Royal Philips Electronics (NYSE: PHG, AEX: PHI) and BG Medicine have established an alliance in the field of Systems Biology. Under the partnership agreement BG Medicine will collaborate with Philips to develop the next generation of molecular healthcare products for application in areas such as molecular imaging and point-of-care diagnostics. Key to the alliance is BGM's proprietary systems profiling technologies that identify biomarker sets associated with disease stage, progression and treatment. BG Medicine has granted Philips preferential access to certain of its proprietary technologies and services, and Philips has acquired a minority stake in BG Medicine, which is privately-held and based in Waltham, Massachusetts.
"We are at the dawn of a new era in medicine where technology and biology are applied in conjunction to create a whole new generation of approaches to diagnosis and treatment with improved clinical outcomes," said Rick Harwig, CTO of Philips. "The Philips-BG Medicine partnership brings together the important capabilities and resources that are required to execute our healthcare vision and strategy."
"The convergence of technology and biology creates exciting new opportunities in healthcare," said Pieter Muntendam, MD, President and CEO of BG Medicine. "The partnership announced today between Philips and BG Medicine provides a strategic foundation and framework for a series of joint initiatives in molecular medicine focused on important areas such as cardiovascular disease and oncology."
The advancement of molecular medicine through Systems Biology promises to revolutionize the practice of healthcare by allowing earlier detection of disease and drug response, thereby increasing the effectiveness of treatment and minimizing the severity or duration of an illness. Molecular medicine is also a keystone in developing individualized therapeutic treatments and diagnostics for improved patient outcomes.
About BG Medicine
BG Medicine, founded in 2000, is a pioneer in the commercial application of Systems Biology. The founding investors are Flagship Ventures (Cambridge, MA) and Gilde Investment Management (Utrecht, Netherlands). BG Medicine's proprietary approaches integrate multiple bioanalytical platforms such as proteomics and metabolomics with powerful bioinformatics and computational analysis. This approach enables the discovery and qualification of accessible biomarkers that form the basis for advanced diagnostics, and provides key insights into disease and drug response. Applied to pharmaceutical development, these approaches can shorten drug development timelines and reduce attrition of drug candidates in late stage trials. BG Medicine's portfolio of projects includes partnerships with a number of leading organizations, such as AstraZeneca, Boehringer Ingelheim, Elan, GlaxoSmithKline, Mitsubishi Pharma, Novartis, TB Alliance, and the FDA. For more information about BG Medicine please visit www.bg-medicine.com.