US-based medical diagnostic firm Miraculins has signed a definitive agreement with Catalyn Medical Technologies (Catalyn), a Hong Kong-based medical device import company, for the sale and distribution of Scout DS diabetes screening devices into China.
Miraculins and Catalyn have also co-appointed Cachet Pharmaceutical (Cachet) as the exclusive Chinese distributor of the Scout DS devices, the first non-invasive and highly-sensitive testing devices designed to measure diabetes-related biomarkers in the skin to help detect pre-diabetes and type 2 diabetes.
The company said that the device does not require drawing of any blood or fasting, providing a result in less than 80 seconds.
By using a visible light, the Scout DS device measures the optical signature of fluorescent biomarkers in the skin, the accumulation accelerated by abnormal blood sugar levels and oxidative stress.
Miraculins president and CEO Christopher Moreau said: "I am very pleased to confirm that Miraculins has now executed an agreement that allows for the sale and distribution of Scout DS devices into China, which represents a significant potential revenue stream for the company over the term of the agreement.
"With Cachet Pharmaceutical appointed as our exclusive distributor for mainland China, we are confident that we have the right partner in place to penetrate the marketplace and bring this new testing technology to millions of Chinese at risk and in need."
The agreement between Miraculins and Catalyn outlines the terms and conditions, including Scout DS device unit pricing, upfront and milestone payments, product ordering and diligence requirements, and ongoing responsibilities of the parties.
The term of the agreement is to extend for five years from the date of procurement of Chinese Food and Drug Administration (CFDA) regulatory clearance of the Scout DS device.