Resonance expands into liver fibrosis
Friday, 04 November, 2005
Perth-based Resonance Health Group (ASX:RHT) will progress to being a "two-product company" with the commercialisation of a new test for liver fibrosis, the company's managing director said this week.
Resonance has filed for a US patent for an application of a non-invasive test to measure liver structure. The company said the test would be used to diagnose liver fibrosis, and would now shift its focus to the test's development, formal clinical trials and commercialisation.
"Our current research program [for the new test] is due to be completed at the end of January, when our Biotechnology Innovation Fund grant runs out," said Resonance managing director Dr James Williams.
The new test is based on magnetic resonance imaging (MRI) technology, with Resonance analysing the images remotely in the same way it does for FerriScan, the company's non-invasive liver diagnostic product which was launched earlier this year and is being marketed in the US.
"This is a second product for the company -- we have already demonstrated our ability to secure rapid regulatory approvals for a product of this type, and will be able to launch the new test through channels currently established for FerriScan," Williams said.
"With more than 170 million people worldwide being chronically affected by hepatitis C, a major cause of progressive liver fibrosis, there is a huge worldwide demand for a non-invasive test that quantifies fibrosis accurately and painlessly. Meeting an immediate clinical need, the new test will significantly expand the company's market opportunity, whilst leveraging off infrastructure and resources already in place for the commercial roll-out of FerriScan," he said.
Williams indicated the further development of the test for fibrosis would be funded by its recent share placement, share purchase plan and government grants. "There is clearly another opportunity to apply for another grant."
Resonance has extended its shareholder purchase plan offer, which was due to close today to 11 November. Australian shareholders registered on September 29 each being offered up to $5000 worth of ordinary shares at $0.13 per share.
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