Nano-technology developer, Anteo Diagnostics Limited (ASX: ADO) today entered into an agreement with China-based diagnostic product and distribution company, GeneoDx Biotechnology Co. Ltd. The news sent the Anteo’s shares to jump 11.111% to trade at $0.020 on 13 December 2018 (1:57 PM AEST).
The agreement will see GeneoDx having an exclusive right to market, sell and distribute a specific range of AnteoBindTM products within the Peoples Republic of China.
GeneoDx, an affiliated company of China National Pharmaceutical Group (SINOPHARM), is a renowned distributor within the China In-Vitro Diagnostics (“IVD”) market. Moreover, it has an extensive reach to the many of the market leading Chinese manufacturers of Point of Care (“PoC”) and diagnostics products to whom the specified AnteoBindTM products are targeted.
Mr. Christopher Parker, Anteo Diagnostics CEO, said: “I(Mr. Christopher Parker) am delighted that Anteo has been able to secure a relationship with an established and well-regarded diagnostic company such as GeneoDx and I (Mr. Christopher Parker) look forward to a long-term mutually beneficial relationship.”
With the partner GeneoDx, Anteo will now be able to promote the benefits of its technology and to access China’s local PoC manufacturers early in its assay development cycle. Anteo stated it would provide an unprecedented opportunity to realize sustained commercial success as Anteo’s products are incorporated into the finished and approved PoC assays that will then be released into China, and potentially global, PoC markets.
The China In-Vitro Diagnostics (“IVD”) market is forecasted to approximately double in size from USD$3.2B in 2017 to nearly US$6B by 2022. Whereas, the PoC market in China is estimated to be approximately 20 percent of the IVD market and so will represent a sizable US$1.2B by 2022.
Both the parties have agreed to first begin with market feedback to further refine the value proposition of Anteo’s products. Anteo stated that it would work closely with GeneoDx to conduct a comprehensive promotional campaign targeting a defined number of major Chinese customers with the purpose of gathering market-based feedback. After an initial review, GeneoDx and Anteo will undertake a full-scale countrywide product launch with the aim of capturing an agreed number of early evaluators of the Anteo products and to establish a business plan for the next calendar year.
In order to achieve these targets, Anteo has agreed to provide training to GeneoDx staff in relation to the use and benefits of Anteo products and Conjugation Kits. Further, Anteo will reportedly provide support to GeneoDx customers during both the product introduction phase and the assay research and development process.
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