BioView Ltd. (TASE:BIOV), which develops, manufactures and supplies cell imaging equipment, biological kits and software, has filed an application for US Food and Drug Administration (FDA) approval to market its breast cancer early diagnosis system. The company has already begun marketing automated diagnosis systems for bladder cancer, leukemia and amniotic fluid testing in Europe and the US.
The new application is designed to identify patient groups that are genetically suited for treatment with the drug Herceptin. Recently added to the health service basket, Herceptin slows the pace of tumor development, thereby increasing efficacy of chemotherapy treatment, although it is only suitable for one third of all patients. BioView’s new application enables precise indetification of target groups for treatment with Herceptin, saving excess time and costs that would be invested in testing women who are not suited for treatment with the drug.
BioView is currently focusing its efforts on cancer conditions. It is developing a system for diagnosis of bladder cancer and 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 (announced last week).
BioView 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 56.5 million, which is lower than its IPO value.
Published by Globes [online], Israel business news - www.globes.co.il - on June 11, 2006
© Copyright of Globes Publisher Itonut (1983) Ltd. 2006