Oncimmune Holdings plc (AIM: ONC.L), a leading early cancer detection company developing and commercialising its proprietary EarlyCDT® platform technology, today announces that it has signed two new exclusive distribution agreements for its EarlyCDT®-Lung test with Best Medical Opinion and Dow Biomedica/Biodiscovery in Israel and Korea respectively.
The test in “kit” form is in the final stages of validation for its CE mark and is expected to be available shortly. Both agreements allow for sales as a central laboratory test in the interim.
The distribution agreement with Best Medical is for an initial term of five years effective 1 May 2017. The agreement with DowBiomedica/Biodiscovery will be for an initial term of four years, also effective 1 May 2017. Biodiscovery will be the importer and holder of the registration license. The two agreements include minimum sales commitments from year two which increase annually over the initial terms of the agreements amounting to, in aggregate, c. £5.2m. First sales are expected to commence late in 2017/early 2018.
Geoffrey Hamilton-Fairley, CEO of Oncimmune, commented:
“At our IPO in May last year we committed to invest in our commercial exploitation, especially focussed outside of the US market where we are also building new distribution channels. These are the first of what we anticipate will be many distribution/partnership contracts in Asia, USA, Europe and other territories. The development of our test from a central lab test into a “kit” was key to entering certain markets and so we are pleased to be able to announce these two distribution agreements today that will focus on selling our kit version of the test. The kit has the benefit of major commercialisation advantages as it requires only a 96-well ELISA reader machine which practically all hospital labs worldwide have. This eliminates the need for deployment (and cost) of specialised testing machines and any additional training of technicians. We are pleased to be working with Best Medical Opinion and Dow Biomedica/Biodiscovery in these two new markets and believe they are the best distributors for us in these territories.”
