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The proposed Medicines and Medical Devices Bill updates the framework for regulating IVDs following the UK's exit from the EU.
IVD manufacturers are hoping questions related to the UK's pending exit from the EU, as well as the new European IVD Regulation, will soon be resolved.
The companies are developing a blood-based assay for differentiating lung cancer from benign disease in patients testing positive in low-dose CT screens.
The Finnish company also announced that it has received CE-IVD marking for its Aiforia Clinical pathology image analysis platform.
If the UK leaves the EU on Oct. 31 without a deal, the Medicines and Healthcare Products Regulatory Agency will start regulating medical devices and IVDs.
The change will be felt most immediately in Europe, where the Dutch molecular diagnostics company recently secured a CE-IVD mark for its MammaPrint BluePrint kit.
Randox believes its cash commitment will fill its clinical diagnostics pipeline for years to come, and collaborators include specialists in high-resolution imaging and nanotechnology.
Over the next three years, the company and its partners will assess the OneRNA platform to diagnose bladder cancer, select treatment, and measure response and recurrence.
The new European initiative promises to deliver multiple new tests and methods for improving the treatment of breast cancer and rectal cancer.