Sydney-based Cellmid (ASX:CDY) has updated investors on recent developments regarding its midkine diagnostic license to Pacific Edge Biotechnology.
Pacific Edge, a listed diagnostic company based in New Zealand, licensed midkine (MK) in 2010 for the use in its tests for the diagnosis, prognosis and disease management of bladder cancer.
Cellmid has derived total revenue of $1,221,048 to date from the Pacific Edge license, including the $92,000 royalty due for the six months ending 30 September 2016.
Pacific Edge announced the achievement of a number of material milestones in recent months, which are expected to positively influence future royalty payments, said Cellmid.
Some of the key milestones include signing a US Federal Supply Schedule in February 2016 providing access to the CxBladder test for 10.2 million US veterans as well as for military personnel at 150 US Department of Defence facilities.
In addition, Pacific Edge recently became an Approved Provider to US-based Tricare Health Plan Networks, which provides health care to 9.4 million beneficiaries of the US Military Health system.
According to Cellmid, in October this year CxBladder Monitor was adopted as a replacement for cystoscopy for low risk patients monitored for recurrence of bladder cancer by the Waitemata District Health Board. Then, in December, clinical study results of the same test, CxBladder Monitor, were accepted for publication in the American Journal of Urology.
"The study confirmed strong performance (93% sensitivity and 97% negative predictive value) of the test and the potential of it to replace cystoscopy in low risk patients," said the company.