Oncimmune Holdings PLC First Distribution Agreements Signed (6260D)
28 April 2017 - 4:01PM
UK Regulatory
TIDMONC
RNS Number : 6260D
Oncimmune Holdings PLC
28 April 2017
28 April 2017
This announcement contains inside information.
Oncimmune Holdings plc
("Oncimmune" or the "Company")
First Distribution Agreements Signed for EarlyCDT(R)-Lung
Kit
Exclusive Agreements for Israel and Korea with Aggregate Minimum
Sales Commitment of Approximately GBP5.2m
Oncimmune Holdings plc (AIM: ONC.L), a leading early cancer
detection company developing and commercialising its proprietary
EarlyCDT(R) platform technology, today announces that it has signed
two new exclusive distribution agreements for its EarlyCDT(R)-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. GBP5.2m. 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."
For further information:
Oncimmune Holdings plc
Geoffrey Hamilton-Fairley, Chief Executive Officer
contact@oncimmune.co.uk
Zeus Capital Limited (Nominated Adviser and Broker)
Phil Walker, Giles Balleny, Dominic Wilson
+44 (0) 203 829 5000
Media enquiries:
Consilium Strategic Communications
Chris Gardner, Matthew Neal, Lindsey Neville
oncimmune@consilium-comms.com
+44 (0) 20 3709 5708
About Oncimmune
Oncimmune is a leading early cancer detection company developing
and commercialising its proprietary EarlyCDT(R) platform
technology. Oncimmune has pioneered the development of autoantibody
tests that can detect cancer up to four years earlier than other
methods and can be applied to a very wide range of solid tumour
types. The Company's first product, EarlyCDT(R)-Lung, was launched
in 2012, as a CLIA test in the USA and since then over 150,000
commercial tests have been sold. EarlyCDT(R)-Lung is available
through physicians in the US and also privately in the UK and other
regions. EarlyCDT(R)-Lung is being used in the largest ever
randomised trial for the early detection of lung cancer using
biomarkers, the National Health Service (NHS) Scotland ECLS study
of 12,000 high-risk smokers. EarlyCDT(R) tests for liver and
ovarian cancer are in development.
Oncimmune, headquartered in Nottingham, United Kingdom with
testing facilities in the US, joined AIM in May 2016 under the
ticker ONC.L. For more information, visit www.oncimmune.com
About Best Medical Opinion
Best Medical Opinion is a private company founded in 2012. The
Company started as a dedicated service for remote 2nd medical
opinions from leading US physicians to Israeli patients. The
Company has built a large database of over 2000 physicians in the
US and Europe offering remote medical opinions for all medical
fields.
The service was expanded in Israel, to include patients from all
major insurance companies and a growing number of large Israeli
companies and cooperatives offering the service to employees
http://www.best-med-opinion.com/
About Dow Biomedica
Dow Biomedica is a distributor of diagnostic products with
specialty of molecular diagnostics, immunology, microbiology and QC
materials. Established in 2004, DOW Biomedica has been growing to
become one of the leading quality providers in the dynamically
changing market environment of Korea.
Our mission is to provide state-of-the-art information and
support to our customer. To this aim, we have been developing
various tools for better communication including newsletter and
integrated SNS system.
We at DOW are proud of high marketing capabilities especially
for developing new market segments e.g. introduction of new assay
parameter or innovative technology.
Our group intelligence has extensive experiences of regulatory
affairs, marketing activities and customer support, and hence many
new assays have been successfully launched under coverage of
reimbursement by us.
DOW Biomedica will continuously pursue improving service for our
customers and devote all the resources to accomplish commitment
with our business partners.
http://www.dowbiomedica.co.kr/
This information is provided by RNS
The company news service from the London Stock Exchange
END
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