Trinity Biotech Announces Entry into a Letter of Intent with Bayer for a Joint Partnership to Launch a CGM Biosensor Device in China and India
January 31 2024 - 7:02AM
Trinity Biotech plc (Nasdaq: TRIB) (the “Company”) today announced
that it has entered into a non-binding Letter of Intent with Bayer
for the launch of a Continuous Glucose Monitoring (“CGM”) biosensor
device in China and India. This Letter of Intent is related to the
Company’s recently announced acquisition of the CGM assets of
Waveform Technologies, Inc.
Trinity has entered into a Letter of Intent with
Bayer’s subsidiary in China under which both parties confirmed
their intent to further explore an exclusive joint partnership
between the Company and Bayer for the launch of a CGM focused
biosensor device into the Chinese market (the “China Joint
Partnership”). Both parties intend to negotiate a definitive
agreement under the framework set by the Letter of Intent in the
coming months. The China Joint Partnership intends to leverage
Bayer's significant and well-established presence in the Chinese
healthcare market, particularly in diabetes, and is intended to
lead to the launch of a low cost of care, high quality, CGM device
designed to increase affordability and accessibility of diabetes
care. Diabetes is a major health concern in China, with a
significant and rapidly growing diabetes prevalence rate. Factors
such as urbanisation, dietary changes and sedentary lifestyles have
contributed to the escalation of Type 2 diabetes across China,
creating a pressing need for innovative and low cost of care
solutions to manage and combat this condition.
In addition to the proposal to enter the Chinese
market, the Letter of Intent includes a framework for the intention
to launch a CGM device in India. India faces a significant public
health challenge with over 100 million people living with diabetes
and a rise in both Type 1 and Type 2 diabetes. To date, CGM use in
India is not widespread, but has been trending higher recently with
increasing awareness about self-care. Bayer Pharma India has a
strong presence in the diabetes market with brands like Kerendia®
and Glucobay®. With a low cost of care offering, this partnership
intends to increase access to CGM technology across India,
providing an innovative and affordable path to high quality
healthcare.
“We could not have asked for a stronger
international partner to help us embark on the journey of
introducing our newly acquired innovative and accessible biosensor
technology into large diabetes markets with significant unmet
needs,” said John Gillard, Chief Executive Officer. “We believe
that the combination of Bayer’s strong local commercial presence
and Trinity’s ability to manufacture a low cost of care and
innovative CGM device on the back of the Waveform acquisition can
drive our collaboration to a market leading status in China, aiding
both patients and physicians with the management of diabetes in a
data-driven and scaled way. In addition, Bayer’s established
presence in the diabetes market in India provides an ideal
partnership for us to drive adoption of CGM in this strategically
important and expanding market. I believe that this development
demonstrates the value that can be created for Trinity's
shareholders through the company's revised strategy”.
Conference Call
Trinity Biotech will host a conference call on Wednesday,
January 31 at 8:30 a.m. EST to discuss its recent Waveform
acquisition. To access the call, please dial 1-877-407-0784
(domestic) or 1-201-689-8560 (international) and use conference ID
13744109.
A live webcast of the conference call and its replay will be
available at:
https://viavid.webcasts.com/starthere.jsp?ei=1654009&tp_key=270fbd0272
Forward-Looking Statements
This release includes statements that constitute
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995 (the “Reform Act”),
including but not limited to statements related to Trinity
Biotech’s cash position, financial resources and potential for
future growth, market acceptance and penetration of new or planned
product offerings, and future recurring revenues and results of
operations. Trinity Biotech claims the protection of the
safe-harbor for forward-looking statements contained in the Reform
Act. These forward-looking statements are often characterised by
the terms “may,” “believes,” “projects,” “expects,” “anticipates,”
or words of similar import, and do not reflect historical facts.
Specific forward-looking statements contained in this presentation
may be affected by risks and uncertainties, including, but not
limited to, our ability to capitalize on our purchase of the assets
of Waveform, our continued listing on the Nasdaq Stock Market, our
ability to achieve profitable operations in the future, the impact
of the spread of COVID-19 and its variants, potential excess
inventory levels and inventory imbalances at the company’s
distributors, losses or system failures with respect to Trinity
Biotech’s facilities or manufacturing operations, the effect of
exchange rate fluctuations on international operations,
fluctuations in quarterly operating results, dependence on
suppliers, the market acceptance of Trinity Biotech’s products and
services, the continuing development of its products, required
government approvals, risks associated with manufacturing and
distributing its products on a commercial scale free of defects,
risks related to the introduction of new instruments manufactured
by third parties, risks associated with competing in the human
diagnostic market, risks related to the protection of Trinity
Biotech’s intellectual property or claims of infringement of
intellectual property asserted by third parties and risks related
to condition of the United States economy and other risks detailed
under “Risk Factors” in Trinity Biotech’s annual report on Form
20-F for the fiscal year ended December 31, 2022 and Trinity
Biotech’s other periodic reports filed from time to time with the
United States Securities and Exchange Commission. Forward-looking
statements speak only as of the date the statements were made.
Trinity Biotech does not undertake and specifically disclaims any
obligation to update any forward-looking statements.
The foregoing description of the transaction
does not purport to be complete and is qualified in its entirety by
reference to the transaction documents which will be included in a
Form 6-K to be filed with the U.S. Securities and Exchange
Commission.
About Trinity Biotech
Trinity Biotech develops, acquires, manufactures
and markets diagnostic systems, including both reagents and
instrumentation, for the point-of-care and clinical laboratory
segments of the diagnostic market. The products are used to detect
infectious diseases and to quantify the level of Haemoglobin A1c
and other chemistry parameters in serum, plasma and whole blood.
Trinity Biotech sells direct in the United States, Germany, France
and the U.K. and through a network of international distributors
and strategic partners in over 75 countries worldwide. For further
information, please see the Company's website:
www.trinitybiotech.com
Contact: Trinity Biotech plc Des
Fitzgerald
(353)-1-2769800 |
LifeSci Partners, LLCEric
Ribner
(1)-646-751-4363
E-mail investorrelations@trinitybiotech.com |
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