MDxHealth renews methylation biomarker agreement with Veridex
16 Dec 2010
MDxHealth SA, a molecular diagnostics company in the field of personalized cancer treatment, has renewed its agreement with Veridex for the use of certain of its proprietary DNA methylation products in blood testing for colorectal cancer and prostate cancer screening.
The transaction demonstrates MDxHealth’s ability to deliver on its recently announced strategy of developing and commercializing its DNA methylation products itself through a CLIA laboratory in the US while out-licensing its methylation technology for cancer screening applications at an accelerated pace and as broadly as possible.
Under the revised agreement, the Company grants Veridex non-exclusive rights for worldwide laboratory service testing to MDxHealth’s DNA methylation biomarkers for use in blood-based detection of colorectal cancer, as well as tissue and urine-based detection of prostate cancer. In return, MDxHealth will receive milestone payments and royalties on net sales. Financial terms were not disclosed.
The new agreement replaces a broader agreement under which Veridex had exclusive rights to certain MDxHealth DNA methylation biomarkers for all resulting new products.
“This agreement demonstrates how quickly MDxHealth has been able to deliver on our new strategy. It greatly simplifies our contractual obligations and at the same time it could potentially provide revenues from future royalty streams from prostate and colorectal cancer screening applications developed by Veridex,” said Dr. Jan Groen, Chief Executive Officer of MDxHealth.