Source: Zomedica Pharmaceuticals Corp.
Exclusive agreement intended to bring human medical diagnostic technology to the veterinary practice workflow
Zomedica Pharmaceuticals Corp. (NYSE American:ZOM) (TSX-V:ZOM),
a veterinary diagnostic and pharmaceutical company, today announced it
has entered into a development, commercialization and exclusive
distribution agreement with Seraph Biosciences, Inc. (“Seraph”), a human
biomedical device company. Under the terms of this agreement, Zomedica
will have exclusive global veterinary industry rights to develop and
market a novel pathogen detection system in the form of an innovative
point-of-care diagnostic instrument.
Leveraging
principles of Raman spectroscopy, Zomedica and Seraph are partnering to
bring human diagnostic technology to veterinarians, beginning with the
examination of urine and fecal samples. The diagnostic instrument,
referred to as ZM-020 in Zomedica’s product pipeline, is expected to
deliver multiple benefits, including speed of results and an enhanced
workflow with minimal sample preparation time. Further, Zomedica’s
development work will seek to expand the capabilities of in-clinic
testing to include not only pathogen detection, but also genus- and
species-level information. Because ZM-020 does not require pre-market
regulatory approval for use with companion animals in the United States,
Zomedica believes that it presents an attractive opportunity in terms
of time to market and early revenue opportunities when compared to other
diagnostic modalities.
“Our
agreement with Seraph is another milestone in our efforts to bring
cutting-edge innovations to veterinary practices,” said Gerald Solensky,
Jr., CEO, Zomedica. “We chose to partner with Seraph because we believe
that their platform will enable us to bring the best of human market
technology to the in-house veterinary diagnostic lab bench, elevating
the standard of care, enhancing practice workflow and driving practice
profitability.”
“I couldn’t be more
excited about our partnership with Zomedica and to be part of leveraging
our Seraspec® platform to significantly improve the veterinary practice
workflow,” said Jim Shanley, CEO, Seraph Biosciences.
The
agreement with Seraph covers development and validation of ZM-020.
Zomedica will be responsible for development and validation, and their
associated costs. Seraph will supply Zomedica, on an exclusive basis,
with the hardware platform, associated software and the consumables to
be developed under the agreement, pursuant to a rolling forecast, at
prices specified in the agreement. Zomedica will be responsible for the
marketing and sale of the hardware platform, associated software and the
consumables. Marketing and sales are expected to begin in 2019, with an
initial focus on canines and expanding into feline applications post
launch.
The agreement, which is
exclusive to the field of global veterinary diagnostic applications, has
a term of seven years (subject to adjustment in certain circumstances)
and automatically renews for additional one-year terms thereafter.
Zomedica
has agreed to pay Seraph up-front fees of $500,000 and to issue to
Seraph unregistered common shares having a value of $1,250,000,
consisting of an aggregate of 641,717 common shares to be issued at an
ascribed price of $1.9479 subject to receipt of TSX-V approval. Seraph
is entitled to additional payments for development costs. Seraph will be
entitled to receive up to an additional $7,000,000, payable 50 percent
in cash and 50 percent in additional unregistered common shares, upon
the achievement of a series of staged, specified milestones, including
completion of laboratory studies and field studies, production and
commercial shipment of products. Future issuances of shares will also be
subject to TSX-V approval and will be priced relative to market at the
time of issuance. Seraph is entitled to certain registration rights with
respect to the common shares to be issued by Zomedica. In addition,
Zomedica will pay Seraph license fees based on a percentage of gross
profit.
“We believe that ZM-020 will
enable us to make a significant improvement to the diagnostic workflow
of the veterinary clinic,” said Stephanie Morley, DVM, Chief Operating
Officer and Vice President of Product Development, Zomedica. “If we are
successful in our development efforts, we believe that the ability to
screen for a wide variety of pathogens with a single diagnostic
instrument, beginning with urine and fecal samples, will be a game
changer for the modern veterinary clinical team.”
ZM-020
is intended to use Raman spectral measurements to provide real-time,
reagentless and fully automated identification of pathogens and disease
indicators. ZM-020 builds upon recent advances in the field of Raman
spectroscopy, a laser-based spectroscopy technique, to enable the
identification of biological and biochemical signatures in complex
biological samples. ZM-020 is comprised of a bench-top instrument and
low-cost consumables intended to analyze unprocessed biological
samples.
About Zomedica
Based in Ann Arbor, Michigan, Zomedica (NYSE American: ZOM) (TSX-V: ZOM) is a veterinary diagnostic and pharmaceutical company creating products for companion animals (canine, feline and equine) by focusing on the unmet needs of clinical veterinarians. Zomedica’s product portfolio will include novel diagnostics and innovative therapeutics that emphasize patient health and practice health. With a team that includes clinical veterinary professionals, it is Zomedica’s mission to give veterinarians the opportunity to lower costs, increase productivity, and grow revenue while better serving the animals in their care. For more information, visit www.ZOMEDICA.com.
Based in Ann Arbor, Michigan, Zomedica (NYSE American: ZOM) (TSX-V: ZOM) is a veterinary diagnostic and pharmaceutical company creating products for companion animals (canine, feline and equine) by focusing on the unmet needs of clinical veterinarians. Zomedica’s product portfolio will include novel diagnostics and innovative therapeutics that emphasize patient health and practice health. With a team that includes clinical veterinary professionals, it is Zomedica’s mission to give veterinarians the opportunity to lower costs, increase productivity, and grow revenue while better serving the animals in their care. For more information, visit www.ZOMEDICA.com.
About Seraph Biosciences
Incorporated in 2016, Seraph Biosciences is a healthcare technology company dedicated to commercializing Seraspec® – a fully-automated pathogen identification platform capable of delivering near real-time pathogen detection. Based in Detroit, Michigan, Seraph’s mission is to provide disruptive biomedical solutions to front-line providers and their patients at the point of care.
Incorporated in 2016, Seraph Biosciences is a healthcare technology company dedicated to commercializing Seraspec® – a fully-automated pathogen identification platform capable of delivering near real-time pathogen detection. Based in Detroit, Michigan, Seraph’s mission is to provide disruptive biomedical solutions to front-line providers and their patients at the point of care.
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