OPKO Acquires New Platform Technology
MIAMI--(BUSINESS WIRE)-- OPKO Health, Inc. (NYSE Amex:OPK) today announced that it has acquired exclusive, worldwide rights to a new platform technology for the rapid identification of molecules that can be useful as vaccines and new drugs, and to create new diagnostic tests. The technology was developed at The University of Texas Southwestern Medical Center, by Thomas Kodadek, Ph.D., and his team. Dr. Kodadek, who has recently joined the faculty of The Scripps Research Institute in Jupiter, Florida, will become a consultant to OPKO to oversee the development of this technology and he will also become a member of OPKO's Scientific Advisory Board.
"Our initial focus will be on the development of simple and accurate, quantitative blood tests for several diseases for which none are presently available and for which early diagnosis is difficult," said Phillip Frost, M.D., Chairman and Chief Executive Officer of OPKO. "We plan to begin with tests for Alzheimer's disease, multiple sclerosis, Parkinson's disease and lung cancer. The development of accurate and reliable tests to diagnose these diseases early may be important in their management," stated Dr. Frost. "Of course, the entire OPKO team looks forward to collaborating with Dr. Kodadek, who adds great chemistry and biology experience to OPKO's research efforts. His creative approach to research fits in with our view of what is needed for success in this field."
"This technology may have broad application for the discovery of small molecules that can be useful in medicine," said Dr. Kodadek, the inventor of the technology. "I look forward, with enthusiasm, to working with the OPKO team to bring important new products to market as rapidly as possible."
About OPKO Health, Inc.
Miami-based OPKO is a specialty healthcare company with emphasis on products for use in ophthalmology. It is developing new technologies for products of use in other areas of medicine as well.
For more information visit the company's website at www.opko.com.
This press release contains "forward-looking statements," as that term is defined under the Private Securities Litigation Reform Act of 1995 (PSLRA), which statements may be identified by words such as "expects," "plans," "projects," "will," "may," "anticipates," "believes," "should," "intends," "estimates," and other words of similar meaning, including statements regarding our product development efforts and our pipeline of products, as well as other non-historical statements about our expectations, beliefs or intentions regarding our business, technologies and products, financial condition, strategies or prospects. Many factors could cause our actual activities or results to differ materially from the activities and results anticipated in forward-looking statements. These factors include those described in our filings with the Securities and Exchange Commission, as well as risks inherent in funding, developing and obtaining regulatory approvals of new, commercially-viable and competitive products and treatments, including that any of our products under development may fail, may not achieve the expected results or effectiveness and may not generate data that would support the approval or marketing of products for the indications being studied or for other indications. In addition, forward-looking statements may also be adversely affected by general market factors, competitive product development, product availability, federal and state regulations and legislation, the regulatory process for new products and indications, manufacturing issues that may arise, patent positions and litigation, among other factors. The forward-looking statements contained in this press release speak only as of the date the statements were made, and we do not undertake any obligation to update forward-looking statements. We intend that all forward-looking statements be subject to the safe-harbor provisions of the PSLRA.
Source: OPKO Health, Inc.
Released June 17, 2009