Sienna Cancer Diagnostics (ASX:SDX), a medical technology company developing and commercialising cancer-related tests, has signed a new distributor for South Korea.
The distribution agreement provides Mirax Corporation with the right to sell Sienna’s product to Korean pathology laboratories. The company said it will be used as an adjunct to urine cytology to assist pathologists and urologists in their diagnosis of bladder cancer.
This is the second Asian distributor for the company with its hTERT in-vitro diagnostic (IVD) test already assigned to distributors in the US, Denmark, Sweden, Switzerland, and recently mainland China.
Sienna said Korea presents a substantial market opportunity with over 300,000 urine cytology tests believed to be performed annually.
The appointment follows an evaluation process involving several high-quality candidates, it said.
Sienna will now collaborate with Mirax to gain regulatory approval in Korea.
Sienna Cancer Diagnostics CEO Matthew Hoskin said in relation to Mirax, “They have strong product synergies, with existing sales of cytology-related reagents and consumables, other cancer-related tests, and pathology image capture and analysis systems.
"They see the Sienna hTERT test as complementary and are motivated to obtain regulatory approval and start driving sales.
“We are delighted to have signed capable distributors in two key Asian markets in the past six months. It is a testament to the attractiveness and growing demand for our product. This partnership is another step in our geographical expansion program and creates further opportunity in the fast-growing Asian IVD market.”
Mirax CEO Sang-Ju Bae, “We have established ourselves as a quality provider in the Korean pathology market, with well-established networks and high-performing sales and technical support staff.
"Adding Sienna’s hTERT IVD test enhances our portfolio with a true value-adding diagnostic product that fits our capability and our strategic focus. Pathologists are seeking innovative technologies to improve the diagnostic process and deliver better patient outcomes. We believe the hTERT IVD test could be a core growth driver for our business.”