Frost & Sullivan honours DiaGenic ASA with the 2007 Entrepreneurial Company of the Year Award in the European molecular diagnostics market for its superior entrepreneurial ability in the in vitro diagnostics (IVD) industry. The Award is presented in recognition of the company's impressive display of technological know-how and business development, which have enabled it to target major markets. DiaGenic has recently announced the first validated prototypes for gene expression signature tests for the early diagnosis of Alzheimer's disease and breast cancer.
"An innovative technology provider in the field of molecular diagnostics, DiaGenic's core strength lies in early disease detection using non invasive techniques and easily collected sample material such as peripheral blood," notes Frost & Sullivan Research Analyst Mr. Arun A.K.
"The company is a pioneer in this field, studying the gene expression patterns for various major diseases and developing tests of higher specificity and sensitivity."
Clinical trials with large pool samples are expected in 2007. Accordingly, the diagnostics tests are likely to add significant value in the early detection of diseases such as breast cancer and Alzheimer's disease. The identification of these product areas demonstrates the company's eagerness to target large markets with exciting growth potential.
With significant distinguishing characteristics, DiaGenic is well positioned to enjoy a competitive edge in the molecular testing market.
"Firstly, the company's identification of a novel technology and its application in niche product areas offers it the advantage of 'first technology provider' in the industry," says Mr. Arun. "Combined with relatively simple sample collection avoiding the need for tissue material to study gene expression patterns, the product's acceptance level is expected to be significantly high in the market."
Secondly, the company has developed its technology and diagnostic tests with superior specificity and sensitivity,. It has verified the prototypes in several new independent studies and proved good clinical accuracy using various technical platforms.
"Technology being the key driving factor, DiaGenic has a good patent strategy in place," remarks Mr. Arun. "With just one major competitor in this niche technological area, the company is looking to emerge as a technologically-driven company and leverage its strengths through royalties from other companies."
DiaGenic has already earned projects for the Norwegian Government and is likely to make further inroads in this area. The recent FDA approval of a similar Microarray product using tissue samples augers well for DiaGenic who will also seek CE approval.
With two diagnostics tests currently under development, Diagenic is striving to strengthen its core competency through marketing partners.
Backed by clear product roadmaps, the company intends to be the technology leader catering to the early detection of breast cancer and neurodegenerative diseases.
The Frost & Sullivan Award for Entrepreneurial Company of the Year is presented each year to the company that has demonstrated superior entrepreneurial ability in its industry. This Award signifies the company's identification of a unique and revolutionary product solution with significant market potential. Additionally, the Award certifies that the company's marketing strategy is sound and poised for success.
Frost & Sullivan Best Practices Awards recognise companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis, and extensive secondary research in order to identify best practices in the industry.
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For further information, please contact:
Mr. Hakon Saeter0y, IR Manager and Chairman of the Board, DiaGenic ASA
T: +47-92695175, haakon[.]investorcorp.no