Theragnostics Signs Agreement with Summit Biomedical Imaging Enabling the Development of Novel Fluorescence-Based Cancer Diagnostics

New York, USA & London, UK 10 September 2020 – Summit Biomedical Imaging (“SBI”), a private, clinical-stage company developing products for diagnostic medical imaging and Theragnostics, which is developing molecular radiotherapy for imaging and treating a broad range of cancers,  announce a global license agreement for intellectual property (IP) that will contribute to SBI’s global freedom to operate in the diagnostic field of certain fluorescence-labeled PARP (Poly ADP-Ribose Polymerase) inhibitors.

SBI’s cancer detection technology uses PARPi-FL, a PARP inhibitor with a fluorescence tag.  PARP is a class of enzymes that are involved in normal cellular processes including DNA damage repair.  PARP activity and expression are up-regulated in tumor cells.  PARP inhibitors block the action of PARP by binding to PARP enzymes. 

PARPi-FL combines the ability to bind to PARP with a fluorescence tag to specifically target cancers that over-express PARP.  By targeting PARP, PARPi-FL brings the optical imaging agent to the cancer, enabling direct detection of tumors with significantly greater selectivity and sensitivity as compared to other competing technologies. 

Andrew Riley, Chief Executive Officer of Summit Biomedical Imaging, said: “This agreement with Theragnostics bolsters our IP position with regards to PARPi-FL. It will allow us to focus on developing the oral cancer detection application for this molecule and to bring new diagnostic solutions to market for detecting cancer earlier and improving patient outcomes.”

Dr. Gareth Smith, Chief Operating Officer of Theragnostics, added: “Theragnostics is pleased to work with SBI for the development of PARP inhibitor based diagnostics. Leveraging SBI’s expertise in oncological diagnostics applications is an important step forward in implementing our strategy of bringing novel diagnostic agents and new targeted therapies to cancer patients.”

SBI’s first target for this technology is the in vivo detection of oral cancer, a large and growing market.  Worldwide, over 450,000 cases of oral cancer are diagnosed each year and, in many places, including the US, the incidence rate of oral cancer is increasing.  Oral cancer detection is estimated to be a $5 billion market (source, Market Research Future), which is projected to grow over 6.8% annually through 2024.  SBI seeks to enable earlier diagnosis using PARPi-FL and fluorescence imaging in the oral cavity.  Earlier detection enables earlier intervention, which corresponds to saving lives and lower intervention costs, with the potential to save over $1 billion in patient and insurance costs annually.

For more information please contact:

Optimum Strategic Communications

Mary Clark / Shabnam Bashir/ Manel Mateus

Tel: +44 (0)20 950 9144

theragnosticsPR@optimumcomms.com

About Summit Biomedical Imaging

Summit Biomedical Imaging is a private, clinical-stage company developing products for diagnostic medical imaging.  Summit Biomedical Imaging has completed proof‑of‑concept studies for several oncological diagnostic applications. For more information, please visit www.summitbiomedicalimaging.com

About Theragnostics

Theragnostics, a private biotech company based in UK and US, is developing innovative radiopharmaceuticals to improve cancer diagnosis and treatment. It has developed a radiopharmaceutical technology platform that allows for diagnostic tools as well as therapeutic solutions to inform clinical management, guide care and treat cancer patients in areas of unmet medical need. Three diagnostic imaging agents have been successfully developed. The first radiopharmaceutical therapy, rPARP inhibitor THG-009 (I-123 labelled PARPi) is expected to enter clinical development in 2020.  Theragnostics is led by recognized experts in the clinical development and commercialization of innovative diagnostic and therapeutic nuclear medicine products. For more information, please visit www.theragnostics.com.