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January
15, 1999
Source: IMPATH, Inc
IMPATH Announces Joint Venture With Affiliated
Physicians Network
Expands BioPharmaceutical Services' Capabilities and Enhances Outcomes
Database
Clinical trials service to provide oncology patients
with access to new cancer therapeutics, and simplify process for
biopharmaceutical companies in new drug development efforts
New York, NY, January 14, 1999 /Wired Bird/ IMPATH Inc. (NASDAQ
NMS: IMPH) today announced that it has formed a 50/50 joint venture
with Affiliated Physicians Network, Inc. (APN), a group of more
than 150 oncologists in six states (with a concentration in the
New York metropolitan area), to provide oncology-related clinical
research and information services to the biopharmaceutical industry.
The new entity utilizes IMPATH痴 unmatched expertise in cancer analyses,
extensive database and data assessment capabilities and APN痴 substantial
network of well-respected, community based cancer specialists to
aid in patient recruitment and implementation of clinical trials.
Other services include clinical practice pattern data collection
and analysis, drug utilization monitoring, market research and outcomes
studies. Terms of the transaction were not disclosed.
Commenting on the announcement, Dr. Anu D. Saad, President and Chief
Executive Officer of IMPATH, said, "This collaboration should provide
a new, much needed avenue for pharmaceutical companies and contract
research organizations (CROs) to gain access to targeted patient
populations for clinical trials. With only about five percent of
cancer patients currently enrolled in trials, the IMPATH/APN alliance
seeks to increase patient participation by providing those involved
in drug development with an incomparable resource for the development
of new biologically relevant cancer therapies."
"For many patients with advanced stages of disease, clinical trial
participation can improve quality of life and survival as well as
facilitate breakthroughs for future patients. The comprehensive
analyses and information capabilities of IMPATH, combined with the
hands-on, real-time, patient treatment experience of APN痴 physicians
will simplify the process of clinical trial design, patient enrollment
and follow-up while enabling our oncologists to continue to offer
the highest quality of care and therapeutic availability," said
Joseph A. Welfeld, APN痴 President and Chief Executive Officer.
Oncologists often find the process of entering patients into clinical
trials time consuming and complicated. Under the arrangement, the
new company will inform APN痴 oncologists of appropriate clinical
trials, help qualify eligible patients from the more than 40,000
cancer patients in their database, perform diagnostic and prognostic
testing to further refine patient eligibility, and negotiate clinical
trials contracts with pharmaceutical companies and CROs. Building
upon the experience of many of APN痴 academic oncologists in the
design and implementation of such trials, client companies can choose
between levels of service, from the identification of appropriate
patients to outsourcing the entire clinical trials design process.
"Simply stated, APN provides access to oncologists and patients,
while IMPATH provides clinical trial prognostic testing experience.
This collaboration is a natural fit which allows IMPATH to provide
its expertise in a way that positively impacts the treatment of
patients and the process of new drug discovery. This initiative
is consistent with our long-term growth strategy and the recognition
of IMPATH as a definitive resource for those involved in the management
of cancer," Dr. Saad added.
Affiliated Physicians Network, Inc. was founded in 1996 by 75 oncologists
in private practice whose goal was to provide the highest quality,
cost-effective research oncology care in the convenience of private
practice community settings. APN痴 physician network currently includes
more the 150 oncology specialists in six states, with a concentration
in the New York metropolitan area.
IMPATH Inc. is a leading source of cancer information and analyses
with a database of more than 400,000 analyzed cases to date. IMPATH
uses sophisticated technologies to provide patient-specific cancer
diagnostic and prognostic information to pathologists, oncologists,
and transplant centers. IMPATH currently serves more than 4,000
physicians specializing in the treatment of cancer patients, in
over 1,650 hospitals and 140 oncology practices.
This press release contains forward-looking statements
about IMPATH痴 projected growth and its plans for expansion. IMPATH痴
ability to achieve its projected growth is dependent on a variety
of factors, many of which are outside of management痴 control. Some
of the most significant factors, alone or in combination, would
be the failure to integrate the businesses acquired by IMPATH successfully,
unanticipated disagreements with IMPATH痴 joint venture partners,
an unanticipated slowdown in the health care industry (as a result
of cost containment measures, changes in governmental regulation
or other factors), an unanticipated failure in the commercialization
of IMPATH痴 evolving outcomes-oriented database, or an unanticipated
loss of business. Accordingly, there can be no assurances that IMPATH
will achieve its goals for expansion and growth. Contact: Iris D.
Daniels, Director of Investor Relations, IMPATH Inc. (212) 698-0300
SOURCE IMPATH, Inc
Contact: Iris D. Daniels,
Director of Investor Relations, IMPATH Inc. (212) 698-0300
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