Diagnostics specialist Oncimmune Holdings PLC (LONONC) said it has agreed to take back the China and Hong Kong rights to its EarlyCDT product portfolio in a deal that gives its strategic options to tap the US capital markets.
The company said the transaction with Genostics would also allow it to “pursue the optimum route to market in this important territory”.
Chief executive, Dr Adam Hill, thanked Genostics for its work over the last three years, adding that he was pleased with the progress that had been made with the Asia-specific lung panel.
“However, as both companies consider their future on different equity capital markets, the continuing success of the EarlyCDT product portfolio, both in and outside of China and Hong Kong, requires Oncimmune to own the intellectual property and distribution rights,” he added.
“We are delighted that Genostics has agreed to continue to participate in Oncimmune's success as a shareholder, and Oncimmune looks forward to progressing its market access plans imminently."
As part of the agreement, Genostics has signed a 12-month lock-in on its 4.73% holding in Oncimmune.