London, UK: ValiRx subsidiary cancer diagnostics company ValiBio SA, has entered into an exclusive worldwide distribution agreement with international medical devices company Biofield Corp (“Biofield”) for its Human Papilloma Virus (HPV) diagnostic test for cervical cancer and a worldwide distribution agreement (excluding Belgium) for its Hypergenomics™ and Nucleosomics™ diagnostics products.
Under the terms of the agreement, ValiRx has also sold a 10% stake in its wholly-owned diagnostics subsidiary, ValiBio, for €600,000 in cash to Biofield with an option for Biofield to purchase an additional 15% of the Belgium-based operation.
There are over 100 different HPV viruses with certain subtypes carrying a high risk of causing cervical cancer. The global market for HPV testing is projected to be $250m in 2008, with the total available market valued at $1bn should HPV screening replace current conventional cervical cancer testing methods.
Information concerning Biofield can be found on its website - www.biofield.com
Dr Satu Vainikka ValiRx’s Chief Executive Officer said:
“This distribution agreement provides ValiBio SA with the route to the international oncology diagnostics market with a major provider of medical and health diagnostics. We are confident there is considerable market potential for these types of novel diagnostic products and expect this agreement to accelerate our revenue potential.
“Secondly, this commercial agreement also secures additional funding for our business at this important time which will be applied to the continued development of our next generation cancer diagnostics as well as to the progression of our cancer therapeutics.”
Tel: +44 (0) 20 3008 4416
Dr. Satu Vainikka
WH Ireland Limited - NOMAD
Tel: +44 (0) 161 832 2174
David Youngman / Adrian Kirk
Tel: +44 (0) 20 7866 7857
Sue Charles / Adrian Duffield /Justine Lamond