NORCROSS, GA - Guided Therapeutics Inc. (Pink Sheets: GTHP), which developed a cervical cancer detection technology, says it has confirmed additional funding of $1.59 million over 12 months from Konica MInolta Opto Inc. to co-develop new, non-invasive cancer detection products.

The new funding is in addition to option to license payments GT currently receives from Konica.

Work on the project is expected to begin immediately. As part of the agreement, Konica is expected to purchase prototype devices and rely on GT for establishing the technical approach and regulatory strategy for potential entry of the new products into the U.S. and international markets.

The agreement follows more than two years of collaborative preparations and the recent completion of a directional marketing study that confirmed the market opportunity for GT’s LightTouch technology into new product areas.

The new products, for the detection of esophageal and lung cancer, are based on GT’s LightTouch painless non-invasive cervical cancer detection technology, which is undergoing the U.S. Food and Drug Administration’s premarket approval process.

Unlike Pap and HPV tests, the device does not require a painful tissue sample and results are known immediately.

Online: www.guidedinc.com

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Tags: Biotech, cancer detection, Georgia, Guided Therapeutics, Konica Minolta, Medical Device, Pharma