Igen International Inc has launched a new application of its proprietary Origen technology for use by pharmaceutical and biotechnology researchers involved in monoclonal antibody development and production.
The new application will be marketed for use with the Company's M-Series instruments and cell culture product lines, and the Company has already received orders by key pharmaceutical and academic laboratories that develop therapeutic products utilizing monoclonal antibodies. Igen estimates that its instruments, reagents and applications information directly target the more than $100 million per year spent by pharma/biotech in research and development of hybridoma cloning and monoclonal antibody production.
"This new high volume application will contribute to the company's revenue growth as we participate in the explosive rise in the use of monoclonal antibodies in all segments of the market," stated Samuel Wohlstadter, Chairman and Chief Executive Officer of Igen International.
"Most major pharmaceutical companies and academic institutions have monoclonal antibody therapeutic products in development and use monoclonal antibodies in their basic research and drug discovery processes. This new application, in conjunction with the company's existing cell culture product line, provides our customers with a highly sensitive tool permitting them to identify rare antibodies with fewer reagents and at reduced costs compared to competing systems. Each new application that we launch improves our penetration in the life science market and drives our consumable reagent revenue growth." Monoclonal antibodies are widely used in therapeutic, diagnostic and research applications.
The total market for therapeutic monoclonal antibodies is a multibillion-dollar opportunity, and hence an important part of the pharma/biotech research and development programs. Monoclonal antibodies are currently used to treat inflammatory diseases (such as rheumatoid arthritis), cancers (such as breast cancer and lymphomas), and are forecasted to reach $25 billion and $15 billion respectively by 2010.
The development of specific antibodies is an important component in the drug discovery process as life science companies examine monoclonal antibodies as potential therapeutic candidates and develop proprietary antibodies in their screening programs for new biological targets. In addition to the hundreds of companies that produce pharmaceutical and biological products that are potential customers for Igen's new application there are thousands of research laboratories in universities and government institutions that produce monoclonal antibodies. In September at the annual Society for Biomolecular Screening (SBS) conference in The Hague, The Netherlands Igen presented information about the use of its Origen technology for screening hybridoma clones. Compared to traditional methods, the assay developed using the Origen technology was reported to reduce cell culturing costs, decrease the amount of sample utilized, save time and increase productivity at pharmaceutical and biotechnology screening facilities.