ChondroGene says ColonSentry test could generate annual revenues of C$400 million or more

By Jennifer Lanning Drey

Eugene, Ore., Aug. 24 - ChondroGene Ltd.'s ColonSentry blood-based colon cancer test could produce revenues for the company between C$80 million and C$400 million per year based on conservative company estimates, said K. Wayne Marshall, president and chief executive officer of ChondroGene, during a presentation for investors on Thursday.

If approved, ColonSentry would compete with current colon cancer testing methods; however, ChondroGene believes the product would have the most success among patients who are not currently willing to undergo colon cancer testing, Marshall said.

"It's important to understand that the biggest part of the colon cancer screening market are the patients who currently are not undergoing stool-based testing or endoscopic testing. We believe that a blood-based test would be very powerful in penetrating this market," Marshall said.

ChondroGene is currently generating patient samples across a large number of centers in order to fine tune its prototype ColonSentry test kit. The company expects to determine a set of biomarkers in the next six months, which will be used to move ColonSentry into regulatory trials, he said.

ChondroGene is also currently in discussions with potential partners regarding contract manufacturing and distribution agreements for ColonSentry, he added.

"This is a vast market, which is currently about $3 billion per year in the United States, despite the fact that only about 25% of the market is complying with practice guidelines," Marshall said.

ColonSentry is based on ChondroGene's philosophy of developing diagnostic products that offer early detection of deadly diseases.

"The reality is, if you want to cure cancer, the best way to do that is not with better drugs, because by then it's usually too late and the patient is likely to succumb from the disease. The best way to cure cancer is to diagnose the disease at a much earlier stage," Marshall said.

ChondroGene believes the diagnostics industry is poised for "explosive growth," he told investors.

Toronto-based ChondroGene is focused on the application of functional genomics to enable early diagnosis and personalized therapeutic intervention based on disease-specific biomarkers.

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