NEW YORK (360Dx) – GeneNews today said that it has signed a licensing and services deal with Oncore Pharma covering GeneNews' colorectal cancer test outside the US and Canada.
Oncore and its partners will commercialize the ColonSentry test in all countries outside the US and Canada under the five-year exclusive agreement. Initially, the deal will focus on the Netherlands, Belgium, Luxembourg, Germany, France, Switzerland, Austria, Spain, Monaco, Italy, Portugal, the United Kingdom, Ireland, Norway, Sweden, Finland, Denmark, Israel, and the United Arab Emirates.
The partners will also work together to commercialize ColonSentry in Canada.
GeneNews will receive a fixed fee per test, a special royalty payment equal to 10 percent of Oncore's yearly profits, and 1 million shares of Oncore's stock as part of the agreement. All ColonSentry tests will be processed in GeneNews' Richmond, Virginia laboratory.
The goal of the deal is to deploy 1.75 million ColonSentry tests during the next five years, Toronto-based GeneNews said.
Based in Cambridge, Massachusetts, Oncore develops and commercializes cancer products and services.