IN VITRO CANCER TESTSThis is another profile of a private biotech company thatpresented itself last week to venture capitalists attending theMid-Atlantic Venture Fair '91 in Baltimore.
The Baltimore company is developing a series of proprietary invitro diagnostic products for breast, prostate, colorectal,bladder and stomach cancers based on Onco-antigen 519 (OA-519) and proliferation associated (PAN) protein technology.
Johns Hopkins University School of Medicine has grantedChekTec an exclusive license for OA-519, which distinguishesaggressive from indolent tumors, and PAN proteins, whichwhen detected indicate the potential for tumor cells tomultiply.
ChekTec in July introduced its OA-159 test to separate early-stage, surgically treated patients who need adjuvantchemotherapy from those who do not. ChekTec plans to submitpremarketing approval applications for OA-159 colorectal andprostate tests in three to six months, said Patrick Hervey,ChekTec chairman and founder.
The company plans to complete early clinical work on a serumimmunoassay to monitor breast cancer patients in the firsthalf of 1992 and to release a product in 1993.
Clinical investigations of PAN proteins should be completed bythe first quarter of 1992, with product introductions in thethird quarter.
Because OA-519 is a unique product, these tests should be ableto capture a worldwide market of $21 million to $30 millionannually for breast, colorectal and prostate cancer tissuediagnosis, Hervey told BioWorld.
The market for serum tests for breast cancer, for whichproducts such as Centocor Inc.'s CEA compete, totals $75million annually, and there are comparable opportunities forprostate, colorectal and stomach cancers, Hervey said. Theworldwide market for PAN proteins exceeds $20 million, hesaid.
ChekTec has had two rounds of financing, each for $750,000that were led by Broventure Company Inc. and includedinvestments from S.R. One Ltd., MBW Management and Hervey.By mid-1992, ChekTec plans to raise $3 million to $5 millionin a third round of financing that will include new investors,Hervey said. -- Kris Herbst
(c) 1997 American Health Consultants. All rights reserved.