NEW YORK (360Dx) – Chembio Diagnostics said today that it has entered a collaboration with LumiraDx to develop point-of-care diagnostic tests for infectious diseases to address "significant global health threats."
Chembio said that it will receive funding from LumiraDx subject to satisfying certain milestones. If the tests receive regulatory approval and are commercialized in accordance with the agreement, Chembio will obtain royalty payments on resulting product sales and sell reagents to LumiraDx.
Additional terms of the deal were not disclosed.
John Sperzel, Chembio's CEO, said in a statement that the collaboration with LumiraDx complements his firm's strategy for its Dual Path Platform (DPP), which uses chromatographic immunoassay technology. "Through our joint efforts, we expect the new products to provide access to a broader customer base," Sperzel said, adding that the firm anticipates expanding its product portfolio by applying reagent biomarkers funded through the collaboration agreement to its DPP platform.
"We selected Chembio as our partner due to the company's expertise in developing high-quality POC infectious disease assays, and we believe the commercial opportunity for both firms is significant," said Ron Zwanziger, LumiraDx's chairman and CEO.