Biotech Company Details Partnership on Cancer Test

Posted: Updated:
IVDiagnostics CEO Frank Szczepanski (photo courtesy of our partners at The Times of Northwest Indiana) IVDiagnostics CEO Frank Szczepanski (photo courtesy of our partners at The Times of Northwest Indiana)
GARY -

A Gary-based biotech company has announced a strategic partnership designed to accelerate the timeline toward FDA approval for its breast cancer testing technology. IVDiagnostics says the deal with Pennsylvania-based Prevail Partners Inc. will provide high-quality data from clinical studies at a more rapid pace.

IVDiagnostics is seeking Phase 1 FDA approval for Velox, a diagnostic cancer test which tags and monitors circulating tumor cells in a cancer patient's body. The company says the test will provide more accurate and frequent monitoring of a patient's progress during and after treatment.

The company says current imaging systems can only detect solid tumors of 1 millimeter or greater in size. The Velox test would be able to capture individual cancer cells within 2-30 microns in size. IV Diagnostics adds the test would ideally be used for patients with advanced stage cancers.

Prevail Partners, a subsidiary of Prevail InfoWorks Inc., will also invest an undisclosed amount money in IVDiagnostics in addition to assisting with the clinical studies.

"Everyone at Prevail Partners is excited to invest in the growth of IVDiagnostics as they develop the fastest and lowest cost CTC assay for the accurate in-vitro monitoring of pathogenic cell growth in patients undergoing cancer treatment or other blood borne diseases," said Mary Schaheen, president of Prevail Partners. "Furthermore, we have great confidence in our partnership and its ability to accelerate IVDiagnostics to a significant value inflection point through the completion of its planned pilot and pivotal trials."

IVDiagnostics Chief Executive Officer Frank Szczepanski says the partnership is "precisely what we need" to achieve FDA approval for Velox. You can learn more about the test by clicking here.

  • Perspectives

    • Look What's Coming: Tax Reform!

      President Trump and Congress are focused on completing a tax bill prior to year-end. Unfortunately, their timing may require quick action to implement a tax strategy in 2017 that can take advantage of the 2018 changes. What's a taxpayer to do?

    More

Subscribe

Name:
Company Name:
Email:
Confirm Email:
HTML
INside Edge
Morning Briefing
BigWigs & New Gigs
Life Sciences Indiana
Indiana Connections
INPower
Subscribe
Unsubscribe

Events



  • Most Popular Stories

    • Pacers Set For 'Major' Esports Announcement

      Pacers Sports & Entertainment is planning to Tuesday make what it calls a major announcement regarding the NBA 2K League. The organization is one of 17 NBA teams taking part in the inaugural season of the esports league, which is set to kick off in 2018.

    • Minnesota Company Planning $62M Fort Wayne Investment

      Plans for a nearly $62 million private, mixed-use development have been announced for the Fort Wayne riverfront. The seven-story project will be located next to Promenade Park, which is currently under construction and is one of the signature pieces of the downtown resurgence. Plans from Minnesota-based Continental Property Group include 150 apartments, 20,000 square-feet of retail space and more than 1,000 parking spaces.

    • Anderson Losing 'The Nile'

      A Mediterranean restaurant in Anderson that has been around almost 30 years is closing. In a message on Facebook, the owners of The Nile say they will close "for good" December 23. The restaurant, which is run by Angele and Samir Naby opened in 1990, and bills itself as offering "A Journey of Taste." The message from the Nabys reads...

    • Hundreds of Jobs Planned in Indianapolis

      Delaware-based Sallie Mae (Nasdaq: SLM) is again growing its Indianapolis footprint. The company, which announced a nearly $16 million expansion mid-last year, says it will invest nearly $12 million and add 350 jobs within three years. The newest job commitment, the student loan provider says, will be "over and above" the nearly 280 it pledged last year. In an agreement published by the Indiana Economic Development Corp., Sallie Mae says...

    • The Human Side of Digital Transformation: Dealing With The Monkeys in Your Brain

      "It's not the strongest of the species that survives nor the most intelligent that survives. It's the most adaptable to change," said Charles Darwin. Throughout digital transformation discussions with executives (in and outside of IT), one of the most common conversations is the complexity and challenge surrounding change. Bottom line, change is hard, requires knowing yourself and embracing differences to continue growing your business. Are you ready?