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INNO-GENE, A WARSAW STOCK EXCHANGE LISTED COMPANY IS THE FIRST IN THE WORLD TO DEVELOP ACCURATE DNA TESTING FOR CANCER AND PLANS TO ENTER THE US MARKET.


December 15, 2011 - London

PRESS RELEASE

Warsaw 13th December 2011

FOR IMMEDIATE DISTRIBUTION

INNOGENE (WSE: IGN), A POLISH COMPANY LISTED ON THE WARSAW STOCK EXCHANGE ALTERNATIVE PLATFORM NEWCONNECT, IS THE FIRST IN THE WORLD TO DEVELOP ACCURATE GENETIC TESTING FOR CANCER. THE COMPANY IS STEPS AHEAD OF ENTERING THE US MARKET.

  • INNO-GENE developed the world's first accurate DNA test for colon and Prostate cancer;
  • Using such tests can result in budget savings of about 60 mln EUR per year in Poland only;
  • The application of such tests will reduce the necessity for expensive invasive tests;
  • Test will allow for the decrease in the risk of cancer
  • Early diagnosis and effective treatment of cancer will improve the fatal statistics relating to cancer;
  • Tests will be available for patients as early as December 2011, and the price will be affordable;
  • The Project was financed through EU funds and capital from Polish stock market investors;
  • The company has already started the process of introducing tests for cancer onto the U.S. market;
  • Tests were developed in collaboration with the University of Medicine (PL)

INNO-GENE SA (WSE: IGN), a Polish biotechnology company, together with a team of doctors from the University of Medicine and National Center for Cancer has completed research on diagnostic tests for the genetic predisposition of colorectal cancer and prostate cancer. For the first time in the world, through an examination of hundreds of DNA fragments and occurring genetic mutations, patients will be able to find out what is the risk of cancer. INNO GENE's technology has already raised interest from U.S. companies, who are ready to bring the solution to the U.S. market. The company has a global product, for which the market value is virtually unlimited.

People who have already undergone the process of treatment and chemo therapy will be able to check whether their disease is genetic and whether there is a possibility for family members to become ill. Tests will be available for sale in late December. The company and doctors estimate that the savings for health care from prevention in people who will be at risk of cancer incidences to reach more than 60 million EUR per year in Poland only. According to experts, this is an enormous success for Polish biotechnologists and a breakthrough in the prevention of cancer.

The effectiveness of the diagnosis method for Colorectal cancer and Prostate cancer, which will be released for sale by the listed company INNO-GENE SA has been confirmed in laboratory studies in cooperation with the National Center for Cancer and the University of Medicine in Poznan. Tests allow for the simultaneous evaluation of hundreds of DNA fragments and occurring genetic mutations in a single evaluation - said prof. Andrzej Mackiewicz, Head of the Department of Cancer Immunology Diagnosis at the National Center for Cancer.

The analysis, which includes 169 genetic mutations responsible for malignancy provides results in just two days - said prof. Mackiewicz. Prof. Mackiewicz's team was involved in the research process from the very beginning, to develop specific guidelines for doctors - how to interpret the final results of the tests and how to talk with patients who choose to perform such tests.

TARGET GROUPS. SOCIAL BENEFITS

- The recipients of the tests developed by us will be those affected by Colon cancer or Prostate cancer, those responding to treatment or those who have undergone therapy and want to find out whether their disease is genetic. In these individuals there is concern that the genetic defect will be inherited from their children and other family members. They want to receive information whether it is possible for the recurrence of their disease - says Michal Kaszuba, biotechnologist and CEO at INNO-GENE SA - The test recipients must also provide family members suffering from cancer. They will be able to see if they will fall ill to cancer, and if the test is positive they can -  under the supervision of a doctor - change their Lifestyle, switch to a healthy diet and, above all, will be more inclined for frequent diagnosis, which makes an early detected outbreak of cancer be treated effectively - adds Jacek Wojciechowicz, biotechnologist, Executive Vice President and INNO GENE SA and project coordinator.

You will be able to obtain the material for testing yourself at home. Simply swab the mouth, which securely packed will be received by the INNO GENE laboratory, through courier or mail. Within a few days after the date of the examination, the patient will know whether there is a higher risk of exposure to cancer. Final test results will have to be interpreted by a doctor. Based on guidelines developed by the National Centre for Cancer, the doctor will be able to explain to the patient the test results, depending on the detected mutations in the DNA genetic material.

INNOVATION ON A GLOBAL SCALE

Similar projects have been, and continue to be, implemented throughout the world. Not a single company, so far, has been able to develop a comprehensive and unambiguous methods for assessing the genetic propensity for colon and Prostate cancer patients. INNO GENE's analysis includes 169 clinically relevant genetic mutations responsible for malignancy. Attempts for similar studies currently being undertaken by the competition include a few common mutations in up to 2-3 genes. - INNO GENE's biggest competitor in Europe, GENDIA network, performs tests for cancer predisposition within three genes for the price of 1950 Euro. If you we would like to perform the analysis of one hundred genetic mutations, we would have to pay 4000-4500 euro, and the time waiting for the results could be even up to two months - says Michael Kaszuba. - Our tests are more accurate, unambiguous, which is confirmed by doctors and above all accessible. The test will cost approximately 400 Euros.

INNO GENE's technology has already raised interest from U.S. companies, who are ready to bring the solution to the U.S. market. - We have been in talks about this issue with one of the leading companies in the United States, which is prepared to carry us through the sieve of formal requirements from the FDA before our tests hit the local market. We will inform the results of these discussions as soon as possible- says Michal Kaszuba.

PROJECT FUNDING: EU and INVESTORS

The project was financed by funds provided by the Polish Agency for Enterprise Development as well as from capital provided by stock investors. - The tests were developed through a project under the 1.4-4.1 OPIE initiative. The basis for positive verification of the project was the lack of comprehensive medical diagnostic testing in the international market to detect all genetic mutations that confer a predisposition for colorectal and Prostate cancer, despite the dynamic growth in the number of cases and the high cost of treatment - says Izabela Banas, the Deputy Director of the Research and Business Support Department - Polish Agency for Enterprise Development (PARP). PARP saw INNO GENE's project, still at the research stage, placing it on the list of projects awarded by the EU within the 1.4-4.1 OPIE initiative.

The company also hired a private equity fund BLUMERANG Investors SA, which financed the research and led INNO GENE to debut on NewConnect in February this year. NewConnect is operated by the Warsaw Stock Exchange. TFI PZU SA (PZU Ecology, Energy, Medicine fund) also invest in the company. The company raised a total of more than 10 million PLN for research from PARP and investors. - Today, I think it is one of the best investments that our fund has made in its history - says Tomasz Tyliński, Executive Vice President at BLUMERANG Investors SA - According to our analysis, the introduction of cancer predisposition tests can result in the public health service to save about 60 million EUR per year Poland only, due to the reduction of ineffective diagnosis and more precise use of expensive treatment on cancer patients - says Tomasz Tyliński. In his opinion, just the laboratory diagnostics market / in vitro in Poland alone is worth about 1 billion dollars per year and will grow at a double-digit pace. According to available analysis this market is set to exceed 400 mln EUR in 2012. - But with this project, we are not talking only about the Polish market. The Company has a global product, for which the market value is virtually unlimited - Tyliński says.

Contact details:

Pawel Osowski
Warsaw Consultants | Press Officer for INNO GENE
pawel@warsawconsultants.co
+48 508 128 603

Michał Kaszuba,
INNO GENE SA, President of the Board
m.kaszuba@inno-gene.pl
+48 61 623 25 25




This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.

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(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.

Source: INNO GENE SA via Thomson Reuters ONE

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