SOURCE: Radient Pharmaceuticals Corporation

February 04, 2010 06:04 ET

Radient Pharmaceuticals Announces Onko-Sure In Vitro Diagnostic Cancer Test Sales for Q1 2010 on Track; Company Provides Product Sales Update

TUSTIN, CA--(Marketwire - February 4, 2010) - US-based pharmaceutical company Radient Pharmaceuticals Corporation's (RPC) (NYSE Amex: RPC) wholly-owned subsidiary AMDL Diagnostics, Inc. (ADI), announced today it is on track to achieve sales of approximately 1,100 Onko-Sure™ In Vitro Diagnostic (IVD) cancer test kits during the first quarter of FY2010.

Initial 2010 Onko-Sure Test Kit Sales

Thus far in 2010, ADI has sold and/or has pending orders for approximately 200 of its Onko-Sure IVD cancer kits to strategic distribution partners and clinical labs in the US, Australia, Canada, India, Sri Lanka, Korea, Taiwan and Vietnam. Product sales from these transactions are anticipated to generate approximately US$50,000. For the first quarter FY2010, ADI expects the majority of its Onko-Sure sales growth from test kit sales in the United States, Canada, India, and select countries in Asia-Pacific, Europe and Latin America.

ADI also announced today that it has successfully passed required manufacturing certification requirements of various distribution partners in North America and Asia Pacific. Additionally, the Company has finalized a targeted sales and marketing plan to expand sales growth beyond large scale distributors and labs in order to reach small to medium sized independent clinical labs throughout various high demand territories.

International Outreach Program

ADI has commenced a new international distributor and laboratory outreach program targeting small and medium sized testing labs and clinical reference lab chains in various candidate countries including Argentina, Belgium, Brazil, Columbia, Denmark, Hong Kong, Hungary, Indonesia, Ireland, Italy, Japan, Jordan, Malaysia, Mexico, the Netherlands, Norway, Oman, Pakistan, Panama, the Philippines, Poland, Portugal, Romania, Russia, South Africa, Spain, Sweden and Turkey. The goal of this outreach program is to generate up to $1.5 million in Onko-Sure product sales during 2010.

Korea KFDA Approved Sales Launch

ADI obtained approval from the Korean Food & Drug Administration (KFDA), which accelerates ADI's Onko-Sure IVD cancer test for clinical testing and government screening throughout Korea. Based upon the Company's financial plan projections, ADI anticipates product sales to total at least 45,000 kits in this market over the next 5 years, with anticipated gross sales revenue of approximately US$14.85 million during that period.

According to Douglas MacLellan, Chairman and CEO of Radient Pharmaceuticals Corporation, "Onko-Sure is becoming a valuable cancer testing tool in the Korean health care market. We see continued growth in test usage and awareness among health care professionals in Korea for the first quarter of 2010 and going forward. Achieving these initial 2010 sales, and increased testing in Korea demonstrates ADI is making steady progress with Onko-Sure. We expect greater product awareness and increased test usage in Korea and other key health care markets throughout FY2010."

ADI's Onko-Sure IVD Cancer Test

Onko-Sure is a simple, non-invasive, patent-pending and regulatory-approved cancer test. For tested patients, Onko-Sure™ measures the accumulation of specific breakdown products in the blood called Fibrin and Fibrinogen Degradation Products (FDP) -- products that are often underestimated by other tests. For additional information on Radient Pharmaceuticals, ADI and its portfolio of products visit the Company's corporate website at www.Radient-Pharma.com. For Investor Relations information contact Kristine Szarkowitz at kszarkowitz@Radient-Pharma.com or 1.206.310.5323.

About Radient Pharmaceuticals:

Headquartered in Tustin, California, Radient Pharmaceuticals Corporation is an integrated pharmaceutical company devoted to the research, development, manufacturing, and marketing of diagnostic, and premium skin care products. For additional information visit www.radient-pharma.com.

Forward-Looking Statements:

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained in this document include certain predictions and projections that may be considered forward-looking statements under securities law. These statements involve a number of important risks and uncertainties that could cause actual results to differ materially including, but not limited to, the performance of joint venture partners, as well as other economic, competitive and technological factors involving the Company's operations, markets, services, products, and prices. With respect to Radient Pharmaceuticals Corporation, except for the historical information contained herein, the matters discussed in this document are forward-looking statements involving risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements.

Contact Information

  • AMDL Contact:
    Kristine Szarkowitz
    Director-Investor Relations
    Email Contact
    Tel: 206.310.5323