Sydney, Australia and St. Louis, United States
NewSouth Innovations Pty Limited, the technology transfer arm of University of New South Wales (UNSW), and Covidien Ltd. (NYSE: COV, BSX: COV) announced the signing of a license agreement to develop an innovative, radiolabeled molecular imaging agent for evaluating the efficacy of cancer treatments. This technology could assist oncologists in determining the effectiveness of treatment and the necessity for other therapeutic measures.
Based in Sydney, Australia, UNSW is a leader in the field of adult cancer research with internationally recognized medical scientists. Covidien Imaging Solutions, which is based in St. Louis, Missouri (USA), is a leading provider of imaging products used by physicians to detect and diagnose various diseases.
Under the exclusive, worldwide agreement, Covidien Imaging Solutions has product development and commercialization rights for this apoptosis technology, which was invented by Professor Philip Hogg, who is a co-director of the Lowy Cancer Research Centre. The family of small molecules developed by Professor Hogg is designed to bind to cancer cells undergoing apoptosis, or the process of cell death, as a result of chemotherapy treatment.
"This discovery stems from more than 10 years of research focused on the design of molecular probes to study cellular processes," said Professor Hogg. "These molecules are uniquely designed to attach to proteins inside cells undergoing apoptosis driven by chemotherapy."
This early-stage apoptosis detection technology could take many years to develop, but it has the potential for broad application across a wide array of solid tumor cancers. According to data from the World Health Organization's International Agency for Research on Cancer, there are approximately 11 million new cases of cancer worldwide each year. Along with helping doctors to assess therapeutic responses non-invasively, this apoptosis technology would support the movement toward personalized or targeted therapies based on a patient's specific needs.
"This license agreement demonstrates Covidien's focus on technology that is intended to improve patient care," said Steve Hanley, President of Covidien Imaging Solutions. "Our goal is to diagnose diseases or disease processes as early as possible. Apoptosis imaging would assist physicians in personalizing a patient's treatment by reducing the time needed to gauge the effectiveness of therapy."
In addition, pharmaceutical companies may use the apoptosis technology to evaluate new products for cancer treatment. Apoptosis-detecting imaging agents may also have applications outside of cancer, such as in neurological and cardiac disease following strokes and heart attacks.
ABOUT COVIDIEN
Covidien is a leading global healthcare products company that creates innovative medical solutions for better patient outcomes and delivers value through clinical leadership and excellence. Covidien manufactures, distributes and services a diverse range of industry-leading product lines, including Surgical Devices, Energy-Based Devices, Respiratory and Monitoring Solutions, Patient Care and Safety Products, Imaging Solutions, Pharmaceutical Products, Medical Supplies and Retail Products. With 2006 revenue of nearly $10 billion, Covidien has more than 43,000 employees worldwide in 57 countries, and its products are sold in over 130 countries. Please visit www.covidien.com to learn more about our business.
ABOUT UNIVERSITY OF NEW SOUTH WALES
The Sydney-based University of New South Wales (UNSW) is one of Australia's leading teaching and research universities. Ranked in the top 50 in the world, UNSW boasts close to 40,000 students and is recognized as a leader in the field of medical research.
NewSouth Innovations Pty Limited (NSi), UNSW's technology transfer arm, specialises in transforming research and technology developed at UNSW into a successful venture or product. With more than 45 years' experience NSi evaluates research technologies, identifies appropriate collaboration opportunities and provides industry partners and investors with access to a wide range of technologies with broad commercial potential.
Source: Business Wire (Business Wire India)