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Oxford Immunotec Terminates TB Test Distribution Agreement in China, Hong Kong

NEW YORK – Oxford Immunotec said on Tuesday that it recently terminated an agreement with distributors of its tuberculosis-related products in China and Hong Kong due to undisclosed "material breaches" by the distributors in the performance of their obligations.

In a filing with the US Securities and Exchange Commission, Abingdon, UK-based Oxford said that it had ended a distributor agreement it had inked in 2013 with Fosun Long March Medical Science and Shanghai Xin Chang Medical Device, which served as exclusive distributors of its tuberculosis diagnostics products in China and non-exclusive distributors in Hong Kong.

The distributor agreement imposed certain annual minimum purchase obligations at agreed pricing and covered Oxford Immunotec's TB products and other accessories that may be used in conjunction with the products.

Oxford Immunotec said that it had terminated the agreement on Sept. 11, and notified the distributors in a termination notice that it did not expect to incur any early termination penalties. Further, it said that the distributors are obligated "to refrain from dealing in any products" in China and Hong Kong that would be competitive with Oxford Immunotec's products for a year after termination of the distributor agreement.