CTT Cancer Targeting Technologies Ltd enters into R&D agreement with GE Healthcare
14-10-2005
Finnish biopharmaceutical company CTT Cancer Targeting Technologies Ltd. (located in Viikki, Helsinki) and GE Healthcare (a division of General Electric Company (NYSE: GE)), announced today that they have entered into a research agreement in the area of targeted medical imaging, a technology that could enable earlier detection and diagnosis of diseases like cancer.
The aim of this research collaboration is to test whether the CTT's proprietary technology can be used as a methodology for targeted imaging. During the first phase of the collaboration, CTT will generate and test selected imaging agents proprietary to CTT. Following positive completion of a first study, GE Healthcare and CTT will consider exploring a broader use of the CTT technology in medical imaging. Under the agreement GE Healthcare will have an exclusive option to license any imaging agent resulting from the collaboration, which will be supervised by a Steering Committee consisting representatives from both companies.
"Needless to say, we are very happy with this deal. We have been in contact with GE Healthcare for a long time and we have already conducted several initial studies for them. Diagnostic imaging is a rapidly growing segment of Healthcare Industry. We will do our utmost for finding some promising new imaging agents within this R&D work. In our opinion GE Healthcare is one of the best possible collaboration partners for us", said Oula Penate Medina, CEO of CTT.
GE Healthcare is committed to personalized medicine and is therefore actively collaborating with innovative research orientated biopharmaceutical companies and top academic centres. "CTT's proprietary targeting technology may allow us to identify novel imaging agents for the early diagnosis of disease. This may help physicians to prescribe the right dose of the right drug at the right time to the right patient." said Dr. Marivi Mendizabal, Head of Research in GE Healthcare & Medical Diagnostics.
The parties have agreed not to disclose any further details of the R&D agreement.
Replicon Corporate Finance acts as an advisor for CTT in their financing round.
For further information on the R&D agreement, please contact:
CTT Cancer Targeting Technologies Ltd.,
Oula Penate Medina, PhD, CEO
Mobile phone +358 40 585 6304, This email address is being protected from spambots. You need JavaScript enabled to view it.
For further information on CTT financing please contact:
Petteri Hirvonen,CEO,
Replicon Group +358-(0)50-552 96 33 This email address is being protected from spambots. You need JavaScript enabled to view it.
CTT Cancer Targeting Technologies Ltd. is a biopharmaceutical company focusing on oncology and inflammatory diseases. The company possesses two core technologies: the phage-display technology and the peptide-liposome technology. The combination of these two will generate a steady flow of objects to be further developed into new drug delivery systems and diagnostic imaging tools.
Replicon Group is an independent corporate and consulting house based in Helsinki. Replicon provides strategic and financial solutions that facilitate business activities, efficiency, and increase profitability of corporations and other organizations. Our core competence is in the corporate solutions that facilitate and govern growth of businesses based on innovation. An important part of our activities is continuous learning. We want to find and develop most suitable solutions to our customer needs. Replicon Group's special focus areas are Life-Science and ICT/Mobile sectors. The main shareholders in Replicon Group are its key management, holding majority of the company's shares. Replicon's homepage is www.replicon.fi.