TUSTIN, Calif., May 13 /PRNewswire-FirstCall/ -- AMDL, Inc. (NYSE Alternext US: ADL), a US-based pharmaceutical company with major operations in China, announced today it has entered into two distinct five-year marketing and distribution agreements with GenWay Biotech, Inc., a global protein and antibody solutions provider, whereby GenWay Biotech will market and distribute AMDL's DR-70 (FDP) cancer test in the US and Canada.
The partnership significantly advances AMDL's global commercialization strategy for DR-70 specifically in the US and Canada. According to the agreed upon terms, GenWay Biotech has the rights to market and distribute AMDL's DR-70 (FDP) cancer test for uses other than colorectal cancer to CLIA-certified laboratories in the US; and as a lung cancer screen to laboratories in Canada. This includes implementing a marketing strategy and program execution to drive product awareness and sales. GenWay Biotech will bear all responsibility for these activities. The potential value of these agreements is at least $15.8 million over a 5-year period.
'The US and Canada are major world markets for in vitro diagnostic products,' commented Mr. Douglas MacLellan, Chairman and CEO of AMDL, Inc. 'We believe that GenWay Biotech is well positioned to drive market adoption with CLIA laboratories in these significant markets. This is a substantial moment in the history of AMDL's Tustin-based operations -- not only does this agreement validate DR-70 as a viable cancer diagnostic product, it puts AMDL's diagnostic division on a solid path to profitability.'
According to Mr. Robert Gans, CEO, GenWay Biotech, Inc., 'We are dedicated to providing CLIA labs with highly innovative and in-demand products that improve the level and quality of patient healthcare around the world. We are very pleased to support the commercialization of AMDL's DR-70 cancer test in the US and Canada. AMDL has developed a highly-effective test to provide potentially life-saving information regarding cancers and we are excited to bring it to the US and Canada.'
DR-70 (FDP) is an in vitro diagnostic test that enables physicians and their patients to effectively monitor and/or detect certain types of cancers by measuring the accumulation of specific breakdown products in the blood called Fibrin and Fibrinogen Degradation Products (FDP).
