Following Scandinavian ChemoTech's recent successes in Animal Care in the USA, the company is changing its strategy
After successfully establishing relationships with some of the larger veterinary groups within Animal Care in the USA, ChemoTech's management now chooses to leave the distributor strategy and intends to drive business development and clinical support in-house, which will also positively affect the company's margins.
The strategy for ChemoTech's Animal Care operations in the USA and North America in the next few years will primarily be based on gradually growing with its own staff and with its own network of business developers together with the large groups with which the company has already built up good customer relations.
The background to the decision is that ChemoTech's management today sees great opportunities for the company to reach the same sales target by pursuing business development and clinical support in-house. The decision means that our goal of 50 installed vetIQure TSE systems before the end of 2024 remains, while the margin will develop in a positive direction. We also assess that the decision will not mean an increased need for new recruitments.
"We regret that this decision took so long. However, it was important to wait for more feedback from our TSE users in the US market. The latest developments in Animal Care and above all in the USA are significantly better than expected. Now we continue to work according to the ChemoTech way - to take care of our customers and be deeply involved in their TSE treatments. In this way, we will strengthen established customer relationships and ensure that we constantly receive valuable feedback to our teams in clinical development and R&D", says Mohan Frick, CEO at Scandinavian ChemoTech.
This disclosure contains information that ChemoTech is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 22-08-2023 at 10:45 CET.
For further information please contact:
Mohan Frick, CEO
Phone: +46 (0)10-218 93 00
E-mail: ir@chemotech.se
Scandinavian ChemoTech AB (publ)
ChemoTech is a Swedish medical technology company based in Lund that has developed a patented technology platform to offer cancer patients access to a new treatment alternative, Tumour Specific Electroporation™ (TSE), available for treatment of both humans and animals. There are a large number of cancer patients whose tumours for various reasons cannot be treated by conventional methods but where TSE can be a solution. Therefore, the company continuously evaluates new opportunities and areas of application for the technology. ChemoTech's shares (CMOTEC B) are listed on Nasdaq First North Growth Market in Stockholm and Redeye AB is the company's Certified Adviser. Read more at: www.chemotech.se.