NEW YORK (GenomeWeb News) – GeneNews said today that it has reached a term sheet agreement with GeneDiagnostics for the marketing of its colorectal cancer risk test in parts of China.
Toronto-based GeneNews said that it expects to finalize a formal marketing partnership agreement with the Chinese firm before the end of its current fiscal quarter.
The agreement would give GeneDiagnostics non-exclusive rights to market the ColonSentry blood-based test, which uses biomarkers to determine a person's current risk for colorectal cancer, in Shanghai and in the provinces of Zhejiang and Jiangsu. These regions include a combined total of more than 38 million men and women aged 50 or older.
"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," GeneNews President and COO Gailina Liew said in a statement.