Radient Pharmaceuticals (Radient) has signed a three-year marketing, sales and distribution agreement with GenWay Biotech. As per the agreement, GenWay Biotech has non-exclusive rights to distribute RPC’s Onko-Sure invitro diagnostic cancer (IVD) test in the European Union, the Middle East (excluding Israel), the UK and Russia, and is responsible for product sales and marketing in these markets.
Radient has signed a similar agreement with GenWay Biotech earlier this year which gave GenWay Biotech the exclusive rights to market, sell and distribute Onko-Sure in Canada.
The present agreement is in effect and part of RPC’s strategy to further commercialize Onko-Sure in strategic international markets, where there is significant demand for cancer screening, diagnostic and monitoring tests.
Onko-Sure is approved by the FDA for the monitoring of colorectal cancer and by Health Canada as a lung cancer screen and cancer monitoring tool, said the company.
Douglas MacLellan, chairman and CEO of Radient, said: “This new distribution agreement with GenWay Biotech provides Radient with sales revenue growth in four highly strategic and large international markets.”
“GenWay will penetrate these markets with the support of a dedicated sales and marketing organization for Onko-Sure. We have already established a productive, revenue-generating partnership with GenWay for Canada and are seeing steady and solid product sales there. We anticipate having comparable, and potentially greater, sales success in the new targeted markets GenWay is responsible for.”
Onko-Sure is a non-invasive, patent-pending and regulatory-approved in vitro diagnostic test that enables physicians and their patients to monitor and/or detect certain types of cancers. It works by measuring the accumulation of specific breakdown products in the blood called Fibrin and Fibrinogen degradation products (FDP).