Vigilant Biosciences, Inc. (“Vigilant”), a leading innovator and developer of solutions that aid in the early detection and intervention of cancer, announced today that it has entered into a five-year exclusive sales and marketing distribution agreement with BL&H Co., Ltd., for sale of its OncAlert™ Oral Cancer product line in Korea. The OncAlert Oral Cancer product line includes a rapid, test (OncAlert Oral Cancer RAPID Test) and a quantitative, laboratory test (OncAlert Oral Cancer LAB Test).
Under the terms of the agreement, BL&H Co., Ltd. will exclusively market and sell the OncAlert RAPID Test and OncAlert LAB Test to the Korean dental, otorhinolaryngology (ENT) and oncology markets, pursuant to approval of the OncAlert products by the Korean Ministry of Food and Drug Safety (MFDS). The distribution deal represents more than $5 million USD in guaranteed purchase commitments, as well as milestone payments to Vigilant. The OncAlert product line is expected to be available for sale in Korea by the second half of 2016 or early 2016.
Located in Seoul, South Korea, BL&H Co. is a leading distributor of pharmaceuticals and hospital-based products and services in the Korean market.
“Vigilant Biosciences is excited to enter the relationship with BL&H Co. for the sale of our OncAlert product line in the Korean market,” said Matthew H.J. Kim, Founder, Chairman, and CEO of Vigilant Biosciences. “As thousands continue to be diagnosed with oral cancer every year, we are committed to providing an easy-to-use, accurate and affordable way to aid in the detection of the disease in its earliest stages. We are looking forward to working with BL&H Co. to make a positive impact on the lives of oral cancer patients in Korea.”
“This agreement enables us to provide an important and ground-breaking test that can aid in the early detection of risk for oral cancer,” said D.C. Roh, President and CEO of BL&H Co. “The test’s accuracy, simplicity and affordability make it an ideal fit for dental and medical professionals who diagnose and treat oral cancer. We are pleased to be the exclusive distributor of this test in the Korean market and have confidence that it will help improve the lives of many.”
Vigilant Biosciences’ initial products, the OncAlert Oral Cancer RAPID Test (“OncAlert RAPID Test”) and the OncAlert Oral Cancer LAB Test (“OncAlert LAB Test”), are the first and only technologies that measure soluble CD44 and total protein levels – protein markers clinically shown to be associated specifically with oral cancer when measured in an oral rinse – to aid clinicians in the early detection and intervention of oral cancer. Both products use a simple, oral rinse collection and measurement procedure that is easy to administer and non-invasive for the patient. The accurate, cost-effective tests can benefit every adult, with particular emphasis on high-risk populations (i.e., current and former tobacco users, those who consume excessive alcohol, and people with human papillomavirus). The OncAlert LAB Test is CE Marked. The OncAlert RAPID Test is currently undergoing the CE Mark registration process and not yet available for sale in any market at this time. The OncAlert Oral Cancer product line is not yet available for sale in the U.S.
About Oral Cancer
According to the Oral Cancer Foundation, there are over 640,000 new cases of oral cancer each year worldwide. In the U.S., close to 48,250 individuals will be diagnosed with oral or pharyngeal cancer this year, with 9,575 deaths from the disease, killing roughly one person per hour, 24 hours per day. Historically the death rate associated with this cancer is particularly high due to late-stage diagnosis and intervention. Currently, the vast majority of patients are detected through a visual exam and/or are symptomatic, at which point they are likely late stage. As a result, oral cancer often goes undetected to the point of metastasizing. Early diagnosis of oral cancer results in a cure rate of up to 90 percent.
About BL&H Co., Ltd.
BL&H is a privately owned Korean pharmaceutical company, established in 1999, with the aim of becoming a leader in the delivery of pharmaceuticals and services that fulfill unmet medical needs of the Korean market. BL&H specializes in hospital-based products in hematology, oncology, respiratory medicine and rheumatology. BL&H’s management team has extensive experience in the pharmaceutical and healthcare sector and brings specialist products to these markets.
About Vigilant Biosciences, Inc.
Vigilant Biosciences is a leading innovator and developer of solutions that aid in the early detection and intervention of cancer. Vigilant’s OncAlert Oral Cancer product line includes rapid and lab-based products that are simple, accurate and cost-effective, and empower healthcare practitioners to improve lives through earlier intervention. The OncAlert Oral Cancer product line is not yet available for sale in the U.S. For more information, visit www.vigilantbiosciences.com.