Radient Pharmaceuticals Corporation fka RXPC

[ED20332]

Radient secures distribution deal for Onko-Sure tests in India, shares rally

http://www.proactiveinvestors.com/companies/news/15356/radient-secures-distribution-deal-for-onko-sure-tests-in-india-shares-rally-15356.html

Radient secures distribution deal for Onko-Sure tests in India, shares rally
Fri 2:21 pm by Olivia D'Orazio
Radient Pharmaceuticals (AMEX:RPC) has secured a major new partnership with Super Religare Laboratories in India for the distribution of its Onko-Sure diagnostics test kits.
Super Religare is the largest diagnostics lab in India, serving over 50,000 doctors in hospitals across the country. The firm estimated that it served approximately 4.2 million patients during the nine month period ending December 31, 2010, and performs over 33,000 tests each day.
It took the company over a year to receive approval from the Indian Health Ministry to import and sell Onko-Sure tests, which detect and monitor solid tumour cancers by measuring the accumulation of certain products in the blood.
Radient said it is expected to see a benefit in its bottom line directly resulting from the distribution agreement.
"[The doctors] are all very excited and feel the low-cost cancer detection technology allows them a strong differentiation in a marketplace full of various other tests which are more expensive," the company's senior advisor for Indian operation, Dr. Umesh Bhatia, said.
Earlier this week, Radient reported a first quarter net loss of $11.4 million, or $0.13 loss per share, compared to the year-ago period's loss of $2.6 million, or $0.11 loss per share. The company's revenues were also down 17% to $30,655, compared to $36,842 in 2010.
Radient said its drop in revenues was due to lower orders for Onko-Sure, but sales are now anticipated to rise significantly following today's agreement.
The Tustin, California-based company saw its stock spike at news of the India partnership, trading on the AMEX at $0.207, a 33.48% hike as of Friday afternoon.