25 Nov 2015 07:00
Horizon Discovery Group plc signs three diagnostic
agreements worth an initial $3.3 million
Agreements with three global companies for test development and validation
Cambridge, UK, 25 November 2015: Horizon Discovery Group plc (LSE:HZD) (Horizon), the international life science company supplying research tools and services that power genomics research and the development of personalised medicines, today announced it has signed development agreements with three major developers of companion diagnostic tests worth an initial c$3.3 million (c£2.2 million).
The agreements will see the Company developing new and/or supplying existing reference standards for the development and validation of new companion diagnostic tests, and for the potential inclusion in on-market diagnostic kits under Original Equipment Manufacture (OEM) agreements. Horizon's reference standards are used to benchmark the accuracy and effectiveness of diagnostic tests with c$3.2 million (c£2.1 million) of revenue to be recognised in 2015 and the remainder in 2016.
Dr Darrin M Disley, Chief Executive Officer, Horizon Discovery Group, said: "For these prominent diagnostic companies to choose to collaborate with Horizon underlines our expertise and leadership in the creation of reliable diagnostic reference materials, increasingly critical for precise cancer diagnosis. This represents a continuation of our progress in creating a greater network of trusted partnerships and in finding new channels to market for our products.
"These deals are part of larger collaborations with the companies involved, and are so are expected to lead to additional revenue over time."
The three partnerships are in line with Horizon's strategy of driving sustainable, scalable core revenue growth. Reagent development and supply of materials for diagnostic test validation programmes provide near-term revenue while opening up avenues for future OEM relationships. Such relationships deliver visible and predictable revenues as Horizon's reference standards are integrated into the diagnostic work-flows and kits of partners.
Under these agreements, which include an extension of a pre-existing program, Horizon will provide reference standards for genomic and immunohistochemistry1 based standards.
1. Immunohistochemistry is process of detecting antigens (e.g. proteins) in cells of a tissue section by exploiting the principle of antibodies binding specifically to antigens in biological tissues
Companion Diagnostics
Companion diagnostic tests are intended to assist physicians in making treatment decisions for their patients. They help physicians assess the likely efficacy and safety of a specific drug or drug class for a targeted patient group or sub-groups, based on genetic information, and are increasingly required by regulators as a condition of approving new drugs for sale.
ENDS
Notes to Editors
For further information from Horizon Discovery Group plc, please contact:
Horizon Discovery Group plc
Dr. Darrin Disley CEO / Richard Vellacott CFO
Tel: +44 (0) 1223 655580
Consilium Strategic Communications (Financial Media and Investor Relations)
Amber Fennell / Jessica Hodgson / Matthew Neal / Laura Thornton
Tel: +44 (0) 20 3709 5701
Email: horizon@consilium-comms.com
Panmure Gordon (UK) Limited (NOMAD)
Corporate Finance: Freddy Crossley / Duncan Monteith / Fred Walsh
Broking: Tom Salvesen
Tel: +44 20 7886 2500
Zyme Communications (Trade and Regional Media)
Katie Odgaard
Tel: +44 (0)7787 502 947
Email: katie.odgaard@zymecommunications.com
About Horizon Discovery Group plc www.horizondiscovery.com/
Horizon is a revenue-generating life science group supplying research tools to organisations engaged in genomics research and the development of personalised medicines. Horizon has a diverse and international customer base of over 1,200 organisations across more than 50 countries, including major pharmaceutical, biotechnology and diagnostic companies as well as leading academic research centers. The Group 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, 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 over 20,000 catalogue products, almost all of which are based on the application of gene editing 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 custom cell line and in vivo model generation services for research and bioproduction applications, quantitative molecular reference standards, in vivo disease models, and contract research and custom screening services.
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.