NovoTek Pharmaceuticals Limited, a member of NovoTek Group, is pleased to announce the signing of an exclusive distribution agreement (“Agreement”) with LG Life Sciences(“LGLS”), a Korea-based healthcare corporation, for LGLS’s innovative products AdvanSureTM AlloScreen system for allergen specific IgE screening. The multi-year agreement assigns exclusive sales and marketing rights for the products to Novotek in mainland China(“Territory”) on two instruments (Advansure Allostation and Alloscan) as well as all test strips covering more than 60 allergens.
AdvanSureTM AlloScreen system is a technology platform of semi-quantitative immunoblot test for allergen specific IgE tests. The advantages include small sample volume, accurate analysis, convenient result interpretation and highly minimum user operation requirement. It is also considered as one of the most high through put allergen screening systems in China, which allows 1920 allergen tests in one day.
CEO of NovoTek Pharmaceutical Limited, commented,
“Due to the increase of industrialization and environmental pollution in China, the incidence of allergic disease grows rapidly to more than 30% annually. The amount of Allergic Rhinitis patients and Allergic Asthma patients are estimated to be more than 100 million and nearly 20 million respectively. Recently the World Health Organization has listed allergic diseases as "key disease for research and prevention in the 21st century ". Compared with the developed countries, allergen detection by immune methods has just begun and are not popularized in China. The domestic market will expand exponentially in the next few years.
We have been exploring good IVD products that can be introduced to Chinese market in this field. For our partnering with LGLS, NovoTek's knowledge of the Territory's aggregate healthcare market and our expertise on diagnosis products will provide appropriate selling and technical support structure required for products. The Agreement has been framed to facilitate an initial ramp up period for NoveTek to conduct local clinical trials that support market approvals from the China Food & Drug Administration (CFDA). Aggressive, growth-oriented, market penetration plans quickly follow to help ensure that both NovoTek and LGLS's minimum revenue expectations are met and ultimately exceeded.
NovoTek is actively involved in the marketing and sale of IVD products in the territory. The current collaboration and partnership would obtain a win-win conditions for both parties. ”
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