Updated on 11 March 2015
Vigilant Biosciences partners with Korean firm
Singapore: Vigilant Biosciences, developer of early detection and intervention technology for oral cancer, has entered into a five-year exclusive sales and marketing distribution agreement with Korean pharmaceutical company, BL&H, for sale of its OncAlert oral cancer risk assessment system in Korea.
The OncAlert oral cancer risk assessment system includes a rapid, point-of-care risk assessment test (OncAlert POC Test) and a quantitative, laboratory test (OncAlert LAB Assay).
BL&H will exclusively market and sell the OncAlert POC Test and OncAlert LAB Assay to the Korean dental, otorhinolaryngology (ENT) and oncology markets, pursuant to approval of the OncAlert System by the Korean Ministry of Food and Drug Safety (MFDS). The distribution deal represents more than USD5 million in guaranteed purchase commitments, as well as milestone payments to Vigilant. The OncAlert System is expected to be available for sale in Korea by the second half of 2015 or early 2016.
"Vigilant Biosciences is excited to enter the relationship with BL&H for the sale of our OncAlert System in the Korean market," said Matthew HJ Kim, founder, chairman and CEO, Vigilant Biosciences. "As thousands continue to be diagnosed with oral cancer every year, we are committed to providing an easy-to-use, accurate and affordable way to aid in the detection of risk for the disease in its earliest stages. We are looking forward to working with BL&H to make a positive impact on the lives of oral cancer patients in Korea."
"This agreement enables us to provide an important and ground-breaking test that can aid in the early detection of risk for oral cancer," said DC Roh, President and CEO, BL&H. "The test's accuracy, simplicity and affordability make it an ideal fit for dental and medical professionals who diagnose and treat oral cancer. We are pleased to be the exclusive distributor of this test in the Korean market and have confidence that it will help improve the lives of many."
The OncAlert Oral Cancer Risk Assessment System is based on patented technology that detects specific protein markers known to indicate an elevated risk for oral cancer, even prior to the observation of visual or physical symptoms. The simple, oral rinse procedure is easy to administer and non-invasive for the patient. The test can be applied to every adult, with particular emphasis on high-risk populations (ie, current and former tobacco users, those who consume alcohol, and people with human papillomavirus (HPV)). Both the rapid point-of-care test and the lab assay that comprise the OncAlert Oral Cancer Risk Assessment System are currently under the CE Mark registration approval process and expected for release in Q2 2015.