QuantuMDx Group has entered a collaboration deal with in-vitro diagnostic solution provider Sansure Biotech to expedite the commercialisation of the Q-POC platform and its assays in China.
The financial terms of the deal were not disclosed by the companies.
Under the agreement terms, the companies will collaborate on global research and development, production, and commercialisation to bring a complete array of innovative molecular diagnostic tests to the Q-POC platform.
The Q-POC platform is a quick multiplex polymerase chain reaction (PCR) diagnostic system that provides accurate results in about 30 minutes at the point of need.
The portable platform compresses a complete molecular diagnostic laboratory into one system.
QuantuMDx and Sansure Biotech will team up to expedite the development of new assays for the platform.
QuantuMDx CEO Jonathan O’Halloran said: “This cooperation agreement will now enable both companies to explore and leverage reagent, components of the Q-POC instrument and cassette assays for cost down opportunities and scalability in China, with an expectation to reduce our cost of goods.
“Coupled with Sansure’s expert knowledge of commercialising molecular diagnostics in the region, I believe we are well placed to build a strong presence in China and other territories in this important market.”
According to the terms of the deal, Sansure Biotech will have exclusive rights to commercialise the Q-POC platform in China.
QuantuMDx will receive royalty payments and licensing in exchange. It will also have the exclusive rights to sell the assays developed on the platform outside the country.
Last November, QuantuMDx secured £15m in funding from Hong Kong-based venture capital firm Vita Spring IVD Fund.