Sydney, April 20, 2021: GloriousMed Biomedical Group Co., Ltd (“GloriousMed”) and Minomic International Ltd (“Minomic”) of Australia officially executed the agreement, which formally launched the commercialization of MiCheck® Prostate, a prostate cancer early diagnosis product, in mainland China. Finalizing this agreement completes an important step in commercializing MiCheck® Prostate in one of the world’s largest healthcare markets. Under the agreement GloriousMed will make an initial investment in Minomic to fund a validation study of MiCheck® Prostate using samples sourced from Chinese patients. The agreement also includes an option for GloriousMed to make a further investment of up to US$2.5 Million in Minomic.
GloriousMed is a leading provider of total solutions for precision tumor management in China, and a market leader in precision urological tumor testing, committed to creating an integrated ecological loop for precision treatment of vertical tumor types. Minomic is an Australian medical diagnostic company specializing in the development of diagnostic technologies for solid tumors, including prostate, bladder and pancreatic cancers. MiCheck® Prostate, a blood test developed by Minomic over six years, is a rapid, non-invasive, highly specific test with higher sensitivity and specificity than existing PSA screening technologies. The product helps urologists decide whether to subject patients to a puncture biopsy by assessing the risk of aggressive prostate cancer, effectively avoiding unnecessary biopsies.
With the aging of the population, the incidence of prostate cancer in China is increasing. GloriousMed is actively expanding its multi-omics technology platform and introducing the most cutting-edge international technologies and products to promote the development of precise diagnosis and treatment of prostate cancer in China and further assist in the early diagnosis and treatment of prostate cancer. Through the application of MiCheck® Prostate in mainland China, it is expected to increase the early diagnosis rate of prostate cancer patients in China and improve their survival quality.
Minomic’s CEO, Dr Brad Walsh, noted “being able to test MiCheck® Prostate on a Chinese population has been an aim of the company for some time. We recognize that to be successful in the China market we must work with a partner with significant local expertise and experience to execute this and are very pleased to partner with one of the leading urology companies in China. Our thanks to the GloriousMed team for making this possible. We are very excited to be working with them as they continue to build their franchise in the urological testing space”.
GloriousMed’ CEO, Mrs. Jin Ge, said “We are very pleased to reach this cooperation with Minomic. In the past five years, GloriousMed has devoted itself to the integration of urological tumor diagnosis and treatment. In both independent research and global introduction, we hope to establish the entire urological tumor treatment pathway and diagnostic sequence. With five years of hard work, GloriousMed has become a leader in precision treatment of urological tumors in China, and we also hope to build a more professional product system. MiCheck® Prostate is a very competitive product that can bring real value to Chinese prostate cancer patients. GloriousMed has already started to communicate with many clinical experts in China and is ready for future clinical trials to achieve the translation of MiCheck® in China as soon as possible.
Prostate cancer has now leaped to the top of malignant tumors of the male genitourinary system in China, said Professor Xue Wei of Renji Hospital, Shanghai Jiaotong University School of Medicine. Due to untimely screening and diagnosis, about half of the newly diagnosed prostate cancer patients in China are at advanced stages. It is evident that early screening, early diagnosis and early treatment of prostate cancer will be the key factor to improve the survival time and quality of life of patients. As we know, PSA test is one of the main tools for prostate cancer screening and diagnosis, but there are certain problems in the specificity of PSA test, leading some patients with elevated PSA to undergo unnecessary prostate puncture biopsy. Minomic has spent 6 years developing a rapid, non-invasive, highly specific blood test: MiCheck® Prostate, which has higher sensitivity and specificity than existing PSA screening technologies. The introduction of this technology into China by GloriousMed is expected to improve the current situation of early diagnosis and treatment of prostate cancer in China, help clinicians accurately select patients who do need to undergo puncture biopsy, effectively avoid unnecessary biopsies and reduce patient trauma.”
About GloriousMed: GloriousMed is the leader of integrated solution for precision tumor diagnosis and treatment in China, with advanced testing technology platform, strong transformation capability of industry-academia-research and clinical product development, forming a complete solution in the field of urological tumor, with leading market recognition and share. The company is headquartered in Wuzhong District, Suzhou, with nearly 6,000 square meters of medical testing laboratories in Shanghai and Suzhou, a GMP production base of more than 1,000 square meters in Suzhou, the GloriousMed Oncology Precision Research Institute in Beijing, and channel network coverage in 29 provinces nationwide. https://www.gloriousmed.com/
About Minomic: Minomic International Ltd is an Australian diagnostic company specializing in development of diagnostics for solid tumors, including prostate, bladder and pancreas. Minomic has developed the in vitro diagnostic MiCheck® Prostate test for the early detection of aggressive prostate cancer. Minomic is currently launching MiCheck® Prostate in Australia, the US and China, to assist clinicians in determining the risk of men having aggressive prostate cancer which can reduce unnecessary biopsies.