Gold Standard Diagnostics Signs Exclusive US Distribution Agreement with Axis-Shield for Homocysteine

Tuesday, 29 June 2010 23:56

Davis. CA, June 28, 2010 - Gold Standard Diagnostics, Inc. (GSD) a leading supplier of products and services to the medical diagnostic industry today announced the execution of an agreement with Axis-Shield to distribute their proprietary assays in the U.S. Market. Axis-Shield owns a number of patents in the areas of cardiovascular and neurodegenerative diseases, rheumatoid arthritis, diabetes and more recently, sepsis. GSD will initially focus on distribution of Homocysteine, but also gains access to distribute Axis-Shield's other key products such as Anti-CCP.

• Homocysteine ─ First promoted for cardiac risk assessment, Homocysteine now appears to be an accurate frontline indicator for a wide variety of diseases throughout a person's life. From neural tube defects and learning disorders in the young, through to the increased risk of stroke or dementia in the elderly, the body of evidence linking elevated blood levels of this marker with ill-health continues to grow. Since developing the first homocysteine assay over 15 years ago, Axis-Shield has been in the forefront of promoting this important marker.

"Axis-Shield is a proven established partner in global diagnostics, and we are thrilled to work closely with Axis-Shield to further its product reach in the US market. Since its inception, Axis-Shield has been a pioneer in the cardiovascular and rheumatoid arthritis markets, and coupled with our sales and service teams here in the US, we can deliver high-quality, cost effective solutions to US labs" said John Griffiths, CEO of Gold Standard Diagnostics.

"We are excited to grow our relationship with Gold Standard, which has proven expertise in servicing the clinical reference laboratory market in North America. Its network of laboratory partnerships and superior customer service will provide new growth opportunities in the US market for Axis-Shield's product portfolio" said Anil Vasishta, Sales and Marketing Director at Axis-Shield Laboratory Division.

Axis-Shield is an international in vitro diagnostics company, headquartered in Dundee, Scotland with R&D and manufacturing bases in Dundee and Oslo, Norway. The group specializes in the supply of instruments and tests for the rapidly growing physician's office testing market and the development, manufacture and marketing of innovative proprietary diagnostics kits in areas of clinical need, including cardiovascular and neurological diseases, rheumatoid arthritis and diabetes.

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Sacramento area could become a medical tech hub

Monday, 21 June 2010 23:16

Here's a nugget of hope, pulled out of a grim economy: Sacramento is carving out a niche in the promising field of medical technology.

Local entrepreneurs are using brainpower to create tools to treat disease, which in turn could create high-paying jobs.

There are at least 54 medical device firms headquartered in a nine-county area centered on the capital. An additional 19 companies have a substantial presence, according to MedStart, a nascent effort by the Sacramento Area Regional Technology Alliance to turn the region into a medical technology hub.

"We were amazed at how big of an existing industry we already had here," said Cary Adams, who helped launch MedStart two years ago.

From new stem cell therapies to tiny, umbrella-like devices that scoop stroke-causing clots out of blood vessels, local firms are part of a lucrative $123 billion national industry.

In 2006, the U.S. medical technology industry employed nearly 360,000 workers, generating $21.5 billion in salaries and producing $123 billion worth of products, according to the most recent data available from the Advanced Medical Technology Association.

The wave of aging baby boomers is driving growth in the overall health care segment, of which medical technology is a part. Health care is expected to account for nearly one in every five dollars spent in this country by 2020.

"We see growth across the board. I don't see much of a decline. ... Medical technology has already proven its ability to sustain itself and its ability to grow," said Patrick Driscoll, the founder of MedMarket Diligence, an Orange County market analysis firm.

California is the hub for much the industry's development. Whether the Sacramento area can become a major player in the industry is an open question.

But local boosters say the sector is off to good start here.

By the end of 2011, MedStart hopes to help add 10 more medical technology firms to the local roster, with 100 new jobs. In three years, the goal is an additional 15 companies and 400 more jobs.

MedStart is mainly sponsored by local businesses, which so far this year have contributed about $60,000. In addition, SARTA will use part of a $250,000 grant from the Sacramento Employment and Training Agency to support the program.

SARTA leaders say the effort, if successful, could pay big dividends for the region.

"If you put in a new big-box store, it will create jobs - but it's not the high-paying jobs that a new medical technology company would bring," said Laura Good, SARTA's director of programs and operations.

Medical technology jobs in the capital area pay an average of $83,177 a year, according to a study produced last year by the state community college system. Having more of them could help insulate the Sacramento area against future recessions.

In 2008, more than 1,700 people were employed in the region's medical technology sector, according to figures collected by MedStart. That's still a tiny slice of the Sacramento economy. In comparison, hospitals and the rest of the health sector employ about 120,000 people in the core capital region, according to the Sacramento Metro Chamber of Commerce.

Most medical technology companies here employ fewer than 20 people, but several have built a larger presence. San Diego-based Volcano Corp., for instance, has about 500 workers at its Rancho Cordova manufacturing plant.

The products made and marketed by Volcano, such as intravenous ultrasound machines, may be hard to fathom. What's easier to understand are the economic benefits the company brings to the region: high-paying jobs and a more diverse stable of businesses.

Earlier this year, MedStart sponsored a coming-out party of sorts - a showcase that drew 300 people and 50 exhibitors to California State University, Sacramento.

"Awareness is one of the things we're focusing on, to raise the profile" of medical technology, said Meg Arnold, SARTA's chief executive officer. "We need to be better at talking about what we have and what we can offer," she said, "because success breeds success."

That's particularly important for fledgling firms in search of investors.

With their proximity to Silicon Valley, Sacramento startups could be well-positioned to get noticed by venture capitalists.

"Sacramento has been embraced in the elastic limits of Silicon Valley," said Vikram Janardhan, chief executive officer of Insera Therapeutics, a five-person Natomas operation that began more than two years ago to develop its device to remove blood clots.

The recession, however, has caused some investors to pull back. As a result, Janardhan is relying on a $150,000 grant from the National Science Foundation and investments from friends and family. He says his company has spent about $1 million to date.

It takes years of research, development and studies - and government approval by the Food and Drug Administration - before a new medical product can be put on the market.

The process takes patience, Janardhan said. "A lot of what we're doing is very inventive. We're not making trinkets or toys for kids. This is medical technology."

In the Sacramento region, much of the necessary research and development backbone is already in place. The University of California, Davis, is a major hub of research - much of it with potential health applications, including work in stem cell technologies, autism and telemedicine.

The Sutter Institute for Medical Research, meanwhile, supports Sutter Health's extensive network of hospitals across Northern California.

Still, there are obstacles.

"The ideas that come out of the universities aren't being commercialized in the region, and we don't want them to go elsewhere," said Good, SARTA's programs director.

To address this issue, MedStart is working with UC Davis to establish a medical technology commercialization clinic, funded by a $600,000 grant from the National Science Foundation. It will help would-be entrepreneurs translate their ideas into money-making ventures.

The state community college system is watching the industry to see if its local campuses need to respond with new training programs, said Theresa Milan, director for the Centers of Excellence, Northern California Region, which covers 15 campuses.

"The growth has surprised me," said Milan, who thinks the region has the potential to become a true hub for medical technology.

"If you asked me three years ago, I would have said no," Milan said. "But now? I do, I really do."

Davis diagnostics company gains financing

Friday, 26 February 2010 00:00

Gold Standard Diagnostics Inc. got the money and is ready to step on the gas.

The Davis-based medical testing company has completed a Series A round of private financing. How much was raised, executives won't say, but the round was led by a group of investors that includes local biotech entrepreneur and venture capitalist Roger Salquist.

Proceeds will be used to hire staff and prepare for a major product launch this spring. The three-year-old company sells medical testing kits it makes, as well as those manufactured by other companies, to clinical laboratories nationwide.

Gold Standard has the diagnostic expertise to design programs to meet the needs of different hospitals and clinical laboratories. Most companies in the industry focus on a particular type of test or disease.

Unlike other biotechnology companies that raise money on an idea and then attempt to develop it into a marketable product, Gold Standard already sells about 1,500 different kinds of medical tests to large laboratories such as Quest Diagnostics Inc. and LabCorp. But it wants to expand its business.

The company opened a small office in Davis in January 2007 with a lineup of medical tests. Unlike many startups, it generated revenue from the beginning.

Company cofounder John Griffiths, who is president and chief executive officer, already knew the business after developing a handful of testing platforms for other companies in the industry - and he brought some of his former coworkers with him.

Jennifer Roth, for example. Director of technical affairs at Gold Standard, she worked with Griffiths at a number of other companies over the past 15 years.

Growth has been strategic and by project. "We build it and then bring on people," Griffiths said.

Revenue grew 300 percent in 2009.

"We wanted to make sure the program has legs - and return on investment for us and our shareholders - and then step on the gas," said Jim Thompson, Gold Standard's chief financial officer.

The approach wowed Salquist, a venture capitalist who founded biotech company Calgene Inc. and ran it for 12 years before selling it to Monsanto Corp. in 1996. He served on the board of Lipomics Technologies in West Sacramento until it merged with Tethys Bioscience a year ago.

Salquist joined the board of directors at Gold Standard Diagnostics last month and helped with the financing round.

A founding partner and managing director of Bay City Capital, a San Francisco-based merchant bank and venture capital partnership, Salquist retired from the VC world in late 2000.

"I'd gotten out of everything, but found I was missing the excitement of startups," Salquist said. After a 30-minute visit with execs at Gold Standard Diagnostics in December, he was hooked.

"These quys are smart, and they understand the industry," Salquist said. "They've built a business base with no equity and are ready to launch a major expansion. I figure I can help. I am not a diagnostic guy, but I have a really big Rolodex." The Rolodex already has paid off.

"He's very connected to the tech field as well as to financing - and will help us with the next step in our growth, not only locally but on the national level," Griffiths said. "Within the first 30 days, he's arranged meetings with local scientists, collaborators and other companies."

Salquist also has referred potential employees. Gold Standard had nine in September but is up to 13 and expects to reach 20 by year end.

Pete Bernardoni, managing director at Wavepoint Ventures in El Dorado Hills, calls Gold Standard "an interesting company," though Wavepoint did not participate in the financing round.

"They are more than a startup; they have real products and revenue," Bernardoni said. "They are more of an emerging growth company."

 

Gold Standard Diagnostics snags Series A funding

Friday, 26 February 2010 00:00

Davis-based Gold Standard Diagnostics Inc. has completed its Series A round of private financing, the company announced.

The funding was led by a group of private investors including Roger Salquist. Well known for his local, biotech entrepreneurship, Salquist has more than 35 years of experience as a senior executive in the life sciences industry. In connection with the Series A funding, Salquist has joined GSD's board of directors.

The amount of funding was not released. GSD will use the proceeds from the financing to expand its own product portfolio, and to bolster its sales, marketing and service efforts in the U.S. and Europe, a news release said.

Read more: Gold Standard Diagnostics snags Series A funding