Richmond, B.C. (PRWEB) June 12, 2015 - bioLytical Laboratories Inc. (“bioLytical” or the “Company”) announced today that it has granted an exclusive global license to Network Oncology Inc. (“Network Oncology”) to commercialize a rapid point of care test for the detection of key Ebola virus proteins. This license agreement allows the Company to expand its product portfolio by coupling bioLytical’s proven immunofiltration technology with newly developed state-of-the-art signal amplification methods that can detect even very low viral protein levels necessary for diagnostic accuracy.
As part of the agreement, Network Oncology will receive the rights to commercialize this innovative rapid diagnostic method for the detection of the Ebola virus. bioLytical will receive an upfront, one-time, non-refundable license fee in cash as well as an equity position in Network Oncology. Upon successful commercialization and distribution, bioLytical will receive quarterly royalties on the worldwide sales of the Ebola assay.
Following the recent outbreak in West Africa, Ebola remains a large global issue as re-emergence of this deadly infection can occur at any time with little or no warning. According to the World Health Organization¹, the average fatality rate is about 50%. The Company’s agreement with Network Oncology underlines bioLytical’s focus on innovation and commitment to developing cutting-edge diagnostic devices for the millions of people that can be affected by catastrophic infectious disease outbreaks such as Ebola.
“There is a very short time window for the accurate detection of the Ebola virus in an infected individual before it’s too late and the patient succumbs to the rapid progression of the disease. bioLytical’s innovative, new assay detects very low levels of the Ebola virus which is critical to early diagnosis and furthermore provides results in as little as 60 seconds,” said Rick Galli, Chief Technical Officer of bioLytical. “A 60 second test is a game-changer, allowing for the masses to be screened quickly and efficiently in remote areas and at airports, seaports and other points of entry.”
“This license agreement with bioLytical Laboratories enables our company to expand beyond oncology into medical diagnostic testing and grow our international marketing and distribution network over the coming months,” said Manfred von Nostitz, President of Network Oncology. “From the patient’s perspective, as well as from a healthcare professional’s perspective, the commercialization of a rapid Ebola test will redefine the screening of this deadly disease. We are pleased to enter this partnership with bioLytical since we are committed to providing the healthcare community with better tests and new applications that ultimately translate into better treatment outcomes for patients.”
About bioLytical Laboratories
bioLytical Laboratories is a privately owned Canadian company engaged in the research, development and commercialization of rapid, point-of-care in vitro medical diagnostics using its proprietary INSTI™ technology platform. Today, the company markets and sells its signature INSTI™ HIV test and has a world-wide footprint of regulatory approvals including U.S. FDA approval, Health Canada approval and CE mark from European regulators. Their product provides a highly accurate HIV test result in as little as 60 seconds translating into a compelling value proposition for patients, healthcare professionals and public health organizations. For more information on bioLytical Laboratories, please visit http://www.biolytical.com
Mr. Robert Mackie
¹ World Health Organization: Ebola Virus Disease Fact Sheet. http://www.who.int/mediacentre/factsheets/fs103/en/