Novacyt S.A. $3.0M supply agreement with Genesis Diagnostics (5535I)
November 27 2018 - 2:01AM
UK Regulatory
TIDMNCYT
RNS Number : 5535I
Novacyt S.A.
27 November 2018
NOVACYT SIGNS $3.0M DIAGNOSTICS SUPPLY AGREEMENT WITH GENESIS
DIAGNOSTICS
Paris, France and Camberley, UK - 27 November 2018 - Novacyt
(EURONEXT GROWTH: ALNOV; AIM: NCYT), an international specialist in
clinical diagnostics, today announces its molecular testing
division, Primerdesign Ltd. (Primerdesign), has signed an exclusive
supply agreement worth a minimum of $3 million with Genesis
Diagnostics, a US-based full service diagnostic laboratory that
offers clinical diagnostic testing, oral fluid drug testing and
services focused on drug monitoring, substance abuse programmes,
infectious disease, and personalised medicine.
Primerdesign will develop and supply 384 well plate molecular
assay panels for respiratory, women's health, sexually transmitted,
wound and urinary tract infections for Genesis Diagnostics to use
in its clinical service laboratory based in Langhorne,
Pennsylvania.
Under the terms of the agreement, Primerdesign will be appointed
the exclusive product manufacturer of the panel for a minimum of
five years. The supply of product is expected to commence in early
2019 and Genesis Diagnostics will purchase minimum quantities of
product to the value of $600,000 per year.
Alan Miller, Executive Chairman of Genesis Diagnostics,
commented:
"We have been looking for some time to find a suitable molecular
manufacturer to help us with our growing demand for specialist
molecular diagnostics. As an expert in molecular diagnostic assay
design and development, Primerdesign is therefore the ideal partner
of choice for Genesis Diagnostics. We have been impressed with
Primerdesign's assay development expertise and manufacturing
ability to deliver a high-quality service and I am pleased to enter
this strategic agreement to expand our offering in the US
market."
Graham Mullis, Group CEO of Novacyt, added:
"I am delighted that we are entering into a supply agreement
with Genesis Diagnostics. The agreement builds on our broad product
offering and the increasing geographic reach of our molecular
diagnostics business. It also highlights Primerdesign's pivotal
role in assay development as we continue to grow our relationships
with leading diagnostic companies, further increasing our
reputation as a leading clinical assay development and supplies
partner. The minimum revenues expected from this partnership
further support our investment in our B2B partnerships strategy and
we expect Genesis Diagnostics to order significantly more than the
contracted minima disclosed above."
- End -
Contacts
Novacyt SA
Graham Mullis, Chief Executive Officer
Anthony Dyer, Chief Financial Officer
+44 (0)1223 395472
Stifel Nicolaus Europe Limited (Nominated Advisor and Joint
Broker)
Jonathan Senior / Fred Walsh / Ben Maddison
+44 (0)20 7610 7600
WG Partners (Joint Broker)
Nigel Birks / Chris Lee / Claes Spång
+44 (0) 203 705 9330
FTI Consulting (International)
Brett Pollard / Victoria Foster Mitchell
+44 (0)20 3727 1000
brett.pollard@fticonsulting.com /
victoria.fostermitchell@fticonsulting.com
FTI Consulting (France)
Arnaud de Cheffontaines / Astrid Villette
+33 (0)147 03 69 47 / +33 (0)147 03 69 51
arnaud.decheffontaines@fticonsulting.com /
astrid.villette@fticonsulting.com
About Novacyt Group
The Novacyt Group is a rapidly growing, international
diagnostics group with a growing portfolio of cancer and infectious
disease products and services. Through its proprietary technology
platform, NOVAPrep(R) , and molecular platform, genesig(R) ,
Novacyt is able to provide an extensive range of oncology and
infectious disease diagnostic products across an extensive
international distributor network. The Group has diversified sales
from diagnostic reagents used in oncology, microbiology,
haematology and serology markets, and its global customers and
partners include major corporates.
For more information please visit: www.novacyt.com
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END
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