Todos Medical Enters into Exclusive Option Agreement to Acquire Provista Diagnostics and Announces Management Changes
Todos preparing to relocate headquarters to USA
REHOVOT, Israel, Jan. 09, 2020 (GLOBE NEWSWIRE) -- 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.
“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.
About Videssa® Breast
Videssa Breast is the only simple blood test to provide early and accurate detection of active breast cancer. In those women who present with suspicious mammography results, the decision whether to order additional imaging or biopsy can be difficult. With a simple blood draw, Videssa Breast can help guide further diagnostic procedures or provide assurance that the patient does not have breast cancer. When used in combination with imaging, Videssa Breast offers the healthcare provider additional data leading to increased confidence and clarity when clinical assessment is challenging.
About Provista Diagnostics
Provista Diagnostics is a privately held molecular diagnostics company focused on developing and commercializing a new generation of proprietary blood-based proteomic diagnostic, prognostic and monitoring tests designed to address the unmet needs in women’s cancer, such as breast and gynecologic cancers. Provista Diagnostics’ state-of-the-art, high-complexity clinical laboratory is accredited by the College of American Pathologists (CAP) and Clinical Laboratory Improvement Amendments (CLIA). Additional information about Provista Diagnostics is available at ProvistaDx.com. Information about Provista Diagnostics’ clinical trials is available at ClinicalTrials.gov.
About Todos Medical Ltd.
Todos Medical Ltd. is an in-vitro diagnostic company engaged in the development of blood tests for the early detection of a variety of cancers, and also has initiated the development of blood tests for neurodegenerative disorders such as Alzheimer's disease through Breakthrough Diagnostics, Inc., its joint venture with Amarantus Bioscience Holdings, Inc. Todos has developed two cancer screening tests based on TBIA (Todos Biochemical Infrared Analyses), a method for cancer screening using peripheral blood analysis. The TBIA screening method is based on the cancer’s influence on the immune system, which triggers biochemical changes in peripheral blood mononuclear cells and plasma. This proprietary and patented method incorporates biochemistry, physics and signal processing. The company’s two cancer screening tests, TM-B1 and TM-B2, have received the CE mark. Breakthrough Diagnostics is developing the LymPro Test®, a blood test for diagnosing Alzheimer’s disease.
For more information, the content of which is not part of this press release, please visit http://www.todosmedical.com
Certain statements contained in this press release may constitute forward-looking statements. For example, forward-looking statements are used when discussing our expected clinical development programs and clinical trials. These forward-looking statements are based only on current expectations of management, and are subject to significant risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements, including the risks and uncertainties related to the progress, timing, cost, and results of clinical trials and product development programs; difficulties or delays in obtaining regulatory approval or patent protection for product candidates; competition from other biotechnology companies; and our ability to obtain additional funding required to conduct our research, development and commercialization activities. In addition, the following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: changes in technology and market requirements; delays or obstacles in launching our clinical trials; changes in legislation; inability to timely develop and introduce new technologies, products and applications; lack of validation of our technology as we progress further and lack of acceptance of our methods by the scientific community; inability to retain or attract key employees whose knowledge is essential to the development of our products; unforeseen scientific difficulties that may develop with our process; greater cost of final product than anticipated; loss of market share and pressure on pricing resulting from competition; and laboratory results that do not translate to equally good results in real settings, all of which could cause the actual results or performance to differ materially from those contemplated in such forward-looking statements. Except as otherwise required by law, Todos Medical does not undertake any obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. For a more detailed description of the risks and uncertainties affecting Todos Medical, please refer to its reports filed from time to time with the U.S. Securities and Exchange Commission.
Investor and Corporate Contact:
Kim Sutton Golodetz
LHA Investor Relations
Senior Vice President
Phone: (347) 699-0029
Released January 9, 2020