QuantRx Biomedical, an in-vitro diagnostic company focused on the development and commercialization of diagnostic products, has entered into a two-year agreement with VetRed BV for the European distribution of products developed by QuantRx (QN Diagnostics) for veterinary applications.
QuantRx (QN Diagnostics) claimed that this is the first distribution agreement for the company in the animal healthcare market and marks the commercial launch of its first product developed for the segment.
As per the agreement, privately held VetRed will begin to market QuantRx’s newly developed Thyroid panel diagnostic kit accompanied by the QV-Reader. A thyroid panel is a diagnostic testing process used to evaluate thyroid gland function and diagnose thyroid disorders. The hormones produced by the thyroid travel through the bloodstream and impacts metabolism.
Walter Witoshkin, chairman and CEO of QuantRx, said: “The announcement reflects important progress for QuantRx in the launching of new products for new vertical markets, along with the introduction of another revenue stream to complement our efforts in human diagnostics.
“Our agreement with VetRed in Europe is just the first strike by QuantRx in the veterinary market as we are completing distribution agreements in North America, the largest region in the world for veterinary products. We believe these agreements will have a significant impact on both our short term and long term revenues.”
Floris de Haan, chief executive officer of DVM at VetRed, said: “QuantRx has unique, proprietary technologies that allow veterinarians to run in-clinic assays, which were not available before, along with other beneficial testing processes.
“In-clinic diagnostics has been the fastest growing segment of veterinary medicine with the most potential for the foreseeable future. New medical technologies and applications, such as those being developed by QuantRx (QN Diagnostics), are opening new avenues for veterinarians to expand their practices with reliable diagnostic procedures.”