NEW YORK (GenomeWeb News) – PDI and Transgenomic today announced a collaboration to commercialize Transgenomic's molecular diagnostic test that identifies specific genes that influence the safety and effectiveness of commonly used cardiovascular drugs.
Under the terms of the deal, PDI will market and promote the test called CardioPredict in the US. Transgenomic will process the test, which launches later this month, in its CLIA laboratory and be responsible for customer support. The firms will bear their respective costs and will divide profits based on an undisclosed formula. PDI will also provide funding to Transgenomic "principally to mitigate working capital requirements."
Other financial terms were not disclosed.
"With an experienced sales team and a demonstrated record of success in sales and marketing in the life sciences, PDI is the right partner for the launch and long-term growth of CardioPredict," Transgenomic President and CEO Paul Kinnon said in a statement. Kinnon replaced Craig Tuttle in those positions earlier this month.
"This collaboration with Transgenomic is another step in our pursuit of commercialization opportunities for clinically valuable products aimed at adding more predictable, higher growth, higher margin businesses that can leverage the substantial full commercialization capabilities of PDI," PDI CEO Nancy Lurker added.
Based in Parsippany, NJ, PDI is a healthcare commercialization company.
"There is a large market, a well-defined patient population, and a clearly identified physician base treating these patients that should allow for a very efficient use of PDI's broad base of commercialization capabilities," Lurker said.