Last checked at 28 Apr 2017 07:00
28 April 2017
This announcement contains inside information.
Oncimmune Holdings plc
("Oncimmune" or the "Company")
First Distribution Agreements Signed for EarlyCDT®-Lung Kit
Exclusive Agreements for Israel and Korea with Aggregate Minimum Sales Commitment of Approximately £5.2m
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."
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® 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®-Lung, was launched in 2012, as a CLIA test in the USA and since then over 150,000 commercial tests have been sold. EarlyCDT®-Lung is available through physicians in the US and also privately in the UK and other regions. EarlyCDT®-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® 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/