cancer is often treatable. It is estimated that well over 1 million prostate biopsies are performed annually in the U.S., and although approximately 70 percent of all initial prostate biopsies are negative, it has been found that anywhere from 25 to 60 percent of these are positive on second or subsequent biopsy.
About the Prostate Core Mitomic Test™ (PCMT)
A prostate cancer biopsy is neither an easy nor painless procedure and can result in multiple complications. It only samples a small fraction of the prostate gland, potentially missing the tumor and contributing to a high false negative rate – even in second biopsies. With the highly sensitive PCMT, you can know more by getting far more accurate and reliable results from biopsy tissue. PCMT is a highly advanced, proprietary 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. For more information or to order PCMT, please visit the PCMT web page.
Mitomics is the world leader in the research and development of mitochondrial DNA (mtDNA)-based biomarkers – a new and innovative approach to the detection of cancer and other disease states. Leveraging its unparalleled insights into the role of mitochondria in cancer, the company is developing an extensive and proprietary portfolio of molecular tests that address significant unmet needs in oncology and gynecology, including those for the early detection of prostate and breast cancer, as well as a test for endometriosis. Mitomics currently markets the Prostate Core Mitomic Test™, a highly accurate laboratory developed test for detecting the absence or presence of cancerous cells using existing prostate biopsy tissue, and plans to launch several additional breakthrough molecular tests based on its Mitomic Technology™ in the coming years. The company is headquartered in Thunder Bay, Ontario, Canada. For more information, please visit www.mitomicsinc.com.
About LabMD, Inc.
LabMD is a privately held anatomic and clinical pathology laboratory that focuses on the Urology office based market. Through expert pathology practiced by our highly experienced uropathologists and LabMD's unique software solutions that streamline and bring efficiency to our clients, LabMD builds strong long-term client relationships. For more information, please contact LabMD at 678.443.2331.