SOURCE: Population Diagnostics, Inc.

October 11, 2006 11:00 ET

Population Diagnostics and Empire Genomics to Create Expansive Relationship for Large Scale Molecular Diagnostics & Personalized Medicine Development Program

Relationship Paves the Way for Population Diagnostics, Inc. to Become a Major Molecular Diagnostics and Personalized Medicine Developer

MELVILLE, NY -- (MARKET WIRE) -- October 11, 2006 -- Population Diagnostics, Inc. (PDI) announced that it has agreed to terms with Empire Genomics LLC (EG) to establish an infrastructure for PDI to begin commercializing at full scale its core technology platform. The core technology of PDI will facilitate the company's primary objective, which is to develop novel predictive tests for the molecular diagnostic and personalized medicine markets. The understanding between PDI and EG is multifaceted, where EG intends to purchase access to the core technology platform of PDI to support its internal and collaborative projects, and service/supply relationships with 3rd parties. PDI intends to use genetic information derived from EG's high quality microarray products and services to build its core technology platform as well as its DNA biomarker discovery program. PDI and EG also intend to co-market and co-promote the products and services of their respective companies.

"This relationship lends credence to the demand for our normal variation technology platform," commented Jim Chinitz, CEO of Population Diagnostics, "where Empire Genomics intends to incorporate PDI's platform in its services and promote it to its customers. Their decision to pursue early access is based primarily on their understanding of our working prototype which has recently elucidated medically relevant biomarkers for Autism. In the big picture, when our technology is fully commercialized, it will be utilized internally and shared externally for the discovery of DNA biomarkers in a broad category of simple and complex diseases and also applied to rescuing effective drugs at risk of failing FDA approval. Furthermore, I am very pleased to have secured a key source of the highest quality products and services from the Empire Genomics organization led by Dr. Norma Nowak."

"The prescribing medical community is clearly disenchanted with the slow pace of disease biomarker discovery. We believe this to be the result of the current technology and general approach to discovering genetically relevant markers," commented Dr. Eli Hatchwell, Chief Scientific Officer of PDI. "In contrast, our proven methods and internally developed tools will accelerate the discovery process by several orders of magnitude, allowing us to create a 'factory' pipeline which will yield an extensive menu of novel diagnostic tests. In essence, we will be able to translate molecular research into benefits at the patient level very rapidly."

About Population Diagnostics, Inc.

Population Diagnostics, Inc. ("PDI," www.populationdiagnostics.com) has developed a patent-pending system of detecting genetic abnormalities at high resolution. PDI's approach to detecting and discovering Copy Number Polymorphisms ("CNPs") is unique because it provides earlier, more definitive detection of a broader category of diseases and therapeutic predictive markers than previously possible. PDI's technology has an extensive range of applications in the molecular diagnostics and personalized medicine markets which are valued in the billions of dollars. PDI's intellectual property, know-how and resources emphasize the genetic understanding of "normal" populations worldwide as a means for characterizing medically relevant information associated with disease as well as predicting the outcome of drug therapy. The co-founding CEO's history spans 20 years in sales, marketing and business development within publicly held life science and diagnostic pioneering companies. The co-founding CSO has performed 15 years of cutting edge medical research, including the recent discovery of relevant Autism biomarkers using a prototype of the system developed by PDI.

About Empire Genomics, LLC

Empire Genomics LLC of Buffalo, New York is a new firm in the field of molecular karyotyping technology founded on the expertise of Roswell Park Cancer Institute researcher, Dr. Norma Nowak. It offers a wide range of best in class products and services on its array-based comparative genomics platform technology that are used to quantify changes in chromosomal abnormalities. The firm services the global genetic research and molecular diagnostic markets as well as looks to leverage its technology to help marshal in the exciting new era of personalized medicine.

Except for historical information, matters discussed in this news release may be considered "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include declarations regarding the intent, belief or current expectations of the Company and its management. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties that could materially affect actual results. The Company disclaims any obligations to update any forward-looking statement as a result of developments occurring after the date of this press release.

Contact Information

  • Contact:

    Population Diagnostics, Inc.
    Jim Chinitz
    516-316-5895

    Empire Genomics
    Anthony Johnson
    716-881-8909