Printer Friendly

ONCOR ANNOUNCES FORMATION OF A GENETIC PROFILING SUBSIDIARY ACQUIRES EXCLUSIVE RIGHTS TO HEREDITARY CANCER INSTITUTE

 GAITHERSBURG, Maryland, Dec. 14 /PRNewswire/ --- Oncor, Inc. (NASDAQ: ONCR) announced today the formation of a subsidiary company, OncorMed, Inc., that will commercialize Oncor Human Genome technology for the assessment of genetic risk to inherited cancer and other genetic disease.
 In addition, Oncor announced that OncorMed has acquired the worldwide exclusive rights to the Hereditary Cancer Institute's Cancer
Family Database and computer software. The Hereditary Cancer Institute is located at Creighton University School of Medicine in Omaha, Nebraska, and maintains the leading Cancer Family Genetic Database in the world, cataloging over 200 forms of inherited cancer.
 "OncorMed has been established to provide genetic risk profiles to the healthcare community, utilizing recent, new genetic discoveries," said Stephen Turner, Oncor's Chairman and Chief Executive Officer. He continued, "We feel that risk assessment is critical in the healthcare market where early detection and cost control are becoming increasingly important. OncorMed will offer a completely new service--a comprehensive Genetic Risk Profile which combines computer-assisted analysis of one's familial genetic history followed by individual genetic testing where the initial analysis indicates increased risk. We believe this service will allow the medical community to directly access the newest genetic discoveries in a cost-effective manner."
 OncorMed will initially offer risk profiles for inherited breast/ovarian and colon cancer. In addition, the Company intends to develop a registry of women at increased risk. This will be compiled to assure rapid access by these women to new genetic discoveries as they occur.
 Douglas Dolginow, M.D., has been named President of OncorMed. Prior to joining the Company, Dr. Dolginow, a board-certified Pathologist, was senior vice president of the Nichols Institute, Inc.
 Henry T. Lynch, M.D., the founder and head of the Hereditary Cancer Institute, commented, "Our unique Hereditary Cancer Family Database allows OncorMed to assess genetic risk to all inherited forms of cancer, of which there are over 200 forms, using proprietary computer software programs."
 Added Dr. Dolginow, "OncorMed will take genetic testing beyond simply being a diagnostic test to provide an individual's risk profile. This is a new, powerful linkage of clinical medicine with genetics and informatics for clinically-useful, cost-effective patient management. Our plan is to empower physicians everywhere with the ability to assess the inheritied genetic risks of disease for their patients and their families as new genetic discoveries unfold."
 OncorMed was initially financed with a $1 million capital contribution from Oncor. In addition, OncorMed recently closed a private placement to investors of convertible preferred stock, representing approximately 30% of the outstanding stock, for approximately $3 million in net proceeds.
 Oncor develops, manufactures and markets Human Genome-based test systems for use in the early detection and management of cancer and other genetic diseases.
 -0- 12/14/93
 /CONTACT: Naomi Rosenfeld or Betsy Brod of Morgen-Walke Associates 212-850-5600/
 (ONCR)


CO: Oncor, Inc. ST: Maryland IN: MTC SU:

DH -- NY015 -- 3497 12/14/93 09:01 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Dec 14, 1993
Words:478
Previous Article:BELIZE HOLDINGS INC. REPORTS HALF-YEAR EARNINGS INCREASE OF 20 PERCENT; BANKING AND FINANCIAL SERVICES POST STRONG PERFORMANCE
Next Article:VALUE-ADDED ANNOUNCES FIRST NATIONAL NETWORK OF HOTEL CASH MACHINES
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters