Following news yesterday that Oncimmune Holdings had secured a €8.5 million debt facility, the Nottingham-based cancer detection firm has now completed the commercialisation agreement with Biodesix for its EarlyCDT Lung tech in the US.
The company said the agreement with “unlock the potential” of EarlyCDT Lung in the US – a key market for the business.
Biodesix, a lung cancer diagnostic solutions company, has now commenced commercialisation. It will make increasing volume-based revenue-sharing payments to Oncimmune from its sales of the EarlyCDT Lung test.
Oncimmune will provide Biodesix with diagnostic plates and associated reagents under a profitable supply agreement which was also signed today.
Biodesix’s current sales force of around 30 is set to increase to over 80 over the next two years, enabling wider reach across the US.
As per the agreement, Biodesix today (1 Nov) completed the acquisition of Oncimmune’s CLIA laboratory facilities in Kansas and will pay $1.0 million to Oncimmune in quarterly instalments of $250,000 (with the first being made within 30 days from today).
The sale of Oncimmune’s US laboratory operations will materially improve the company’s cash position through a reduction of ongoing US operating costs, which were approximately $3.2 million over the past 12 months.