DISTRIBUTION OF DIAGNOSTIC TEST IN INDIA

DiaGenic signs Memorandum of Understanding for distribution of breast cancer test.

During the last months DiaGenic has negotiated distribution arrangements for the breast cancer test in India, which will be the first commercial launch of a DiaGenic diagnostic product. There are currently two partners on the shortlist, and today the board of directors of DiaGenic has approved a signed Memorandum of Understanding (MoU) between DiaGenic and SRL Ranbaxy Ltd., concerning SRL Ranbaxy becoming partner in the India and ancillary territory for DiaGenic’s diagnostic test for breast cancer. A final agreement shall imply that SRL Ranbaxy, the largest laboratory chain in India with more than 700 hundred collection centres and laboratories over the entire region, will market and sell the test. SRL Ranbaxy will also be responsible for the collection of blood samples. The samples will be analysed at LabIndia Instruments Pvt. Ltd.

DiaGenic will receive a Technical Services Fee of INR 2.500 per test sold. The Indian clinical trials and commercial setup has been coordinated by DiaGenic’s Indian partner, PAC Med Biotech Pvt. Ltd. After deduction of costs to PAC Med Biotech, DiaGenic will receive approximately NOK 300 per test at present foreign exchange rates. The price level of the test and the corresponding payment to DiaGenic is expected to vary between markets, with the Indian price expected to be at the lower end.

Praveen Sharma, co-founder and Technology and Product Development Director of DiaGenic comments:
“The agreement marks DiaGenic’s entry into a new phase where marketing and sales will stand central in the realization of company’s goal of becoming a premier global molecular diagnostic company. It is to my great satisfaction that this agreement will make it possible to first launch our test in India, which happens to be my home country. The two companies on the shortlist will both be able to make the test widely available in the huge Indian market. There is an increasing need for DiaGenic’s test in India. The incidence of breast cancer is rising among younger women, and nationwide screening program is lacking. There is low rate of survival due to late discovery and women are becoming more aware of the disease.“




Contact:

MD PhD Erik Christensen, CEO
Telephone: +47 95939918
e-mail: erik.christensen@diagenic.com