Zomedica Pharmaceuticals Corp. (NYSE American:ZOM) (TSX-V:ZOM)
(“Zomedica” or “Company”), a veterinary pharmaceutical and
diagnostic company, today announced it has entered into a license
and supply agreement with Celsee, Inc. (“Celsee”), an innovator of
progressive rare cell capture, characterization and retrieval
products in the emerging field of liquid biopsy. Under the terms of
the agreement, Zomedica will have animal health exclusive global
rights to develop and market Celsee’s liquid biopsy platform for
use by veterinarians as a cancer diagnostic.
A liquid biopsy is a blood test with the potential to detect the
presence of circulating tumor cells in the blood. Circulating tumor
cells, commonly referred to as CTCs, are cells that have shed from
a primary tumor into neighboring blood vessels and are transported
throughout the body’s circulatory system. The detection of CTCs in
the blood could indicate a cancer diagnosis without the need for an
invasive tissue biopsy.
“Liquid biopsy is cutting-edge technology in human medicine
right now and we’re excited about the opportunity to develop and
market this platform for use in veterinary medicine,” stated Gerald
Solensky, Jr., Chief Executive Officer at Zomedica. “We selected
the Celsee platform because of the ease of use, workflow
simplicity, and flexibility to use our novel canine biomarkers. If
we successfully develop Celsee’s technology, we believe we will be
able to provide veterinarians with a best-in-class product they
deserve when caring for their patients.”
“Our automated sample-to-result liquid biopsy platform not only
exceeds current efficiency standards but also reduces the
complexity involved in the capture and counting of circulating
tumor cells,” stated Kalyan Handique, PhD, President at Celsee.
“This agreement means we can continue to validate our technology
and substantiate its value for use in prognosis and therapeutic
decision making in additional species.”
Using Celsee’s liquid biopsy platform, Zomedica initially
intends to develop and market ZM-017, a non-invasive diagnostic
assay or blood test that helps veterinarians diagnose cancer in
canines. The Veterinary Cancer Society estimates that 50 percent of
dogs over the age of 10 will develop cancer and one in four dogs at
some stage in their life will develop cancer. Many more canine
cancer cases may go undetected due to cost constraints and other
factors.
If the development of ZM-017 is successful, Zomedica expects
that ZM-017 will provide veterinarians with a faster, more
affordable, and less invasive test for cancer in canines compared
to existing methods, which can be expensive and cost prohibitive
for pet owners. Zomedica estimates the out-of-pocket cost incurred
by pet owners for ZM-017 will be less expensive compared to current
testing methods, which can cost thousands of dollars depending on
the presentation and type of suspected cancer.
Zomedica expects to commence clinical validation of Celsee’s CTC
detection technology in the first half of 2018 to determine whether
CTCs can be detected in canines to confirm the existence of certain
cancers with a high level of sensitivity and specificity. Assuming
the successful completion of the technology validation, Zomedica
expects to commence the marketing of ZM-017 during the second half
of 2018, as there is no pre-market regulatory burden in the United
States.
The agreement with Celsee covers the development and
commercialization of liquid biopsy assays and related consumable
for the detection of cancer in companion animals. The parties will
initially focus on the development of a liquid biopsy for use in
canines. Zomedica will be responsible for the clinical development
and commercialization of the assays. Celsee will supply Zomedica on
an exclusive basis with the assays and the consumables for the
products to be developed under the agreement pursuant to a rolling
forecast to be provided by Zomedica at prices specified in the
agreement. Zomedica will be responsible for the marketing and sale
of the assays and the related consumables. The agreement, which is
exclusive in the field of veterinary cancer diagnostic
applications, has a term of seven years (subject to termination in
certain circumstances) and automatically renews for additional
one-year terms thereafter.
Zomedica has agreed to pay Celsee up-front fees of $500,000 and
to issue to Celsee unregistered common shares having a value of
$250,000, consisting of an aggregate of 112,314 common shares to be
issued at an ascribed price of $2.2259, subject to receipt of TSX-V
approval. Celsee is entitled to additional payments aggregating up
to an additional $1 million, payable 50 percent in cash and 50
percent in additional unregistered common shares, upon the
achievement of specified milestones—namely, completion of product
development (in respect of 50 percent of the foregoing cash and
share payments) and upon successful completion of manufacturing (as
to the remaining 50 percent of the foregoing cash and share
payments). Future issuances of shares will also be subject to TSX-V
approval and will be priced relative to market at the time of
issuance. Celsee is entitled to certain registration rights with
respect to the common shares issued by Zomedica under the
agreement.
About ZomedicaBased in Ann Arbor, Michigan,
Zomedica is a veterinary pharmaceutical and diagnostic 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 innovative therapeutics
and diagnostics that emphasize patient health and practice health.
With a team comprised of 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.
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About CelseeCelsee Inc., a privately-held
company, develops, manufactures, and markets integrated
nanotechnology platforms for automated label-free isolation,
analysis and retrieval of viable rare cells direct from blood. The
C-Prep platforms enable single cell resolution facilitating the
study of circulating tumor cells and individual cellular
heterogeneity. Years of innovation allow the scaled capture of up
to tens or hundreds of thousands of viable cells for culture and
multi-omics characterization for expanded analytical sensitivity.
The simplicity and efficacy of the workflows are coupled with
market leading time for simplified sample to results.
Reader AdvisoryNeither TSX Venture Exchange nor
its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of the release.
Except for statements of historical fact, this news release
contains certain "forward-looking information" within the meaning
of applicable securities law. Forward-looking information is
frequently characterized by words such as "plan", "expect",
"project", "intend", "believe", "anticipate", "estimate" and other
similar words, or statements that certain events or conditions
"may" or "will" occur. Although we believe that the expectations
reflected in the forward-looking information are reasonable, there
can be no assurance that such expectations will prove to be
correct. We cannot guarantee future results, performance or
achievements. Consequently, there is no representation that the
actual results achieved will be the same, in whole or in part, as
those set out in the forward-looking information.
Forward-looking information is based on the opinions and
estimates of management at the date the statements are made, and
are subject to a variety of risks and uncertainties and other
factors that could cause actual events or results to differ
materially from those anticipated in the forward-looking
information. Some of the risks and other factors that could cause
the results to differ materially from those expressed in the
forward-looking information include, but are not limited to: the
validation of CTC technology for use in animals and our ability to
successfully develop and market ZM-017, uncertainty as to whether
our strategies and business plans will yield the expected benefits;
availability and cost of capital; the ability to identify and
develop and achieve commercial success for new products and
technologies; the level of expenditures necessary to maintain and
improve the quality of products and services; changes in technology
and changes in laws and regulations; our ability to secure and
maintain strategic relationships; risks pertaining to permits and
licensing, intellectual property infringement risks, risks relating
to future clinical trials, regulatory approvals, safety and
efficacy of our products, the use of our product, intellectual
property protection and the other risk factors disclosed in our
filings with the Securities and Exchange Commission and under our
profile on SEDAR at www.sedar.com. Readers are cautioned that this
list of risk factors should not be construed as exhaustive.
The forward-looking information contained in this news release
is expressly qualified by this cautionary statement. We undertake
no duty to update any of the forward-looking information to conform
such information to actual results or to changes in our
expectations except as otherwise required by applicable securities
legislation. Readers are cautioned not to place undue reliance on
forward-looking information.
Investor Relations ContactShameze Rampertab,
CPA, CAsrampertab@zomedica.com+1 647.283.3630
PCG Advisory GroupKirin Smith, COOksmith@pcgadvisory.com+1
646.863.6519www.pcgadvisory.com
Media ContactAndrea
Eberleaeberle@zomedica.com+1 734.369.2555
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