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Given Imaging Leading European Consortium Developing Cancer Screening System for the Gastrointestinal Tract
Industry Leaders in Imaging, Biosensing Technologies and Ultra-Low Power Design Join in Development of PillCam(TM) Capsule Endoscope With Molecular Diagnostics
| Source: Given Imaging
YOQNEAM, ISRAEL -- (MARKET WIRE) -- January 16, 2007 -- Given Imaging Ltd. (NASDAQ : GIVN ) today
announced that it has received approval from the European Commission of the
Sixth EU Framework Program of Research and Technological Development ("FP6
commission") to lead a consortium that will develop an integrated
imaging-biosensing system to screen for cancer of the gastrointestinal (GI)
tract. The "Nano-based capsule-Endoscopy with Molecular Imaging and
Optical biopsy" (NEMO) project kicked off in Tel-Aviv at the end of
November.
In addition to Given Imaging, the consortium includes Zarlink Semiconductor
(Sweden and UK), Fraunhofer Institute for Biomedical Engineering,
Israelitic Hospital and Indivumed (Germany), Imperial College of Science,
Technology and Medicine (London, England), ITC-irst Research Institute
(Italy), The Hebrew University of Jerusalem, Novamed and Ernst &Young
(Israel). The NEMO Group will invest EUR 4.7 million over the next three
years, of which the European Commission will contribute EUR 2.8 million.
Given Imaging's gross and net contribution is EUR 1.3 million and EUR 0.6
million, respectively.
The objective of the NEMO project is to increase patient compliance with
currently recommended screening guidelines by developing an advanced cancer
screening system that is patient-friendly, highly sensitive and specific
for early detection of cancer. To achieve this NEMO will converge optical
technologies with Nano-technologies, biosensing and maneuvering
technologies to create a unique PillCam capsule endoscope capable of
secretion analysis and the detection of marked and deep tissue disorders.
The consortium believes the combination of the image and molecular analysis
to mark the tumor may provide a novel and effective medical device for mass
screening for GI cancer.
"We are proud to advance our research in the biosensing field with such
leading research and industrial organizations," said Elisha Rabinovitz,
DSc, Chief Scientist of Given Imaging and the consortium coordinator. "This
project further exemplifies Given's commitment to develop new and
innovative solutions to help physicians treat their patients and could
represent a revolutionary platform of biopsy free procedures."
About Given Imaging Ltd.
Given Imaging is redefining gastrointestinal diagnosis by developing,
producing and marketing innovative, patient-friendly products for detecting
gastrointestinal disorders. The company's technology platform is the
PillCam™ Platform, featuring the PillCam video capsule, a disposable,
miniature video camera contained in a capsule, which is ingested by the
patient, a sensor array, data recorder and RAPID® software. Given
Imaging has three commercially available capsules: the PillCam SB video
capsule to visualize the entire small intestine which is currently marketed
in the United States and in more than 50 other countries; the PillCam ESO
video capsule to visualize the esophagus; and the Agile™ patency capsule
to determine the free passage of the PillCam capsule in the GI tract. The
PillCam COLON video capsule to visualize the colon has been cleared for
marketing in the European Union, and multi-center clinical trials are
underway in Europe and the U.S. A capsule to visualize the stomach is under
development. More than 400,000 patients worldwide have benefited from the
PillCam capsule endoscopy procedure. Given Imaging's headquarters,
manufacturing and R&D facilities are located in Yoqneam, Israel; it has
direct sales and marketing operations in the United States, Germany and
France, and local offices in Japan, Spain and Australia. For more
information, visit http://www.givenimaging.com.
This press release contains forward-looking statements within the meaning
of the "safe harbor" provisions of the U.S. Private Securities Litigation
Reform Act of 1995. These forward-looking statements include, but are not
limited to, projections about our business and our future revenues,
expenses and profitability. Forward-looking statements may be, but are not
necessarily, identified by the use of forward-looking terminology such as
"may," "anticipates," "estimates," "expects," "intends," "plans,"
"believes," and words and terms of similar substance. Forward-looking
statements involve known and unknown risks, uncertainties and other factors
which may cause the actual events, results, performance, circumstances or
achievements of the Company to be materially different from any future
events, results, performance, circumstances or achievements expressed or
implied by such forward-looking statements. Factors that could cause
actual events, results, performance, circumstances or achievements to
differ from such forward-looking statements include, but are not limited
to, the following: (1) satisfactory results of clinical trials with PillCam
Colon (2) changes in regulatory environment, (3) our success in
implementing our sales, marketing and manufacturing plans, (4) protection
and validity of patents and other intellectual property rights, (5) the
impact of currency exchange rates, (6) the effect of competition by other
companies, (7) the outcome of future litigation, including patent
litigation with Olympus Corporation, (8) the reimbursement policies for our
product from healthcare payors, (9) quarterly variations in operating
results, (10) the impact of the newly adopted SFAS 123R for expensing
option-based payments, (11) the possibility of armed conflict or civil or
military unrest in Israel, and (12) other risks and factors disclosed in
our filings with the U.S. Securities and Exchange Commission, including,
but not limited to, risks and factors identified under such headings as
"Risk Factors," "Cautionary Language Regarding Forward-Looking Statements"
and "Operating Results and Financial Review and Prospects" in the Company's
Annual Report on Form 20-F for the year ended December 31, 2005. You are
cautioned not to place undue reliance on these forward-looking statements,
which speak only as of the date of this press release. Except for the
Company's ongoing obligations to disclose material information under the
applicable securities laws, it undertakes no obligation to release publicly
any revisions to any forward-looking statements, to report events or to
report the occurrence of unanticipated events.