BioView Ltd. (TASE:BIOV), which develops and distributes automated scanning systems for the detection of cancer, has signed an agreement with the University of Texas MD Anderson Cancer Center, for the joint development of an early diagnosis system for lung cancer among high risk population groups.
Considered one of the leading centers in cancer research, MD Anderson treats more than 70,000 patients a year, of whom 10,000 participate in clinical trials. Under the agreement, BioView will develop a rapid and accurate detection kit for cancerous cells marked by genetic characteristics, using its DuetTM scanning system.
BioView recently signed a clinical research agreement with the Tel Aviv Sourasky Medical Center (Ichilov Hospital) Research Trust for the continuation of the development of its application for breast cancer testing. The research is conducted at the hospital’s institute of pathology, and compares its own standard testing procedures with BioView’s automated testing methodology. The research is being conducted as part of the application process for US Food and Drug Administration (FDA) approval for use in breast cancer diagnosis, and the company hopes to complete this process later this year.
BioView was founded in 2000 by president and CEO Opher Shapira. The company has already received approval for the sale of precision, automated devices for the testing for leukemia and bladder cancer, thereby saving the need for tests to be conducted by diagnosticians. The company posted sales of NIS 3.4 million in the first quarter of 2006, a 30% increase compared with the corresponding quarter in 2005, and a NIS 2.2 million loss, up from NIS 900,000 in the corresponding quarter. The losses have been attributed primarily to the company’s marketing efforts and its investment in developing kits for the diagnosis of other diseases. BioView currently has a market cap on the Tel Aviv Stock Exchange (TASE) of NIS 58.3 million, which is lower than its IPO value.
Published by Globes [online], Israel business news - www.globes.co.il - on June 4, 2006
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