Mr. James Howard-Tripp reports
GENENEWS SIGNS GLOBAL LICENSING AND SERVICES AGREEMENT WITH ONCORE PHARMA
GeneNews Ltd. has signed a global licensing and services agreement with Oncore Pharma Inc.
According to the agreement, Oncore Pharma and its partners will commercialize ColonSentry in all countries other than the Unites States and Canada, under an exclusive licence. GeneNews and Oncore Pharma will work together in Canada. The five-year licensing agreement will initially focus on the Netherlands, Belgium, Luxemburg, Germany, France, Switzerland, Austria, Spain, Monaco, Italy, Portugal, the United Kingdom, Ireland, Norway, Sweden, Finland, Denmark, Israel and the United Arab Emirates, as well as Canada. The agreement with Oncore Pharma aims to deploy a total of 1.75 million tests over the next five years.
Under the terms of the agreement, GeneNews will receive a fixed fee per ColonSentry test, a special royalty payment equal to 10 per cent of Oncore's yearly profits and receive one million shares of Oncore Pharma. The processing of ColonSentry will be done in GeneNews's Richmond, Va., laboratory.
"We created Oncore Pharma to focus specifically on research, development and commercialization of Oncology products and ColonSentry is exactly the type of diagnostic test the market needs and our customers demand," said Dr. Nadeem Saddiqui, the chief scientific officer and chief executive officer of Oncore Pharma Inc. "We have been researching various diagnostic technologies and the science behind GeneNews's ColonSentry is extraordinary and ahead of any competitors by far," added Dr. Saddiqui.
"We are delighted to be working with Oncore Pharma and their partners and believe the relationship will help us more speedily reach our short-term and long-term objectives," said James Howard-Tripp, chairman and CEO of GeneNews. "The Oncore Pharma team's experience in bringing products to market, coupled with their scientific knowledge in our space, provides our company with a great advantage," added Mr. Howard-Tripp. "We are to begin immediately."
About GeneNews Ltd.
GeneNews is dedicated to developing and commercializing innovative solutions for early cancer detection. The company's mission is to provide advanced diagnostics that can help physicians identify cancer in their patients at the earliest-possible stage when it is the most curable. As early pioneers in the liquid biopsy space, GeneNews developed one of the first blood-based biomarker tests for the early identification of colorectal cancer. ColonSentry uses the company's proprietary Sentinel Principle technology, which is based on the scientific observation that circulating blood reflects, in a detectable way, what is occurring throughout the body.
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