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On 22 January 2019, Sienna Cancer Diagnostics Limited (ASX:SDX) has announced to continue its global expansion on the back of signing a new distributor for South Korea.
Mirax Corporation is the second Asian distributor for Sienna which has a ready assigned hTERT in-vitro diagnostic (IVD) test to distributors in several countries including the US, Denmark, Sweden, Switzerland, and recently mainland China.
As per the distribution agreement between Mirax Corporation and Sienna, the former will enjoy the rights to sell Siennaâs product to Korean pathology laboratories. The products will be used as supplements to urine cytology, which will help the pathologists and urologists in their diagnosis of urinary bladder cancer.Â
The Republic of Korea is a substantial market for Sienna to sell its products. Approximately over 300,000 urine cytology tests are believed to be performed annually in the location. The appointment follows an evaluation process involving several high-quality candidates. The company, with its collaboration with Mirax, will now try to obtain regulatory approval in the Republic of Korea.
The CEO of Sienna, Matthew Hoskin said that Mirax has an excellent track record in Korea. The company is able to avail synergies with its existing line of sales, including cytology-related reagents and consumables, other cancer-related tests, and pathology image capture and analysis systems.
As further mentioned by Matthew that the company is delighted to have entered agreements with capable distributors in two key Asian markets in the last six months. This is evidence of the growing demand for the product of the company. The partnership with Mirax is a big leap for the company in the geographical expansion program it has, and this creates further opportunity in the fast-growing Asian IVD market.
CEO of Mirax Mr. Sang-Ju Bae, however, said that the company would work hard in partnership with Sienna to increase sales growth in the Korean market. The company is successful to establish themselves as a quality provider in the Korean pathology market, coupled with strong networks and high-performing sales and technical support staffs. Pathologists are looking out to innovative technologies to improve the diagnostic process and deliver better patient outcomes. It is the companyâs firm belief that hTERT IVD test could be a core growth driver for its business since IVD enhances the portfolio of the company with a true value-adding diagnostic product that is in line with the capability of the company and their strategic focus
Now let us quickly have a look at the Sienna Cancer Diagnostics Limitedâs stock performance and the return it has posted over the last few months. The stock last traded at a price of $0.060, with a market capitalization of $16.04 million. The stock has yielded returns of 14.51%, -29.41% and -17.81% over the last six months, three months and one-month period respectively. It has a 52-week high price of $0.110 and a 52-week low of $0.048, with an average trading volume of 67,293 approximately.
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