As per the agreement, both the companies will jointly advance the proprietary diagnostic technology which was originally developed by Lilly.

Corgenix president and CEO Douglass Simpson said this relationship strengthens the company’s program of strategic alliances in key areas of laboratory and research medicine.

"The Lilly collaboration in particular opens a new door for Corgenix as we continue to explore this technology in global clinical research as potential new technology to meet the needs of oncology clinicians worldwide," Simpson added.

The partnership with Lilly is a part of Corgenix’ recently announced expansion of its contract services business unit for contract product development, technology application and production for the healthcare and biotechnology industries.

The financial terms of the agreement were not disclosed.