Lumera Signs New Agreement with Institute for Systems Biology to Address Cancer Detection
-- Extended Partnership to Focus on Developing Methods with the ProteomicProcessor™ for Cancer Biomarker Detection
BOTHELL, Wash.--(BUSINESS WIRE)--Lumera Corporation (NASDAQ:LMRA), the world’s leading provider of light applied nanotechnology, announced an expanded collaboration agreement with the Institute for Systems Biology (ISB), an internationally renowned non-profit research institute dedicated to the study and application of systems biology. The revised collaboration agreement will focus on detection methods for an array of diagnostic biomarkers aimed at various types of cancer.
“It has been a deliberate and necessary process in developing and readying our proprietary product line for the market. We are now nearing the commercial launching pad.”
Today’s announcement extends an agreement between Lumera and ISB announced in February of 2005. ISB was the first academic institution to test Lumera’s ProteomicProcessor™.
“We have been particularly pleased with the flexibility and functionality of Lumera’s ProteomicProcessor™ instrument and their NanoCapture™ chips,” said Dr. Leroy Hood, president and co-founder of ISB and a world renowned visionary in the field of molecular immunology, biotechnology and genomics. “We look forward to an expanded relationship with Lumera and continuing to utilize this technology on our quest to usher in a new era of predictive, preventive, and personalized medicine.”
Since February of 2005, Harvard Medical School and Harvard Institute of Proteomics, Baylor University and the Medical University of South Carolina have joined ISB in beta testing Lumera’s ProteomicProcessor™. The instrument has evolved as a result of their feedback and the company expects to launch a refined commercial ProteomicProcessor™ product in January at the CHI PepTalk conference, an internationally recognized forum for protein arrays and detection technologies.
“We have spent time gathering the necessary feedback and seals of approval from renowned experts and research institutions as it relates to our ProteomicProcessor™ and NanoCapture™ microarrays,” said Lumera CEO Tom Mino. “It has been a deliberate and necessary process in developing and readying our proprietary product line for the market. We are now nearing the commercial launching pad.”
“The ISB application of discovering cancer biomarkers in serum is exciting and provides significant potential for future applications,” said Dr. Tim Londergan, director of Lumera’s Bioscience Business Unit. “Utilizing partners such as ISB to develop new applications enables us to build a pipeline of high value products, while allowing our internal product development to remain focused on near term market demands.”
The initial commercial launch of the ProteomicProcessor™ and NanoCapture™ microarrays will be focused on the therapeutic antibody screening market, where there is a significant unmet demand for kinetic and affinity analysis in a high throughput format. Therapeutic Antibodies are a class of compounds that have enjoyed a great deal of success, perhaps the most notable is a cancer therapy from Genentech called Rituxan, which had U.S. sales of $1.8 billion in 2005.
Lumera’s ProteomicProcessor™ brings value in terms of offering kinetic and affinity analysis in a high throughput format specifically to the screening process, an early part of the drug discovery model. It is envisioned that with Lumera’s technology, drug discovery will be streamlined by enabling researchers to provide a clearer picture of a drug’s true potential at an earlier stage of development. Some experts estimate the market for screening of therapeutic antibodies to be in the range of $400 million. (source: Frost & Sullivan).
Lumera is a leader in the emerging field of nanotechnology. The company designs proprietary molecular structures and polymer compounds for the bioscience and communications/computing industries, both of which represent large market opportunities. The company also has developed proprietary processes for fabricating such devices. For more information, please visit www.lumera.com.
The Institute for Systems Biology (ISB) is an internationally renowned non-profit research institute dedicated to the study and application of systems biology. ISB’s goal is to unravel the mysteries of human biology and identify strategies for predicting and preventing diseases such as cancer, diabetes and AIDS. The driving force behind the innovative “systems” approach is the integration of biology, computation and technology. This approach allows scientists to analyze all of the elements in a system rather than one gene or protein at a time. Located in Seattle, Washington, the Institute’s team includes 11 faculty members and more than 170 staff members, and an extensive network of academic and industrial partners. The organization has an annual budget of more than $25 million.
ISB carries out its research with a specific mission: to not only cure complex diseases but also predict an individual’s future health prognosis, in order to get early treatment. The ISB team of leading-edge researchers are committed to pursuing the innovations that will transform science and medicine in the 21st century and eventually lead to the prediction and prevention of disease. For more information about ISB visit: www.systemsbiology.org.
Certain statements contained in this release are forward-looking statements that involve a number of risks and uncertainties. Factors that could cause actual results to differ materially from those projected in the company's forward-looking statements include the following: market acceptance of our technologies and products; our ability to obtain financing; our financial and technical resources relative to those of our competitors; our ability to keep up with rapid technological change; government regulation of our technologies; our ability to enforce our intellectual property rights and protect our proprietary technologies; the ability to obtain additional contract awards and to develop partnership opportunities; the timing of commercial product launches; the ability to achieve key technical milestones in key products; and other risk factors identified from time to time in the company's SEC reports, including its Annual Report on Form 10-K, and its Quarterly Reports on Form 10-Q.