Oncimmune signs new distribution agreements in Spain, India
Source - SMW
Cancer diagnostics group Oncimmune Holdings said it had signed new distribution agreements for its lung test product in Spain and India but had another agreement in Hong Kong terminated.
The exclusive agreement in Spain for the so-called EarlyCDT product was for an initial term of three years and included minimum sales commitments of £675k over the term of the contract, with first sales already distributed.
The non-exclusive agreement in India was for an initial term of four years and included minimum sales commitments of £1m over the term of the contract, with first sales expected in 2019.
Separately, as part of a framework agreement for an exclusive licence with Genostics Company, Oncimmune's distribution agreement with Acecgt in Hong Kong had been terminated.
'The effect of this upon minimum sales commitments is not material, we expect this instead to accelerate sales in the region,' Oncimmune said.
At 8:16am: (LON:ONC) Oncimmune Holdings Plc share price was 0p at 128.5p