ProPhase Labs Announces Significant Progress in BE-Smart Esophageal Cancer Test Development USPTO grants additional broad patents for BE-SMART
ProPhase Labs, Inc. (NASDAQ: PRPH) announces advancements in commercializing BE-Smart esophageal cancer diagnostic test. The test shows promising results in detecting early signs of cancer in individuals with Barrett's esophagus, potentially revolutionizing cancer diagnosis and management.
Positive
BE-Smart, a novel diagnostic test by ProPhase Labs, aims to detect and quantify early signs of certain types of cancer in individuals with Barrett's esophagus.
The test, in development for nearly five years, is nearing completion of clinical studies with positive preliminary results.
ProPhase Labs has been granted a patent by the USPTO safeguarding the BE-Smart technology, showing molecular precision exceeding 99% in cancerous tissue analysis.
BE-Smart's flexibility as an LDT allows for the incorporation of emerging protein markers, enhancing its diagnostic power.
Strategic collaborations are anticipated post-analysis completion to secure reimbursement rates and enable wide-scale adoption of the test, potentially benefiting over 20 million Americans monitored for Barrett's esophagus.
The announcement by ProPhase Labs regarding the BE-SMART esophageal cancer diagnostic test represents a significant advancement in the field of oncology diagnostics. The test's potential to detect and quantify early signs of cancer in individuals with Barrett's esophagus could be a game-changer for early intervention strategies. The high molecular precision rate of over 99% indicates a substantial improvement over existing diagnostic methods, which could lead to earlier and more accurate diagnoses, ultimately improving patient outcomes.
From a research perspective, the collaboration with The Mayo Clinic and the independent verification by Genesis Biotechnology Group lend credibility to the preliminary results. These partnerships not only enhance the scientific rigor of the studies but also potentially accelerate the path to commercialization by adding a layer of validation that is critical for gaining the confidence of the medical community and regulatory bodies.
ProPhase Labs' move towards commercializing the BE-SMART test aligns with the growing demand for personalized medicine and the increasing use of biomarkers in disease detection. The granted patent by the USPTO not only secures the company's intellectual property but also positions ProPhase Labs favorably in a competitive market. The potential for the test to be bundled into one offering for healthcare professionals could streamline the diagnostic process, making it more efficient and cost-effective.
The implications for the stock market and stakeholders are positive if the test achieves commercial success. The anticipation of strategic collaborations and securing reimbursement rates are critical next steps that can influence the adoption rate of the test. The success of BE-Smart could lead to an increase in market share for ProPhase Labs and possibly impact its stock valuation positively, especially considering the large target market of over 20 million Americans monitored for Barrett's esophagus.
Investors should note the strategic importance of the timing of the commercial launch, which is planned for 2024. This timing is crucial as it allows ProPhase Labs to potentially capitalize on the current market dynamics where there is an emphasis on innovative diagnostic solutions. The financial implications of a successful launch are multifaceted. It includes potential revenue growth from the new product, improved market positioning and enhanced shareholder value. However, investors should also consider the risks associated with the clinical trial outcomes, regulatory hurdles and the challenges of achieving wide-scale adoption.
Moreover, the cost savings associated with early detection and management of esophageal cancer could be a compelling value proposition for insurance providers, which may influence reimbursement decisions and ultimately affect the profitability of the BE-SMART test. The financial performance of ProPhase Labs in the upcoming quarters will likely be influenced by the market's perception of the test's potential and the company's ability to execute its commercialization strategy effectively.
02/20/2024 - 08:00 AM
Garden City, NY, Feb. 20, 2024 (GLOBE NEWSWIRE) -- ProPhase Labs, Inc. (NASDAQ: PRPH), a next generation biotech, genomics and diagnostics company, today announced important developments in the Company’s efforts to commercialize its novel BE-SMART esophageal cancer diagnostic test.
BE-Smart is a novel diagnostic test that is intended to detect and quantify early signs of certain types of cancer in individuals with Barrett's esophagus, a condition known to significantly increase the risk of developing esophageal cancer. This breakthrough test, in development for nearly five years, is nearing completion of clinical studies. If the clinical trial results are successful, the Company will be aiming for commercial launch during 2024. Recently, an additional 139 specimens were analyzed in collaboration with The Mayo Clinic, for the purposes of assessing the test's precision and reliability in identifying esophageal adenocarcinoma risk. These additional specimens continue to achieve consistently positive preliminary results. All tested samples are currently under review by Genesis Biotechnology Group (“Genesis”), a leading independent statistical analysis firm, for independent verification of the results.
Key Milestones and Innovations:
-BE-Smart is the only mass spectrometry-based diagnostic intended for cancer progression surveillance in Barrett’s esophagus patients. The test is believed to have both high diagnostic (disease type and stages confirmation) and prognostic (molecular analysis of tissue indicative of disease progression or stability) capabilities. Subject to successfully completing the testing phase and regulatory compliance, both aspects of the test will be bundled into one offering for use by gastroenterologists, and GI pathologists and other health care professionals. The ability to identify whether an individual is at high-risk would offer a transformative approach in diagnosing and managing this deadly disease, potentially saving lives and reducing healthcare costs.99% 1 , which is a remarkably precise accomplishment in cancerous tissue analysis.
Future Directions and Impact:
As an LDT, BE-Smart's flexibility allows for the incorporation of emerging protein markers, enhancing its diagnostic power. ProPhase anticipates the completion of Genesis Biotechnology Group's analysis by early Q2, followed by subsequent strategic collaborations to then secure reimbursement rates and enable wide-scale adoption of the test. BE-Smart uses high throughput mass spectrometer technology that we believe will enhance national deployment, targeting over 20 million Americans monitored for Barrett's esophagus.
“A recent Wall Street Journal op-ed from February 2, 2024 spoke about early cancer detection and improving survival rates, but BE-SMART does one better, it detects hallmarks of carcinogenesis before it even develops, allowing for a simple procedure to remove the potentially dangerous cells, a true game changer for gastroenterology, “said Ted Karkus, CEO of ProPhase Labs. “We believe that BE-Smart potentially solves many of the problems that plague other tests in the field, our test doesn’t need multiple samples and the test isn’t limited by staining and subjective diagnosis. BE-Smart requires only a small amount of tissue for testing and allows for extremely high throughput. Once commercialized, our goal is for this to be the standard of care test used on the over 20 million people being monitored by gastroenterologists for Barrett’s esophagus. If we are able to attain reimbursement rates of just $1,000 - $2,000 , which cannot be assured, the initial addressable US market alone represents an enormous market for us.” Mr. Karkus concluded.
About the BE-Smart Test
The BE-Smart Esophageal Pre-Cancer Diagnostic Screening test is aimed at early detection of esophageal cancer. It has already been tested by an independent test lab, mProbe, Inc. on over 200 human samples and has shown an area under curve of greater than 99% 1 in distinguishing highly impactful histologic classifications. ProPhase Labs plans to pursue initial commercialization of the BE-Smart test as an LDT. The goal of widespread adoption of the BE-Smart diagnostic test would allow health care providers to initiate potentially lifesaving early treatment processes such as an ablation procedure to remove the precancerous cells and could also significantly reduce unnecessary endoscopies.
About ProPhase Labs
ProPhase Labs, Inc. (Nasdaq: PRPH) (“ProPhase”) is a next-generation biotech, genomics and diagnostics company. Our goal is to create a healthier world with bold action and the power of insight. We’re revolutionizing healthcare with industry-leading Whole Genome Sequencing solutions, while developing potential game changer diagnostics and therapeutics in the fight against cancer. This includes a potentially life-saving cancer test focused on early detection of esophageal cancer and potential breakthrough cancer therapeutics with novel mechanisms of action. Our world-class CLIA labs and cutting-edge diagnostic technology provide wellness solutions for healthcare providers and consumers. We develop, manufacture, and commercialize health and wellness solutions to enable people to live their best lives. We are committed to executional excellence, smart diversification, and a synergistic, omni-channel approach. ProPhase Labs’ valuable subsidiaries, their synergies, and significant growth underscore our multi-billion dollar potential.
References
1 - Abdo, J., Wichman, C. S., Dietz, N. E., Ciborowski, P., Fleegel, J., Mittal, S. K., & Agrawal, D. K. (2018). Discovery of Novel and Clinically Relevant Markers in Formalin-Fixed Paraffin-Embedded Esophageal Cancer Specimen. Frontiers in Oncology, 8. https://doi.org/10.3389/fonc.2018.00157
Forward Looking Statements
Except for the historical information contained herein, this document contains forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our strategy, plans, objectives and initiatives, including our anticipated timeline for developing and commercializing the BE-Smart Esophageal Cancer Test and our estimates regarding the target market for esophageal cancer. Management believes that these forward-looking statements are reasonable as and when made. However, such forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from those projected in the forward-looking statements. These risks and uncertainties include but are not limited to our ability to obtain and maintain necessary regulatory approvals, general economic conditions, consumer demand for our products and services, challenges relating to entering into and growing new business lines, the competitive environment, and the risk factors listed from time to time in our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and any other SEC filings. The Company undertakes no obligation to update forward-looking statements except as required by applicable securities laws. Readers are cautioned that forward-looking statements are not guarantees of future performance and are cautioned not to place undue reliance on any forward-looking statements.
For more information, visit www.ProPhaseLabs.com ProPhase Media Relations and Institutional Investor Contact: investorrelations@prophaselabs.com
ProPhase Retail Investor Relations Contact: Jboidman@renmarkfinancial.com
Source: ProPhase Labs, Inc.
What is the name of the company mentioned in the press release about the esophageal cancer diagnostic test?
What is the ticker symbol for ProPhase Labs, Inc.?
What is the key focus of the BE-Smart esophageal cancer diagnostic test?
Detecting and quantifying early signs of certain types of cancer in individuals with Barrett's esophagus.
What is the significance of the USPTO granting ProPhase Labs a patent for the BE-Smart technology?
It safeguards the technology and extends protection to similar biomarker discovery processes for various diseases.
What is the molecular precision demonstrated by the BE-Smart test in cancerous tissue analysis?
How does the flexibility of BE-Smart as an LDT enhance its diagnostic power?
It allows for the incorporation of emerging protein markers.
What is the anticipated impact of BE-Smart on wide-scale adoption and reimbursement rates?
Strategic collaborations post-analysis completion to enable wide-scale adoption and potentially benefit over 20 million Americans monitored for Barrett's esophagus.
