Agreement with Varigen Technologies

RNS Number : 1427F

CareCapital Group plc

12 June 2012

 



12 June 2012

CARECAPITAL GROUP PLC

("CareCapital" or "the Company")

Agreement with Varigen Technologies

Diagnosis and Treatment of Malignant Diseases Based on Genetic Testing, Initially Targeted at Women's Health Care

CareCapital (AIM: CARE) announces that it has signed a mutually exclusive agreement ("the Agreement") with Varigen Technologies ("Varigen") to use Varigen's expertise in the areas of genetic testing and its application to both the diagnosis and development of personalized medical treatments for patients with malignant diseases.  Under the Agreement, the specialist services supplied by Varigen will initially be made available at CareCapital's planned medical centre in Folkestone, dedicated exclusively to women's health.  Varigen will be entitled to a share, after deduction of all operating costs, of 30% of revenues derived from the provision of the services, with CareCapital retaining the remainder.

Varigen is a company established by Mark Hoser, an expert in the field of genetic and medical diagnostics.  Following the award of a PhD from St Thomas' Hospital in haematology and coagulation diagnostics, Mark subsequently held various management positions with large, international pharmaceutical companies before founding GeneForm Technologies in 2003 to exploit his patents in molecular diagnostics and pharmacogenomics.  After a successful trade sale of GeneForm Technologies, he has continued his focus on personalized medicine and rapid, next generation diagnostics as well as genotyping technologies for the prediction of drug efficiency in oncology.

Commenting on the Agreement, Mike Sinclair, CareCapital's CEO, said,"The addition of Mark's expertise via this agreement with Varigen Technologies is exactly on strategy for us as we build and grow our specialist cancer services business.  The services developed with Varigen will be first available at our dedicated women's health care facility but can then be rolled out more widely." 

Mark Hoser of Varigen, added, "The personalisation of diagnosis and treatment are critical steps in the future of medical care and translate to best care and improved quality of life for the patient. Varigen is excited to contribute to CareCapital's endeavour's in making this a reality."

For further information, please visit www.carecapital.co.uk or contact:

Michael Sinclair, CEO	Sandy Jamieson	Simon Hudson / Kelsey Traynor
CareCapital Group Plc	Libertas Capital Corporate Finance Ltd (NOMAD & Joint Broker)	Tavistock Communications (Financial PR & IR)
020 3617 8727	020 7569 9650	020 7920 3150

About CareCapital

CareCapital is building a portfolio of innovative cancer treatment services to capture opportunities in the cancer diagnosis and treatment market, building on its 28.75% stake in Advanced Proton Solutions (Holdings) Ltd and its newly launched Oncotherapy Resources business focused on early stage breast cancer treatment.  Advanced Proton Solutions is pioneering the use of Proton Beam Therapy in the UK and which has secured planning approval for its first London based centre off Moorgate in the City of London, within easy access of a number of London's major hospitals.

CareCapital recently announced a restructuring to reflect its strategy to reposition the Company primarily as an investor in, and provider of, advanced cancer treatments.  CareCapital also specialises, as an innovative developer, in primary care real estate, particularly multi-occupancy premises that accommodate a variety of different, but often synergetic healthcare providers. The Company's 8,500 sq ft Folkestone facility is spread over five floors with a substantial lobby/reception area and four floors of consultation and administration space.  It is anticipated that given the strength of the professionals and the environment created within the facility that this will become a "destination" health centre with visitors travelling from London and France.  Work on the new facility is currently underway with an estimated opening date of early 2013.

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