Business
New Venture - Parsortix Inc
New Venture - Parsortix Inc.
About this update from Cellbxhealth Plc
[{"type":"text","content":"\n Angle PLC\n04 May 2006\n\n\nFor Immediate Release 4 May 2006\n\n\n ANGLE plc\n\n ('ANGLE' or 'the Company')\n\n New Venture Company: Parsortix Inc\n\nANGLE plc ('ANGLE'), the venture management and consulting company specialising\nin the commercialisation of technology, is pleased to announce the launch of its\nlatest venture company, Parsortix Inc, which was agreed on 28 April but for\nreasons of commercial confidentiality was embargoed until now.\n\nIn accordance with ANGLE's Progeny(R) process for creating new ventures,\nParsortix has secured intellectual property that has the potential to change the\n$600 million global market for prenatal diagnostics by eliminating the need for\nmaternal invasive procedures. The technology, developed in private laboratories\nin both the US and Europe, is also applicable to bone marrow transplant\nprocedures used in the therapeutic regimen for the treatment of cancer.\n\nApproximately 6.5 million pregnancies occur in the United States alone each\nyear. Parsortix's technology enables the determination of chromosomal\nabnormalities in the first trimester of pregnancy without the need for invasive\ndiagnostic procedures. Early definitive diagnosis for chromosomal abnormalities\nassociated with spina bifida, Down's, Turner, and Klinefelter syndromes, as well\nas other disorders due to genetic abnormalities, can help physicians better care\nfor both the mother and the foetus during pregnancy. It also gives families\nearlier information with respect to the health of the unborn child and avoids\nthe risk to mother and foetus of the maternal invasive procedures currently\nused.\n\nThis technology should also help provide better care for chemotherapy and\nradiation treated patients who have to undergo bone marrow transplants. In\naddition, it should help ensure the safety of marrow transplants for the\npatients receiving their own bone marrow (autologous transplants) and may also\nbe used in preventing immune rejection during bone marrow transplant from\nanother donor.\n\nThe technology will fit into current medical practice enabling less expensive\nprocedures, and more timely diagnosis adding value to both prenatal care and\ncancer therapeutics.\n\nIn accordance with its process for new venture creation, ANGLE will provide\nmanagement and initial funding to Parsortix, creating a business plan, in...