Todos Medical Ltd. (OTCQB: TOMDF), a clinical-stage in-vitro-diagnostics company focused on the development of blood tests for the early detection of cancer and neurodegenerative disorders, today announced that it has entered into an exclusive option agreement to acquire Provista Diagnostics, Inc., an in vitro diagnostics company with a CLIA/CAP certified lab in Alpharetta, Georgia, developing and commercializing the proprietary Videssa® blood test for breast cancer. Videssa has been clinically validated for the early and accurate detection of breast cancer based on data from over one thousand patient samples.
“The Videssa technology platform and the menu of cancer and autoantibodies tests from Provista Diagnostics represent a robust, reliable, cost- effective and clinically useful line of products for the early and accurate detection of breast cancer,” said Dr. Jorge Leon, Senior Medical Advisor of Todos. “Once confirmed through a clinical utility study to support reimbursement in breast cancer and bench marking, this pipeline of tests can play a real role in the management of cancer patients worldwide.”
“We are excited to be joining forces with Todos Medical and leveraging the combined knowledge and capabilities of our respective technologies to advance the early detection of breast cancer and other women’s cancers,” said Uriel E. Kusiatin, CEO, Provista Diagnostics. “Provista’s expertise in conducting rigorous prospective clinical trials; clinical validation and the publication of results in peer reviewed journals; as well as our commercial expertise from piloting commercial efforts with approx. 150 providers, gives us a distinct advantage as we position ourselves as the leaders in the space. I look forward to continuing to work with Todos Medical’s leadership to develop best in class diagnostics.”
Concurrent with this announcement, the Company announced that it has appointed Gerald Commissiong, a US-based executive, as Chief Executive Officer, and that it has appointed Daniel Hirsch, an Israeli-based executive of American descent, as Chief Financial Officer. Mr. Commissiong and Mr. Hirsch have been tasked with effectuating the relocation of Todos from Israel to the US so that the Company can focus its development and commercialization efforts of its proprietary Total Biochemical Infrared Analysis (TBIA) cancer diagnostic platform in the United States. Todos’ former CEO, Dr. Herman Weiss, will remain with the Company as Chairman of the Board.
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“I am excited about the opportunity to lead the effort to refocus Todos’ efforts on the US market,” said Gerald Commissiong, Chief Executive Officer of Todos. “The TBIA platform developed in Israel has resulted in a CE Mark for breast cancer tests in Europe, where Orot+ (the operational division of www.orot-luces.com) is currently enrolling patients in a commercial validation study to support the commercial launch of the TM-B1 and TM-B2 blood tests later this year. With the pending acquisition of Provista that will give Todos ownership of a CLIA/CAP certified lab and Videssa that has already been validated and commercialized in the United States, we believe that we are positioning Todos to become the premier breast cancer blood testing company, with the potential to expand that leadership position to all cancers.”
Mr. Commissiong is currently a director and President & CEO of Amarantus Bioscience Holdings, Inc. and is interim-CEO of Breakthrough Diagnostics, Inc., Todos’ joint venture with Amarantus. Mr. Commissiong has been responsible for Amarantus’ strategic transactions, licensing, research collaborations, mergers & acquisitions in therapeutics and diagnostics, as well as fund raising, having raised over of $50 million since inception. Prior to co-founding Amarantus, Mr. Commissiong played professional football for the Calgary Stampeders of the Canadian Football League. Mr. Commissiong received a B.Sc. in Management Science and Engineering with a focus on Financial Decisions from Stanford University. Mr. Hirsch has over 25 years of experience with a demonstrated history of working with public companies. Mr. Hirsch has management and business development expertise to go along with a strong background in investor relations.
Source: BioSpace
