Philips and BG Medicine form alliance to develop molecular imaging and diagnostic products

13 August 2006

Waltham, Mass., USA. Royal Philips Electronics (NYSE: PHG, AEX: PHI) and BG Medicine have formed a partnership to develop the next generation of compounds for healthcare applications such as molecular imaging and point-of-care diagnostics.

BGM's proprietary systems profiling technologies 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.

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