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."
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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
[email protected] / [email protected]
FTI Consulting (France)
Arnaud de Cheffontaines / Astrid Villette
+33 (0)147 03 69 47 / +33 (0)147 03 69 51
[email protected] / [email protected]
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®, and molecular platform, genesig®, 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
