AroCell expands its presence in the Chinese market
AroCell plans to complete TPS CLIA registration in the Chinese market before the end of the year. AroCell is now expanding the collaboration in the Chinese market by including TPS CLIA on Fosun Diagnostics' fully automated system. Through this collaboration, AroCell's market coverage in the Chinese market for tumor markers is doubled.
As previously informed, AroCell's subsidiary IDL Biotech has a collaboration with ZECEN Biotech, regarding the automation of the tumor marker TPS® on all their instruments. The development project of TPS CLIA has been completed and the registration process for regulatory approval of TPS CLIA for the Chinese market continues as planned. The product is planned to be available on the Chinese market in early 2023.
The development project has been successful, and we are now including Fosun Diagnostics' fully automated system to further expand the market in China. The product is expected to be registered on the market during the second quarter of 2023. In total, both companies have more than 2,000 automatic CLIA systems. This is a part of AroCell's strategic plan for automation.
"The development project with ZECEN Biotech has been very successful and we are now happy to conclude another agreement with Fosun Diagnostics. Launching our products on automated platforms is an important step. Automated instruments are a must for large hospitals as analyses can be carried out on a large scale quickly and efficiently. This also opens opportunities to launch several of our other products on automated platforms in China," says Marie Torstensson, Chief Market and Sales Officer Laboratory Test.
According to the agreements, ZECEN Biotech and Fosun Diagnostics will pay a royalty to AroCell based on sales in China. Several factors will affect earnings. These factors are uncertain and prevent us from predicting future earnings at this stage.
Fosun Diagnostics is a division within Shanghai Fosun Pharmaceutical (Group) Co Ltd, focusing on developing, manufacturing, and distributing in vitro diagnostics (IVD) products.