Agenix sets up deal with US firm Inverness
Friday, 15 October, 2004
Agenix (ASX:AGX) subsidiary AGEN Biomedical has secured a manufacturing and technology transfer alliance with US company Inverness Medical Innovations for its animal health diagnostic products.
It's not the first agreement the company has with Inverness. Earlier this year, Agenix entered into a worldwide distribution partnership with Inverness for the Brisbane-based company's Simplify D-Dimer test.
Under the terms of the new agreement, AGEN will transfer the manufacturing of its animal health diagnostics to Inverness, which will in turn license some of its technology to AGEN in support of these products. The alliance is initially for a five-year period with an option to extend for another five years.
Agenix managing director Don Home said the agreement would put the company in a unique position from a competitive point of view, as Inverness was one of three companies with IP in the point-of-care diagnostic space. Agenix already has agreements with the other two companies, Abbott and Becton Dickinson,
"With this deal, we are the only company in the animal health space with access to all three companies' technology via licences," Home said.
Home said that Inverness had been very aggressive in defending its strong patent position, and the company would benefit from its protection. In addition, the company will also be able to access Inverness's lateral flow technologies for development of new products. "This opens the way to work together to develop new products," he said.
It also marks the first move by Inverness into the animal health market, Home said.
The transfer of manufacturing of animal health products to Inverness also means that Agenix can ramp up the production of the Simplify D-Dimer test in its Australian manufacturing facility to meet increased demand for the product
AGEN's animal health product sales increased in the 2003-04 financial year by 20 per cent and the company is expecting even higher growth this year as it extends its reach globally. Last month the company signed a US distribution deal with Vedco and negotiations are underway to secure further distribution agreements for the animal health products, Home said.
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