OncoMethylome Sciences Licenses Second Prostate Cancer Test to Veridex
OncoMethylome Sciences announced that it successfully completed the initial research activities of its urine-based prostate cancer test, and that the test has been licensed to Veridex LLC, a Johnson & Johnson company.
The test, which uses urine as the patient sample, is being developed to improve the current process for prostate cancer screening. Tests that screen for prostate cancer today, such as the PSA test, are commonly criticized by the medical community for their inaccuracy. Up to 75% of the men who are recommended for a prostate biopsy procedure based on their elevated PSA levels have negative biopsy results. At the same time, the PSA test misses cancer in many men with the disease. According to the company, OncoMethylome's methylation test is a sensitive DNA test designed for detecting prostate cancer cells that are shed from the prostate gland into urine. This urine-based test has the potential to improve the current prostate cancer screening process.
Under the terms of the license agreement, Veridex takes over product commercialization responsibilities of the urine test, including the development of the test kit, and receives the exclusive worldwide right to sell the test. In return, OncoMethylome receives an upfront milestone payment, and qualifies for royalty payments, as well as additional sales-related milestone payments.
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