Asep Medical Holdings has signed a letter of intent (LOI) with Seaspring to establish a joint venture (JV) for regulatory approval and commercialisation of sepsis diagnosis technology in Bahrain, the Middle East and the North Africa (MENA) region.
According to the definitive agreement, both entities will each own a 50% stake in the new JV.
Seaspring founder and managing director Shaikh Isa bin Khalid Al-Khalifa said: “With the introduction of Asep ‘s novel sepsis diagnostic technologies in Bahrain, we look forward to supporting and advancing the healthcare system in the country and that of the wider region.
“This marks an important step in Seaspring’s vision to facilitate the delivery of distinctive and sustainable solutions across vital sectors.”
Under the deal, Seaspring will provide the capital for the JV to carry out its business operations.
Asep will grant the licensing rights to use sepsis diagnosis technology in Bahrain and the MENA region.
Asep is mainly focusing on mitigating antibiotic resistance, as well as eliminating sepsis, which causes 11 million deaths per annum across the world.
Asep CEO Dr Robert Hancock said: “We are honoured to have attracted such a prestigious partner for a joint venture that will promote the successful launch of our products in a new region of the world, enabling us to address unmet medical needs.
“We consider this to be a tremendous endorsement of Asep’s leading-edge technology that utilises novel approaches to dealing with antibiotic failure, which is responsible for 20% of all deaths worldwide.”
Asep is a consolidation of two existing private firms namely Sepset Biosciences and ABT Innovations.
It is involved in the development of diagnostic tools for the early identification of severe sepsis and broad-spectrum therapeutic agents to treat multidrug-resistant biofilm infections.