Micromedic Technologies Ltd. (TASE:MCTC) will supply its type 1 diabetes diagnostic kit to a US Center for Disease Control (CDC) program. The CDC will uses the company's CCL3-AAB kit for its Diabetes Autoantibody Standardization Program (DASP). Micromedic will sell kits to DASP participating laboratories. Micromedic said that the dollar amount of the sales will not be substantial.
DASP is a project to unify testing and measurement procedures for predicting type 1 diabetes.
48 laboratories from 19 countries, including the US, European countries, and Israel, participate in DASP. Five laboratories in the US, UK, Germany, and Italy will use the CCL3-AAB kit in tests for diabetes. The preliminary results of the program are due to be published at the Immunology of Diabetes convention late this year.
Micromedic believes that the order to participate in DASP is evidence of the innovative nature of the CCL3-AAB kit. DASP's realization of the kit's ability to diagnose type 1 diabetes could greatly help acceptance of the marker by the medical, scientific, and business communities. The CCL3-AAB kit has EU CE Mark certification.
Earlier this week, Micromedic subsidiary Bio Mark Ltd. has lost its license to develop a drug for the treatment of colon cancer with the medical research fund of a Tel Aviv medical center because of lack of progress. Micromedic said that Bio Mark's therapeutic activity was a secondary business of the company.
Bio Mark's core business is the development and commercialization of molecular biomarkers, and the development of early diagnostic kits for colon cancer on the basis of these biomarkers. This activity is unaffected by the medical research fund's decision. For this reason, Micromedic said that the cancellation will not have a material affect on the company,
Micromedic's share price rose 3.9% by early afternoon today to NIS 4.05, giving a market cap of NIS 53 million.
Published by Globes [online], Israel business news - www.globes-online.com - on May 26, 2010
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