Exagen and the Ohio State Innovation Foundation Announce Exclusive License Agreement and Research Collaboration for a Novel, ...
June 17 2020 - 08:25AM
Exagen Inc. (Nasdaq: XGN), an organization dedicated to
transforming the care continuum for patients suffering from
autoimmune diseases, today announced it has entered into an
exclusive worldwide license agreement with the Ohio State
Innovation Foundation for the commercial diagnostic development and
marketing rights for a novel blood test using vibrational
spectroscopy and metabolomic analysis to differentiate patients
with fibromyalgia from rheumatoid arthritis, osteo arthritis,
chronic lower back pain and systemic lupus erythematosus.
Fibromyalgia is the most common cause of chronic widespread
musculoskeletal pain in the US and approximately 90 percent of
fibromyalgia sufferers are female. In the US, there may be as
many as 12 million undiagnosed patients with fibromyalgia. In
a study that was authored by researchers from The Ohio State
University and recently published in The Journal of Biological
Chemistry, scientists were able to distinguish clear metabolomic
patterns that set fibromyalgia blood samples apart from those of
other rheumatic diseases.
“Approximately thirty percent of fibromyalgia patients may test
positive for anti-nuclear antibodies raising autoimmune disease
concerns and resulting in potentially inappropriate referrals to
rheumatologists,” said Ron Rocca, Exagen President and Chief
Executive Officer. “In addition, patients with fibromyalgia and
autoimmune diseases such as lupus and rheumatoid arthritis may have
similar symptoms especially in early stage disease, making
differential diagnosis difficult. A rule-in test for fibromyalgia
would be a significant advancement in the earlier diagnosis and
appropriate treatment of these patients.”
The licensed technology is based on the research of Kevin
Hackshaw, Luis Rodriguez-Saona and Tony Buffington at The Ohio
State University. “Fibromyalgia is often difficult to diagnose,”
says Scott Osborne, vice president of economic and corporate
engagement at Ohio State. “This research providing evidence that
fibromyalgia can be detected in blood samples exemplifies Ohio
State’s mission to improve lives by finding solutions to complex
problems.”
About Exagen Inc.
Exagen is dedicated to transforming the care continuum for
patients suffering from debilitating and chronic autoimmune
diseases by enabling timely differential diagnosis and optimizing
therapeutic intervention. Exagen has developed and is
commercializing a portfolio of innovative testing products under
its AVISE® brand, several of which are based on its proprietary
Cell-Bound Complement Activation Products, or CB-CAPs, technology.
Exagen’s goal is to enable rheumatologists to improve care
for patients through the differential diagnosis, prognosis and
monitoring of complex autoimmune and autoimmune-related diseases,
including SLE and rheumatoid arthritis.
Forward Looking Statements
Exagen cautions you that statements contained in this press
release regarding matters that are not historical facts are
forward-looking statements. These statements are based on the
company’s current beliefs and expectations. Such forward-looking
statements include, but are not limited to, express or implied
statements regarding the development, accuracy, demand and
commercial viability of the fibromyalgia testing technology. The
inclusion of forward-looking statements should not be regarded as a
representation by Exagen that any of its plans will be achieved.
Actual results may differ from those set forth in this press
release due to the risks and uncertainties inherent in Exagen’s
business, including, without limitation: developing new
laboratory developed testing products involves a lengthy and
complex process, and we may not be able to commercialize on a
timely basis, or at all, a new testing product to support the
diagnosis of fibromyalgia; our ability to comply with the
obligations in the Ohio State Innovation Foundation license
agreement; and other risks described in the company’s prior press
releases and the company’s filings with the Securities and Exchange
Commission (SEC), including under the heading “Risk Factors” in the
Company’s Annual Report on Form 10-K and any subsequent filings
with the SEC. You are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the date
hereof, and Exagen undertakes no obligation to update such
statements to reflect events that occur or circumstances that exist
after the date hereof. All forward-looking statements are qualified
in their entirety by this cautionary statement, which is made under
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995.
CONTACTS:
Investors
Westwicke Partners Mike Cavanaugh Mike.Cavanaugh@westwicke.com
646.677.1838
Company Contact
Exagen Inc. Kamal Adawi, Chief Financial Officer
KAdawi@exagen.com 760.477.5514
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