Cellmid Receives Milestone Fee As Licensee Moves To Sell Bladder Cancer Test In The U.S.

Aug. 01, 2013 3:25 AM ET
Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Short Only

Contributor Since 2009

Proactiveinvestors is a leading multi-media news organisation, investor portal and events management business with offices in New York, Sydney, Toronto, Frankfurt and London. Proactiveinvestors operates five financial websites in four languages providing breaking news, comment and analysis on hundreds of listed companies across the globe daily. We are one of the fastest growing financial media portals in the world. The group also operates hugely successful “investor forums” where three or four companies present to an audience of high net sophisticated investors, fund managers, hedge funds, private client brokers and analysts. Ian Mclelland founded Proactiveinvestors in 2006 as a way to channel his own views on companies small and mid-cap public companies. What started as a hobby quickly turned into a full time job as the website's readership exploded. One2One forums were added later in 2006, and within two years the company had expanded its operations into Canada and Australia. In 2009 the company expanded into Germany and finally into the US in 2010. Proactiveinvestors is now one of the fastest growing global financial media organizations in the world receiving more than one million visitors per month, with investor forums held across the globe on a regular basis.

Cellmid (ASX: CDY) has been issued 1,084,622 shares worth NZ$0.60 each from New Zealand's Pacific Edge (NZE: PEB) as a milestone fee after the latter's Cxbladder® bladder cancer test received clearance to be sold and marketed in the U.S.

The current market value of the Pacific Edge stake is around NZD$650,000 (A$580,000).

The two companies had signed a licence agreement in 2010 for the use of midkine as one of the biomarkers in Pacific Edge's Cxbladder®.

These provides for a milestone fee, payable in Pacific Edge shares, at the time that Cxbladder® sales commence in the U.S. as well as royalties on revenues.

Pacific Edge has achieved solid progress since the license was signed and has recently received CLIA1 registration of its Pennsylvania labs clearing the way for the launch of Cxbladder® in the United States.

The CLIA registration enables Pacific Edge to commence their sales and marketing program to urologists.

Midkine has been extensively validated as a biomarker in a range of cancers. It has been shown to appear very early in some solid tumours with demonstrated utility in disease management and monitoring.

Cellmid owns patents for the use of midkine as a biomarker for the early diagnosis, prognosis and disease management of any cancer.

In addition to its in-house diagnostic programmes, Cellmid's commercialisation strategy includes out-licensing this patent family to diagnostic companies on a cancer indication basis.

The first license was signed in October 2009 with Celera-Quest for midkine to be used in their lung cancer test.

Since then Cellmid signed several licenses and commercial collaboration agreements with diagnostic companies including Pacific Edge, Fujikura Kasei and most recently Abcodia, creating a strong and growing portfolio of diagnostic assets.

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.

To ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser.
Is this happening to you frequently? Please report it on our feedback forum.
If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh.