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Transgenomic Signs Commercialization Collaboration With PerkinElmer For Oncology Diagnostic Test Portfolio

Stocks in this article: PKITBIO

Transgenomic, Inc. (OTCBB: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.(NYSE: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.”

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