Althea Technologies Announces the Spin-out of an Independent Company, Althea Diagnostics
2.26.2008 Althea Technologies Announces the Spin-out of an Independent Company, Althea Diagnostics
SAN DIEGO – February 26, 2008 -- Althea Technologies, Inc., a leading provider of innovative technologies and pharmaceutical services, announced today that it has spun-out an independent company to commercialize its breakthrough genetic testing technology through a variety of laboratory services and gene expression products for use in monitoring and managing cancer treatment.
Althea Diagnostics will build upon commercialized proprietary technology for quantitative measurement of multiple genes in a single reaction, as well as new technologies and bioinformatics applications designed to speed development of valuable molecular diagnostic tests. The company will be located within Althea’s San Diego campus.
Althea’s co-founder, Dr. François Ferré, commented, “This is truly a situation of technology and timing drawing us into the vibrant space of molecular diagnostics and biomarker development. The pull of this exciting market opportunity is just too strong to resist, so we are doing what good companies do - focusing these resources as a specialized entity with a clear business focus, proprietary tools, an ongoing revenue stream and collaborations with leading researchers in the oncology field. Our first product is eagerly awaited in the community and has given us confidence in just how quickly we can advance from raw genomic data to a commercial test that has benefit to patients.” Ferré stated, “The Express Pathway service suite is also unique, as this allows drug developers to shape and select a safe and effective product while developing the companion diagnostic, which is increasingly required in the field.”
The Althea Diagnostics spin-out incorporates a test for differential diagnosis of pediatric solid-tumors, along with a pipeline of other biomarker sets that will be used for cancer management. In addition, the company will continue to provide laboratory services for biopharmaceutical companies and contract research organizations, including the Express Pathway service suite, which is currently utilized by drug developers to identify promising molecules, explore treatment pathways or build marker sets of clinical utility. This offering of services and products cover the spectrum needed by many pharmaceutical companies from compound development to clinical diagnostics.
About Althea Technologies, Inc.
Althea Technologies, a leading San Diego-based pharmaceutical services firm, provides critical manufacturing services that support researchers worldwide in their advancement of novel therapies and efforts to apply new genomic information. Althea’s services include cGMP contract manufacturing of recombinant proteins, DNA-based therapeutics and vaccines, and aseptic filling.
About Althea Diagnostics, Inc.
Althea Diagnostics is focused on providing genetic testing services and diagnostic products related to oncology applications. Althea Diagnostics’ goal is to cure cancer by reducing the time, risk, and cost of cancer drug development and bringing cancer diagnostics into widespread clinical use. For more information, visit www.altheadx.com.