April 11, 2001
AmeriPath, Inc. and Genomics Collaborative to Develop Genomics-Based Diagnostics
RIVIERA BEACH, FL and CAMBRIDGE, MA, April 11, 2001--AmeriPath,
Inc. (Nasdaq: Path)
and Genomics Collaborative, Inc. (GCI) announced today
an expansion of their genomics alliance. To further leverage
Genomics Collaborative's discovery capabilities and AmeriPath's
expertise in diagnostics, GCI has granted AmeriPath an
option to license select molecular markers for diagnostic
applications. The first option has been exercised and
relates to a diagnostic marker useful in the prognosis
of breast cancer. Financial terms of the agreement were
not disclosed.
Under the three-year option agreement, AmeriPath will
have an option to license select molecular markers generated
by GCI. AmeriPath will then conduct further research,
if necessary, and these markers will be developed into
diagnostic assays and commercialized by AmeriPath through
their network of physicians, hospitals, national clinical
laboratories, and managed care organizations. This work
will be performed at AmeriPath's Center for Advanced
Diagnostics (CAD) using CAD's advanced molecular and
cancer diagnostic technologies and its team of highly
specialized physicians and doctorate-level scientists.
``For generating enhanced potential commercial applications
and for providing our customers with the best technology
and medicine, it is critical to start with diagnostic
and prognostic markers that are representative of diverse
ethnic and geographic patient populations, not markers
that have been based simply on findings in one homogeneous
population. GCI's approach helps us meet this requirement,''
said Dennis M. Smith, Jr., M.D., Senior Vice President
and Medical Director for AmeriPath. ``Developing these
and future markers into diagnostic and prognostic tests
will generate revenue in the years to come through direct
sales and marketing efforts to healthcare providers and
through sub-licensing agreements.''
`This agreement allows GCI to continue to focus on our
functional genomics discovery platform,'' said Michael
Pellini, M.D., Chief Executive Officer of Genomics Collaborative.
``We have always believed that our relationship with
AmeriPath will inevitably lead to a more rapid development
of new diagnostic tests and therapies, and we are taking
steps to show that we are uniquely positioned to pursue
these opportunities.''
AmeriPath is a leading national provider of cancer diagnostics,
genomics, and related information services. In 2000,
AmeriPath diagnosed three million tissue biopsies, interpreted
2.5 million Pap smears, and performed over one million
specialized cancer diagnostic tests. The Company's extensive
diagnostics infrastructure includes 425 pathologists
and doctorate-level scientists, 42 independent pathology
laboratories, the Center for Advanced Diagnostics (CAD),
and Dermpath Diagnostics. Additionally, AmeriPath provides
clinical trial and research and development support to
firms involved in developing new cancer and proteomic-based
diagnostics. CAD itself provides specialized diagnostic
testing and information services including Fluorescence
In-Situ Hybridization (FISH), Flow Cytometry, DNA Analysis,
Polymerase Chain Reaction (PCR), Molecular Genetics,
Cytogenetics, and HPV Typing. Dermpath Diagnostics, with
67 board-certified dermatopathologists, is the country's
leading provider of Dermatopathology services in the
growing skin diagnostic testing market.
Genomics Collaborative, Inc. is a functional genomics
company with a comprehensive, clinical approach to discovery.
The Company's scientific strategy is to utilize its LARGE
SCALE GLOBAL GENOMICS(TM) Platform in exploiting the
power of genetic associations studies, and complementary
expression and proteomics efforts. These multidimensional
studies are designed to detect subtle associations between
genetic variation and disease incidence, severity or
treatment, and to link the putative association to a
functional analysis. Such analysis is dependent upon
the availability of extremely large numbers of well-characterized,
globally representative patient samples and the tools
with which to analyze their molecular information. GCI
intends to conduct these studies and apply any resulting
discoveries to the development of high value pharmaceutical
products pursuant to collaborations with pharmaceutical,
biotechnology and genomics companies, and on its own.
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The statements contained in this press
release may include ``forward-looking statements''
within the meaning of
the Private Securities Litigation Reform Act of 1995,
and are based on management's current beliefs and expectations.
Past performance is not necessarily indicative of future
results. In addition, forward-looking statements - which
are identified by words such as ``may'', ``should'',
``believe'', ``expect'', ``anticipate'', ``estimate''
and similar expressions - as well as any financial and
operating estimates, forecasts and/or projections, are
subject to a number of risks and uncertainties, many
of which involve factors or circumstances which are beyond
the Company's ability to control. These factors, risks
and uncertainties could cause actual results to differ
materially from historical results or those expected,
estimated or anticipated. These include factors, risks
and uncertainties relating to general economic conditions;
competition and changes in competitive factors; the extent
of success of the Company's operating initiatives and
growth strategies, federal and state healthcare regulation
(and compliance); reimbursement rates under government-sponsored
and third party healthcare programs and the payments
received under such programs; changes in coding; changes
in technology; dependence upon pathologists and contracts;
the ability to attract, motivate, and retain pathologists;
labor and technology costs; marketing and promotional
efforts; the availability of pathology practices in appropriate
locations that the Company is able to acquire on suitable
terms or develop; the successful completion and integration
of acquisitions (and achievement of planned or expected
synergies); access to sufficient amounts of capital on
satisfactory terms; and tax laws. The forward looking
statements included in this press release are made as
of the date hereof, and the Company undertakes no obligation
to update or revise any such statements, whether as result
of new developments, new information or otherwise. Further
information regarding risks, uncertainties and other
factors that could affect the Company's financial or
operating results, or which could cause actual results
to differ materially from those expected, estimated or
anticipated, are included in the Company's annual report
on Form 10-K for the year ended December 31, 2000
and subsequent filings with the SEC.
