QualityStocks would like to highlight BG Medicine (NASDAQ: BGMD), a life sciences company focused on the discovery, development, and commercialization of novel diagnostic tests based on biomarkers for high-value market opportunities in healthcare. The company's lead product, the BGM Galectin-3 test for heart failure, received FDA clearance in November 2010, and galectin-3 testing services are currently being offered for use by clinicians in the U.S. through Laboratory Corporation of America (LabCorp) and Health Diagnostic Laboratory, Inc. (HDL). This manual version of the test obtained CE Mark in the European Union in October 2009. The company is also developing multiple product candidates to address significant unmet needs in cardiovascular and other diseases.
In the company’s news yesterday,
BG Medicine announced that it has signed an agreement with Kindstar Diagnostics Co. Ltd., the largest esoteric diagnostic testing business in China, enabling Kindstar to offer galectin-3 testing services for heart failure management in China. In the US, the BGM Galectin-3(R) test is cleared by the FDA as an aid in assessing the prognosis of patients with chronic heart failure.
Kindstar, a company that provides esoteric diagnostic testing services to hospitals and physicians in every province of China and provides laboratory testing services to over 2,000 Chinese hospitals, will offer galectin-3 testing services as part of its growing suite of cardiovascular tests. Kindstar has a broad reach and strong network in the burgeoning diagnostic testing market of China, which is in the process of reforming its health care system under its Healthy China 2020 initiative. While the country works to expand health care coverage for its 1.4 billion citizens, a substantial and increasing segment of the population currently pay out-of-pocket for essential medical services, which provides a ready market for diagnostic testing services like galectin-3 testing.
“We are excited to be partnering with Kindstar, the largest diagnostics lab in China, to further expand the footprint of galectin-3 testing throughout the world,” said Eric Bouvier, President and Chief Executive Officer of BG Medicine. “Cardiovascular disease is one of the most prevalent and debilitating diseases in China, affecting more than 230 million people, and we believe that Kindstar’s galectin-3 testing services will help to provide medical professionals with clinical information on fibrosis formation and cardiac remodeling, which are important biological processes in the development and progression of heart failure, while also helping to manage the costs of expanding health care coverage to more of China’s citizens.”
“Every minute six people in China die from cardiovascular disease, making it imperative that we do what we can to improve the lives of those affected,” said Dr. Shiang Huang, Chief Executive Officer of Kindstar Diagnostics. “We believe that clinically relevant and novel markers like galectin-3 will help medical professionals in China identify patients who are at greatest risk for developing heart failure, which assists us to focus the most attention on those who need it.”
In addition to this agreement with Kindstar in China, BG Medicine has marketing and distribution agreements with leading national and regional testing facilities in the United States, including Health Diagnostics Laboratory, Laboratory Corporation of America, Cleveland Heart Laboratory, Mayo, Atherotech and ARUP. BG Medicine has also partnered with leading diagnostic instrument manufacturers, including Abbott Laboratories, Alere, bioMerieux and Siemens, for the development and commercialization of automated versions of galectin-3 testing.
About QualityStocks
QualityStocks, based in Scottsdale, Arizona, is a free service that collects data from hundreds of Small-Cap and Micro-Cap online Investment Newsletters into one Daily Newsletter Report. QualityStocks is dedicated to assisting emerging public companies with their investor communication efforts and connecting subscribers with companies that have huge potential to succeed in the short and long-term future.
To sign up for The QualityStocks Daily Newsletter, please visit www.QualityStocks.net
Please read FULL disclaimer on the QualityStocks website: http://Disclaimer.QualityStocks.net
Forward-Looking Statement:
This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. Risks and uncertainties applicable to the company and its business could cause the company's actual results to differ materially from those indicated in any forward-looking statements.
