CardioGenics Updates Agreement With Merck Chimie

CardioGenics has provided update on its agreement with Merck Chimie. The company has reported that Merck Chimie is progressing to the next phase of the commercialisation of CardioGenics’ proprietary silver coated paramagnetic Beads (Beads).

As per the agreement with Merck Chimie that was executed earlier this year, CardioGenics supplied Merck Chimie with its proprietary silver coated paramagnetic beads for polymer encapsulation by Merck Chimie using their proprietary polymer process. As part of the agreement, Merck Chimie will be responsible for all marketing and commercialisation costs, with CardioGenics receiving 30% of the proceeds of sales.

Yahia Gawad, CEO of CardioGenics, said: “The implementation of our agreement with Merck Chimie is going smoothly, and we anticipate announcing a commercialisation plan shortly after we review the test results early next year. Initiating commercialisation of the Beads encapsulated by Merck Chimie will provide CardioGenics with a revenue stream that will strengthen our balance sheet.

“This is a significant development for our company and shareholders and we are encouraged to be working with Merck Chimie, the leading distributor of paramagnetic beads to the in vitro diagnostic market.”