May 19, 2010
GeneNews (TSX:GEN) signed a binding term sheet with GeneDiagnostics, a private clinical research and services company in China, for the non-exclusive rights to market ColonSentry, the world’s first blood-based test to determine a person’s current risk for colorectal cancer.
GeneNews expects negotiations will lead to a formal marketing partnership agreement by the end of June. Under the accord, GeneDiagnostics would obtain non-exclusive rights to market and sell the ColonSentry test in Shanghai and the provinces of Zhejiang and Jiangsu, where a combined population of more than 38 million men and women aged 50 or older reside.
“We are delighted to be working with GeneDiagnostics, our first ColonSentry marketing partner in China,” GeneNews COO Gailina Liew said in a statement.
“The engagement of additional partners to establish a global ColonSentry marketing and distribution network is a key objective for GeneNews in 2010 and the signing of this binding term sheet with GeneDiagnostics is an important step towards achieving that goal,” she added.
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