NEW YORK (GenomeWeb) – Co-Diagnostics today announced Medcis Pathlabs India has agreed to purchase up to 36,000 of the company's tests.
Medcis and its associates and attendees will buy tests specifically for hepatitis B, hepatitis C, HIV, and human papillomavirus. CoSara Diagnostics, Co-Diagnostics' joint venture, will manufacture and brand the tests, and it will pursue all relevant regulatory approvals. The tests will be used in Medcis' network of ISO-certified and National Accreditation Board for Testing and Calibration Laboratories- and College of American Pathologists-accredited franchises and branches across India, said Co-Diagnostics, which went public in July.
The deal also includes future products developed by the Sandy, Utah-based molecular diagnostics firm, such as a blood bank panel to help address a market in India that exceeds $1 billion annually.
"This agreement has the potential to represent our most significant revenue to date through the profit-sharing agreement with our joint venture in India, once the tests in question have completed all requisite validation procedures," Co-Diagnostics CEO Dwight Egan said in a statement.
Financial and other details of the agreement were not disclosed.