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Under this amendment to the agreement, Tyrian will receive an option fee from BD, while BD is granted research and development rights to conduct further feasibility studies on a Point of Care (POC) TB test using Tyrian's TB biomarkers. BD will fund this next stage of research which could take up to nine months. Tyrian will also retain the rights to use its TB biomarkers to develop and commercialise a molecular TB test, which Tyrian intends to explore in collaboration with a suitable partner.
"BD has access to cutting edge technology and the necessary expertise to develop Tyrian's TB biomarkers to the next stage" said Jenny Harry, PhD, CEO of Tyrian. "Assuming that appropriate sensitivity and specificity is achieved in these studies, we believe that there is an exciting opportunity for a rapid, cost-effective and easy-to-use diagnostic to address a market gap for diagnosis of active TB."
In January 2009, Tyrian announced the completion of the fourth milestone of its feasibility study under its collaboration agreement with BD to assess the suitability of Tyrian's TB protein markers for rapid TB diagnostic tests. Tyrian's lead TB biomarker was detected in clinical strains of the bacteria responsible for TB as well as in clinical sputum samples. The next stage involves BD undertaking further feasibility studies using its proprietary technology to seek to achieve desired levels of sensitivity and specificity for an effective POC diagnostic product.
About Tyrian Diagnostics
Tyrian Diagnostics (ASX:TDX) is a diagnostics company with expertise in biomarker discovery and validation and diagnostic test development with a core focus on respiratory and infectious diseases. Tyrian's product pipeline includes:
-- WheatRite(R) for measuring wheat quality, which is partnered with Bayer CropScience; and
-- a rapid test for active tuberculosis, in collaboration with the US-based group Becton, Dickinson and Company.
In addition, Tyrian has many partnering opportunities in alternative fields, given its capabilities to work across the entire spectrum of diagnostic test development - from identification and isolation of biomarkers, point-of-need test design, clinical development or field testing to final product. Core technology of the company includes the DiagnostIQ test format, a handheld device that allows rapid and easy detection of protein markers associated with particular medical, veterinary or agricultural conditions.
Additional information about Tyrian Diagnostics can be found at www.tyriandx.com
SOURCE: Tyrian Diagnostics Limited
Tyrian Diagnostics Dr Jenny Harry, +61 2 8877 8947 Chief Executive Officer Jenny.Harry@tyriandx.com or Blueprint Life Science Group Investor Relations - Australia Sabrina Antoniou, +61 2 9519 5537 santoniou@bplifescience.com Investor Relations - USA Remy Bernarda, +1-415-375-3340 ext. 2022 rbernarda@bplifescience.com
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