Oncimmune Share News (ONC)

(Sharecast News) - Immunodiagnostics developer Oncimmune Holdings has signed exclusive agreements for the distribution of its 'EarlyCDT-Lung' test in Germany with hrmed.tech, in France with Eurobio Scientific, and in Italy with BSN, it announced on Wednesday.The AIM-traded firm said the exclusive agreements would allow for the sale of the CE-marked EarlyCDT-Lung kit as a screening test, and for the risk assessment of indeterminate pulmonary nodules.It sai the agreement in Germany was for an initial term of five years, and included minimum sales commitments of £3m over the term of the contract, with first sales expected in 2019.Germany was the largest market in Europe, with more than 18 million smokers and over five million CT scans performed per year, Oncimmune reported.It said there were around 44,000 deaths from lung cancer in Germany each year.The agreements in France and Italy were both for initial terms of three years, with minimum sales commitments of £0.49m and £0.45m respectively, over the terms of the contracts.First sales were also expected in 2019.Oncimmune said France was the second largest market in Europe with just under 18 million smokers, and 13 million CT scans annually, with Italy being the third largest market in Europe with more than 14 million smokers.Across France, Italy and Germany there were around 110,000 deaths from lung cancer each year, with the disease remaining the leading cause of cancer deaths in all three countries.In addition, Oncimmune said it had received confirmation from the Health Sciences Authority that its EarlyCDT-Lung kit had now been approved and registered in Singapore, and initial sales had already commenced.Further registrations in other countries were expected to follow in the coming months, the board said.Oncimmune also signed a non-exclusive distribution agreement with South Genetics for the EarlyCDT-Lung test in Argentina, Uruguay, the Dominican Republic, Mexico and Chile.With that agreement in place, alongside the recently-announced addition of MultiPlan to its existing pay-per-order network, Oncimmune said it had "good coverage" across the North, Central and South American markets."In line with the first phase of our three-year plan, today's announcements further broaden our geographical footprint and strengthen our sales pipeline of EarlyCDT-Lung," said Oncimmune chief executive officer Dr Adam Hill."I am delighted to welcome Italy, France and Germany to the Oncimmune stable and pleased that South and Central America continue to embrace the need to detect lung cancer early, to which end EarlyCDT-Lung is a fundamental enabler."Hill added that Singapore's successful registration of the product signalled the beginning of its commercial activity in the wider region."These additional agreements bring our total in Europe to nine and, importantly, complete our coverage across the five major European countries."Our total minimum global committed revenues now total £33.5m over the next six years, and we are now seeing the first registrations, a key step towards revenue generation in these markets."