HealthLinx Limited (ASX:HTX) has secured up to $750,000 for the company over the next 24 months, from execution of its Victorian Science Agenda (VSA) Investment Fund grant agreement today.
Funding will assist HealthLinx and its local and international collaborators to conduct the second stage trial of OvPlex™, the company's ovarian cancer diagnostic.
The company said based on preliminary results to date from the trial, could result in an increase in diagnostic efficiency to greater than 97 per cent.
If these expected results are achieved, this will place OvPlex™ as the market leader in ovarian cancer diagnosis for symptomatic women.
Managing director Nick Gatsios said “I am very excited about the ongoing projects for the company this year, with the first six months of 2010 having the potential to bring about great rewards for the company and its shareholders."
He said "we are also in discussion with multiple international companies to secure distribution of OvPlex™ in more countries and with Intus Healthcare we remain on track for rollout of OvPlex™ in the United Kingdom and Republic of Ireland in February.”
“We have some of the best and most respected gynaecological oncologists working on the second stage trial which is expected to begin in the first quarter this year.
Preliminary results are expected in the second quarter of 2010,” said HealthLinx managing director, Nick Gatsios.
Collaborators for the second stage study are from leading institutions and organisations around the world including the Mercy Hospital for Women in Melbourne and Victorian Cancer Biobank, the Mater Adult Hospital in Queensland, National University of Singapore, and UK based University of Liverpool and South Essex Cancer Network.
Healthlinx has an ongoing convertible note facility from New York based investors SpringTree Special Opportunities Fund.
Together with the private placement by StoneBridge Securities and the Victorian Government’s VSA Investment Fund grant, "HealthLinx is in an excellent financial position to continue working to achieve our internal and external milestones,” Mr Gatsios said.