25 Sep 2014 07:00
RNS RELEASE
25 September 2014
Horizon Discovery Group plc Signs Master Services Agreement for Approximately $1.2 million
Agreement covers development of molecular reference standards for companion diagnostics
Cambridge, UK, 25 September 2014: Horizon Discovery Group plc (LSE: HZD) (Horizon), a leading provider of research tools to support translational genomics and the development of personalized medicines, today announces that its business unit Horizon Diagnostics has signed a Master Services Agreement with a major global diagnostic development company and a US biopharmaceutical company to support the development of companion diagnostics for novel, genetically-targeted cancer medicines.
The first project covered by the agreement requires the generation of genetically defined cell lines and related gDNA and FFPE standards by Horizon Diagnostics for a total consideration of approximately $1.2 million. A large proportion of the revenue from the deal will be recognized by Horizon in the second half of 2014.
The commercial terms of the deal are currently non-exclusive, however they include an option of exclusivity on terms to be negotiated in the future.
Dr Darrin M Disley, Chief Executive Officer of Horizon Discovery Group plc, commented: "This is a highly significant deal for our reagent products business and demonstrates the potential of this business to contribute substantial growth to the Group in 2014 and beyond. We look forward to working closely with our new partners."
Dr. Paul Morrill, Senior Vice President, Reagent Products, added: "Horizon Diagnostics is a leader in the provision of genetically defined, human genomic reference standards, allowing molecular diagnostic companies to exercise the highest level of quality control and accuracy of their molecular assays. We are excited to have been chosen for this project which demonstrates further our leadership of this field."
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Notes to Editors
For further information from Horizon Discovery Group Plc, please contact:
Consilium Strategic Communications (Financial Media and Investor Relations)
Amber Bielecka / Mary-Jane Elliott / Jessica Hodgson / Matthew Neal
Tel: +44 (0) 20 3709 5701
Email: horizon@consilium-comms.com
Zyme Communications (Trade and Regional Media)
Katie Odgaard
Tel: +44 (0)7787 502 947
Email: katie.odgaard@zymecommunications.com
Panmure Gordon (UK) Limited (NOMAD)
Corporate Finance: Freddy Crossley / Duncan Monteith / Fred Walsh
Broking: Tom Salvesen
Tel: +44 20 7886 2500
About Horizon Diagnostics
Horizon Diagnostics, a business unit of Horizon Discovery Group plc, is a leading provider of genetically defined, human genomic reference standards, including FFPE cell line sections and purified genomic DNA. HDx™ Reference Standards offer a sustainable source of reference material to laboratories, proficiency schemes and manufacturers, providing an unprecedented level of control.
Variability in DNA extraction from tumour biopsies and a lack of standardisation are currently major sources of error in molecular laboratories. The availability of genetically defined reference materials provides an industry standard for development and quality control of molecular assays, directly improving their accuracy.
Horizon Diagnostics' suite of reference material includes standards for the increasing number of 'rare' mutations being targeted for cancer therapeutics, which by definition are hard to find in clinical samples.
Drawing upon Horizon Discovery's proprietary genome editing platform, GENESIS™, Horizon Diagnostics reconstitutes clinically relevant cancer genes in human cell lines, exactly as they occur in patient tumours. Horizon Diagnostics is able to define virtually every characteristic of its reference standards, from the molecular constitution of the genome to the diameter, width and DNA output associated with each product batch. These standards have been made available in a variety of formats including genomic DNA (gDNA) aliquots, Formalin-Fixed Paraffin-Embedded (FFPE) slices and fluorescent in-situ hybridization (FISH) material. Horizon Diagnostics is also adapting the technology to support immunohistochemistry (IHC) assays.
About Horizon Discovery
Horizon is a revenue-generating life science company supplying research tools to organizations engaged in genomics research and the development of personalised medicines. Horizon has a diverse and international customer base approaching 1,000 organizations across nearly 50 countries, including major pharmaceutical, biotechnology and diagnostic companies as well as leading academic research centres. The Company supplies its products and services into multiple markets, estimated to total in excess of £29 billion by 2015.
Horizon's core capabilities are built around its proprietary translational genomics platform, GENESIS™, a high-precision and flexible suite of gene editing tools able to alter almost any endogenous gene sequence of human or mammalian cell-lines. Horizon offers almost 2,200 products, almost all of which are based on the application of GENESIS™ to generate cell lines that accurately model the disease-causing mutations found in genetically based diseases. These 'patients-in-a-test-tube' are being used by customers to identify the effect of individual or compound genetic mutations on drug activity, patient responsiveness, and resistance, which may lead to the successful prediction of which patient sub-groups will respond to currently available and future drug treatments.
In addition, Horizon provides GENASSIST™ CRISPR and rAAV gene editing tools, custom cell line generation services for research and bioproduction applications, quantitative molecular reference standards, contract research and custom screening services, custom shRNA development services and off-the-shelf validated shRNA (through Horizon's partner Sirion), and haploid cell lines (through Horizon's partner Haplogen). These latter partnerships provide Horizon with almost 11,000 further products for our customers.
Horizon is headquartered in Cambridge, UK, and is listed on the London Stock Exchange's AIM market under the ticker "HZD", for further information please visit: www.horizondiscovery.com.