MedMira acquires cancer testing technology

New York, April 3 - MedMira Inc. said it has agreed to buy an emerging cancer marker technology which will be commercialized through its Maple Biosciences division.

The technology, developed by oncologist Shou-Ching Tang, focuses on BAG-1, a protein found in certain types of caner cells including breast, lung and prostate cancers. Tang is a researcher working on BAG-1 and a director of MedMira.

"Dr. Tang's BAG-1 technology, together with Maple Biosciences' advanced testing platform will create an evolutionary product to meet increasing demands for cancer diagnostics," said Stephen Sham, chairman and chief executive officer of MedMira, in a news release.

MedMira anticipates that the new test will displace the current 30-year-old technology. It uses a tissue sample to provide comprehensive diagnostic and prognostic results, as well as critical information used in formulating a patient's treatment and therapy plan. The BAG-1 technology will be most powerful when combined with other cancer markers to diagnose a specific type of cancer, the company added.

Under the acquisition agreement MedMira will pay C$600,000 in stock for the technology, to be paid as commercialization milestones are achieved.

MedMira is a Halifax, N.S., maker of diagnostics.

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