This might have something to do with this:
Read the numbers mentioned in this release. Bodes well for TBIO and their many tests.
Belgium's MDxHealth taps new urology segment with Dutch acquisition
Reuters
1 hour ago
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* MDxHealth buys Dutch firm for $8.8 mln
* Secures new urine-based prostate cancer test
* CEO eyes potential 15-30 pct of market
By Philip Blenkinsop
BRUSSELS, Sept 15 (Reuters) - Belgian diagnostics company MDxHealth is buying the Dutch-based developer of a urine-based test for prostate cancer, aiming to gain access to a market segment worth some $600 million in the United States and Europe.
MDxHealth said on Tuesday it was buying NovioGendix for $8.8 million, including $5.1 million in stock and $3.3 million in milestone payments depending on the test's future success.
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The test, to be launched as SelectMDx in 2016, is designed to identify men with aggressive prostate cancer and to ensure cancer-free men do not have unnecessary biopsies.
It would be complementary to MDxHealth's existing prostate cancer test, ConfirmMDx, designed to identify the 25-35 percent of men who are incorrectly marked as cancer-free from biopsies.
MDxHealth Chief Executive Jan Groen did not reveal the price at which SelectMDx would be sold, but pointed to a similar colon cancer test from peer Exact Sciences pitched at $400 to $600 as a guide.
He said the total addressable market in the United States for SelectMDx was $500 million, with a further $100 million in Europe.
"If the company with this particular product in the next three, four, five years can capture 15 to 30 percent of the market, that will do quite well," he told Reuters.
In the United States, some 1.3 million biopsies are carried out per year to detect prostate cancer and some 240,000 men found to have cancer. SelectMDx is meant to help determine who needs that initial biopsy.
Along with a new urine-based test for bladder cancer, also to be launched next year, Groen said MDxHealth was looking at a U.S. market worth $2.75 billion.
Groen said cash at the end of June of $40.4 million should be enough to see the company through to 2017, when it should start to make a profit.
By then ConfirmMDx, costing up to $3,000 per test, should be fully in gear. It launched in mid-2012 and secured clearance for Medicare reimbursement coverage in November 2014. Its sales in the first six months were $6.9 million.
