A Medical Device Daily Staff Report
GeneNews Limited (Toronto) has formed a joint venture with two private American companies, Health Diagnostic Laboratory (Richmond, Virginia) and a sales organization with national capabilities, to establish an accredited clinical laboratory called Innovative Diagnostic Laboratory. IDL will initially focus on the development and broader U.S. commercialization of ColonSentry and is expected to be functional and certified under the Clinical Lab Improvement Amendments Act in the third quarter.
GeneNews has granted IDL an exclusive license for certain technology related to the ColonSentry test for immediate development and commercialization throughout the United States, excluding the States of New York and New Jersey. Each party to the JV will receive a share of the revenues and profits generated by IDL. Additional financial terms were not disclosed.
"IDL provides GeneNews with a U.S. commercialization platform for the introduction of ColonSentry into the broader U.S. market," said Gailina Liew, president/COO of GeneNews. "We believe that Health Diagnostic Laboratory is an ideal partner for us in light of their experience and success in integrating high throughput laboratory operations with sales capabilities on a national scale and look forward to working together to establish IDL as a leading clinical lab."
GeneNews is a molecular diagnostics company focused on the application of functional genomics to enable early diagnosis and personalized health management based on disease specific biomarkers. The company has a patented core platform technology, the Sentinel Principle, which has the power to detect and stage virtually any disease or medical condition from a simple blood sample.
Health Diagnostic Laboratory offers a comprehensive test menu of risk factors and biomarkers for cardiovascular disease, diabetes, and related diseases.