ZOL.L Regulatory News (ZOL)

26 Apr 2007 08:36

Crosby Capital Partners Inc26 April 2007 CROSBY CAPITAL PARTNERS INC. Signs MOU with Fermiscan Holdings Ltd. on Japanese market for Breast Cancer Test As announced by Fermiscan Holdings Limited ("Fermiscan") earlier today (copy ofannouncement attached below), Crosby Capital Partners Inc ("Crosby") is pleasedto report that it has signed a Memorandum of Understanding ("MOU") withFermiscan to commence a feasibility study to commercialise Fermiscan's groundbreaking technology for the detection of breast cancer (the "Breast Cancertest") in Japan. The Japan feasibility study should be completed in the next three months afterwhich, subject to Crosby and Fermiscan reaching satisfactory commercialagreement, Crosby will be the Japanese licensee for a period of 10 years (withan option to extend) during which it has the exclusive right to market,distribute and sell the Breast Cancer test and all other derivativeapplications. Fermiscan has the exclusive worldwide patent to commercialise the Breast Cancertest which is based on analysing the molecular structure of a person's hair todetect cancer, and is far less invasive than alternative procedures such asmammograms, ultra sounds and biopsies. The Breast Cancer test is also suitablefor women of all ages whilst the mammogram is generally regarded as only beingsuitable for women above the age of 40. Trial results to date have demonstrated that the Breast Cancer test has thepotential to become a reliable non-invasive screening alternative in thedetection of breast cancer. Subject to a positive outcome to this trial,Fermiscan will begin commercialisation in Australia and in licensee countriestowards the end of the year. The number of annual screening mammograms in Japan is estimated at 14 millionand Fermiscan and Crosby believe that the target population of women in Japansuitable for the Breast Cancer test is estimated to be at least 38 million. Withthe various benefits that the Breast Cancer test offers over mammograms andother more invasive procedures the market potential is significant by anymeasure. Crosby's CEO, Simon Fry, commented: "We have been in discussions with Fermiscanover the last few months and are very excited by the huge potential and benefitsof this technology in the early detection of breast cancer. The Japanese marketis one of the largest target markets for this technology and Crosby is delightedwith the potential to be the exclusive licensee in a market of such criticalsize and importance." ABOUT FERMISCAN HOLDINGS LIMITED Fermiscan Holdings (ASX code: FER) is commercialising a world-first, innovativetest for breast cancer. The Fermiscan test is based on the breakthroughdiscovery by an Australian scientist that the presence of breast cancer isassociated with a change in the structure of hair that can be detected by x-raydiffraction. Fermiscan intends to commercialise this finding to provide asimple, non-invasive screening test for the presence of breast cancer. ABOUT CROSBY CAPITAL PARTNERS Crosby Capital Partners Inc. ("Crosby") is a leading independent deal-focusedAsia-oriented merchant banking and asset management group. Crosby is quoted onthe Alternative Investment Market of the London Stock Exchange (CSB). www.crosby.com For further information on Crosby please contact: Stephen Fletcher, Chief Operating Officer on 44 20 7590 2800 The full text of Fermiscan's announcement on the ASX can be found below. Theoriginal is available on Fermiscan's website www.fermiscan.com.au. Company Announcement Australian Stock Exchange Limited Exchange Centre20 Bridge StreetSydney NSW 2000 Australia ASX release 26 April, 2007 FERMISCAN BEGINS JAPANESE COMMERCIAL FEASIBILITY STUDY •Fermiscan to commence a feasibility study to commercialise its non-invasive breast cancer test in Japan •Memorandum of understanding signed to commence feasibility study in conjunction with Crosby Capital Partners Fermiscan Holdings Limited (ASX: FER) today announced that it has signed amemorandum of understanding to commence a feasibility study with leadingmerchant banking and asset management group Crosby Capital Partners Inc. tocommercialise its non-invasive test for breast cancer in Japan. Japan is a cornerstone market for Fermiscan's global commercial strategy. InJapan, about 14 million mammograms are performed every year where a potentialrelevant population for the Fermiscan breast cancer test is an estimated 38million women. This compares with Australia where there are approximately 1million mammograms performed per year and a potential relevant market of 4million women. Fermiscan believes the Japanese market requires a comprehensive review to enablethe Company to develop a successful commercial strategy. Fermiscan has commenceda commercial feasibility study with Crosby, which has specialist expertise inJapan. This is expected to be completed in the next three months. Fermiscan has signed a memorandum of understanding with Crosby which, subject toagreeing satisfactory commercial terms, grants Crosby a 10-year exclusivelicense to market, distribute and sell the Fermiscan Test in Japan. Fermiscanwill receive a royalty and share of profits for which commercial terms will befinalised upon the successful completion of the feasibility study. Fermiscan Managing Director, David Young, said, "The Fermiscan breast cancertest provides a simple, non-invasive screening method for breast cancer suitablefor women of all ages. "We believe there is a tremendous market opportunity inJapan. Together with our licence agreements in South East Asia, this is asignificant step forward in our global expansion, and a strong endorsement ofFermiscan's technology." In December 2006, Fermiscan commenced a 2000-patient validation trial of itsbreast cancer test in Australia. This is expected to be completed in the firsthalf of 2007. Subject to a positive outcome to this trial, Fermiscan will begincommercialisation in Australia and in licensee countries towards the end of theyear. About Fermiscan Fermiscan Holdings (ASX code: FER) is commercialising a world-first, innovativetest for breast cancer. The Fermiscan test is based on the breakthroughdiscovery by an Australian scientist that the presence of breast cancer isassociated with a change in the structure of hair that can be detected by x-raydiffraction. Fermiscan intends to commercialise this finding to provide asimple, non-invasive screening test for the presence of breast cancer aftercompletion of a 2000 patient trial currently being run in Australia that isexpected to be completed in the first half of 2007. About Crosby Capital Partners Inc Crosby is a leading independent Asia-oriented merchant banking and assetmanagement group which has significant investments in Japan. Crosby hasestablished government and business contacts, and extensive experience ofoperating in the Japanese market, a pre-requisite for any potential partnershipin Japan. Crosby is quoted on the AIM market of the London Stock Exchange.Further details can be found on the Company's website www.crosby.com. For further information, please contact: David Young - Fermiscan managing directorPh: (02) 9245 4460 or dyoung@fermiscan.com.au Released through:Ashley Rambukwella - Financial & Corporate RelationsPh: (02) 8264 1004/ m. 0407 231 282 or a.rambukwella@fcr.com.au Visit Fermiscan's website at www.fermiscan.com.au This information is provided by RNS The company news service from the London Stock Exchange