LONDON (Alliance News) - Cancer diagnostics company Oncimmune Holdings PLC on Friday said it has signed an exclusive agreement for the distribution of its lung cancer test kit in Portgual with Sabartech SL.
Sabartech will distribute Oncimmune's EarlyCDT-Lung cancer test kit, which can detect lung cancer early in high-risk patients. The deal includes a minimum GBP700,000 sales commitment over five years.
Approximately 5,300 new lung cancer cases are diagnosed in Portugal every year. The country also records around 4,700 deaths per year from lung cancer, making it the largest cause of cancer-related deaths in Portugal.
Oncimmune's existing agreement in Spain with Sabartech has also been extended to five years from three. The extension adds another "GBP1.8 million of minimum sales commitments over years 4 and 5".
Oncimmune Chief Executive Adam Hill said: "Portugal and Spain are important European markets and Sabartech has made good progress so far including selling EarlyCDT-Lung for screening through Quironsalud Group, the largest private hospital network in Spain. Extending our relationship to include Portugal was a natural progression and marks another step in the commercialisation of EarlyCDT-Lung."
Shares in Oncimmune were up 3.2% at 88.72 pence on Friday morning.
Oncimmune (ONC)