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Prion Developmental Laboratories, Inc. (PDL)
Overview | Market Opportunity |
Management Team | Corporate Structure |
Investment
Structure | Address
Prion Developmental Laboratories, Inc. (PDL) is a private, development stage company that was formed specifically to develop a rapid and inexpensive diagnostic test to detect "Mad Cow Disease" in cattle and to screen human blood and tissue supplies for the presence of prion diseases.
Prion diseases have become a major health concern since the outbreak of BSE (Bovine Spongiform Encephalopathy) or "Mad Cow Disease," originally in the United Kingdom and now in many countries in Europe. BSE is believed to be transmitted among cattle through feed that contains protein rendered from infected cattle and apparently can be transmitted to humans through eating beef or beef products from infected cattle. In humans, the prion infection results in a neurological disorder known as new variant Creutzfeldt-Jakob (vCJD). Both "Mad Cow Disease" and vCJD are slow developing but invariably fatal diseases, with the brain becoming spongy and filled with tangled protein plaques. These diseases are caused by prions, a novel infectious agent composed of a misfolded protein.
To date, the only diagnostic tests for "Mad Cow Disease" are based on analysis of post-mortem brain samples from cattle, a procedure that is relatively slow and expensive. As a result, tests can only be conducted on cattle suspected of being infected or on a random sample basis. Also, currently there is no simple test available to check human blood or tissues before they are used to treat another person.
As a key component in its product development strategy, PDL has established collaborations with three major research institutions in the United States that are considered leading centers in both prion diseases and diagnostic test development. The members of this product development team are
 Case Western Reserve University (CWRU) in Cleveland, Ohio - a leading center for neurological research in human prion diseases;
The Institute for Basic Research and Developmental Disabilities (IBR) in Staten Island, New York - a major center for research in animal prion diseases, and
The University of Maryland Biotechnology Institute (UMBI) in Baltimore, Maryland - an internationally recognized institute known for its work in the development of novel and highly sensitive diagnostic platforms.
PDL is utilizing the combined expertise of the research teams at all three centers to develop a proprietary, rapid diagnostic for prion disease that can detect the presence of infectious prions before symptoms appear.
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The two major international markets for the PDL prion diagnostic are the cattle industry and the human blood products industry. As a result of the BSE outbreak in the United Kingdom, the rest of the European market banned export of British beef. The financial consequences of this in the UK were estimated to be in excess of $2.5 billion in 1998. Since then, BSE has been detected in a number of European countries and there is growing concern that it could have spread to other areas of the world. The Company has projected that if this diagnostic were used to test cattle prior to slaughter (estimated at 40 million cattle per year in the US), the potential gross revenues from this application alone could be in excess of $50 million in the US alone.
In the human blood and tissue products market, the fear of prion infection from whole blood or purified blood products has led to withdrawal of purified blood components by major pharmaceutical companies. In addition, tissue transplants such as corneal grafts have been proven to transmit prion diseases. Based on estimates of the market opportunity for a simple test to detect prions in human blood and tissue supplies, PDL projects that annual revenues in excess of $50 million can be obtained from the US market alone. Significantly higher revenues could be obtained if the test is marketed worldwide.
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PDL has compiled a team of world-renowned scientists and experienced management personnel dedicated to the development of a diagnostic assay for prion diseases. The key personnel include:
Mr. David S. Grosky, CEO & Chairman
Dr. Robert B. Petersen, Chief Scientific Advisor
Mr. Craig A. Rappin, Executive VP Manufacturing & Technology
Among the research scientists on the product development team are:
Dr. Robert Gallo, Principal Investigator, The University of Maryland
Dr. Neil T. Constantine, The University of Maryland Biotechnology Institute
Dr. W. Edward Highsmith, The University of Maryland Biotechnology Institute
Dr. Man-Sun Sy, Director, Case Western Reserve University
Dr. Pierluigi Gambetti, Case Western Reserve University
Dr. Richard Rubenstein, The Institute for Basic Research
Dr. Richard J. Kascsak, The Institute for Basic Research
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| Founded in 1999, PDL is a privately held company incorporated in Maryland, with head offices and a manufacturing facility located in Buffalo Grove, Illinois. The parent company of PDL is Efoora, Inc., a private company developing novel diagnostic tests and offering contract manufacturing services for medical devices.
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| Genesis Bioventures (GBI) currently holds a 25% equity interest in PDL and the right of first refusal on future investments in PDL for a period of one year.
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Prion Developmental Laboratories, Inc.
900 Asbury Drive
Buffalo Grove, Illinois
USA 60089
Tel: (847) 634-6400
Fax: (847) 634-0476
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