Edit: Biocartis’ business update
Biocartis has granted rights in the U.S. to Thermo Fisher Scientific Inc. to distribute its automated molecular diagnostics Idylla platform and its accompanying assays, with a first focus on oncology products.
Biocartis explains that the Idylla platform is a fully integrated system enabling laboratories to perform a broad range of applications in oncology and beyond.
Under the terms of the agreement, Thermo Fisher Scientific will be granted distribution rights for Belgian-based company’s Idylla molecular diagnostic assays for its customers in the U.S. Biocartis will retain the right to sell both its Idylla platform and assays via direct sales channels.
Biocartis` Idylla platform, first launched in September 2014, will enable U.S. laboratories to perform a broad range of molecular tests, Biocartis notes. It is expected to start commercial roll-out of Idylla as of mid-2017.
Cancer is the second-most-common cause of death in the U.S. after cardiovascular diseases. In the Thursday press release, Biocartis ntoed that the U.S. is expected to account for the largest share of the molecular diagnostics testing market in oncology and infectious diseases, Biocartis` two main focus areas, holding a value of respectively $1.45 billion by 2020 at a CAGR of 6.8% for infectious diseases and a value of $1.07 billion by 2020 at a CAGR of 16.9% for oncology.
Rudi Pauwels, Chief Executive Officer of Biocartis, said: “We are extremely proud to announce this collaboration. Thermo Fisher Scientific is a great match for Biocartis, holding an impressive track-record in improving patient diagnostics and increasing laboratory productivity. I am confident that this partnership will not only strengthen our commercialization efforts in the U.S., but also support us in taking the next step in our ambition of having an impact on molecular diagnostic testing throughout the world.”
Mark Zacur, Vice President and General Manager of Thermo Fisher`s healthcare market channel, said: “The Biocartis molecular diagnostics platform and assays are an important step forward in the fight against cancer. We are pleased to have been chosen as their channel for making these tests available to our customers in 2017.”
In separate press release, Biocartis has issued a business update, and has also announced launching an equity offering to raise an amount of approximately €25 million by means of a private placement via an offering, with the possibility to increase the size of the Offering to up to 4,058,917 new shares in total.
Commenting on the business update, CEO Pauwels, said: “The third quarter of this year demonstrated promising continued market adoption of our Idylla(TM) platform and tests. I am pleased to see that every day more and more patients are being helped with our solutions in Europe and in our distribution markets. I really look forward to start our commercialization efforts in the U.S. together with our partner Thermo Fisher Scientific, who offers us access to a powerful sales network and deep knowledge of that market. Having a presence in the U.S. strongly adds to our ambition of impacting the global market for molecular diagnostic testing.”