AnteoTech Ltd (ASX: ADO) has signed a Distribution Agreement with Pera Medikal Anonim Sirketi for the distribution of the EuGeni Reader platform and SARS-CoV-2 Antigen Rapid Diagnostic Test (RDT) in Turkey.
Pera Medikal is one of Turkey’s leading importers and representative companies in the field of medical diagnostics and food analysis. They supply a broad range of medical diagnostic products to hospitals and laboratories through a network of 15 dealers across Turkey.
Pera Medikal initially approached AnteoTech in response to a European marketing campaign in 2020 and at the time expressed interest in the EuGeni platform opportunity, in particular the Sepsis Family of tests and AnteoTech’s competency in developing high performing tests to align with clinicians’ particular areas of need.
Pera Medikal and its network of dealers work closely with primary and critical care centres across the peninsula many of whom have expressed a keen interest in and need for sepsis biomarker testing.
This initial Agreement with Pera Medikal is for the sales of the SARS-CoV-2 Antigen RDT with the intention of adding further distribution rights for other tests in AnteoTech’s development pipeline. Pera Medikal will commence sales of the RDT and placement of readers to clinics, creating a foundation of customers ready to take on new Eugeni tests as these get released.
The Turkish Regulatory Process requires all formal submission documents to be authenticated by Australian Government Agencies before submission and this process has been initiated. In parallel, Pera Medikal are arranging for a local test evaluation, the results of which must be included in the submission.
The regulatory process is aligned with the CE IVD directives, which AnteoTech has already successfully navigated.
Key terms of the Agreement:
- The Agreement commences effective 1 September 2021. There are no conditions precedent to the Agreement.
- The Agreement is for exclusive sales into Turkey.
- The initial term of the distribution agreement is for three years, renewable for a further two years after the initial term on mutual agreement.
- Government or large enterprise tender opportunities: AnteoTech and Pera Medikal will work together to assess each tender opportunity on a case-by-case basis.
- In addition to the terms outlined in this announcement, the Agreement is subject to the standard terms, conditions, and warranties typical of a contract of this type.
AnteoTech has the right to terminate the Agreement with immediate effect upon the breach or nonobservance of any of the terms and conditions contained in the Agreement.
AnteoTech CEO Derek Thomson said, “I am excited to be signing our second Distributor Agreement for Europe.
Pera Medikal has a strong background in the IVD space with a well-established dealer network across Turkey, perfectly positioning them to execute on our EuGeni Platform strategy, placing readers into clinics and laboratories across the country. We welcome Pera Medikal to the team and look forward to building a strong relationship with them over the coming years.”