TURKU, Finland--(BUSINESS WIRE)--Medicortex Finland Oy announces that it has entered into an agreement with a Canadian company Pro-Lab Diagnostics Inc. Pro-Lab will be responsible for the regulatory process and registration of the ProbTBI™ brain injury detection kit in Canada and UK. Following a brain injury, the diagnostic test will detect in urine and saliva a unique brain injury biomarker which has been discovered and characterized by Medicortex. The agreement gives Pro-Lab exclusive rights for sales in the UK and Canada from which Medicortex will receive royalties. The agreement between the parties is confidential and no other details about the content of the agreement are disclosed.
Pro-Lab will be responsible for the clinical validation of the kit prior to the commercial launch in the territories. In addition to the licensing agreement, the parties intend to initiate a development collaboration, the details of which are being discussed currently.
“We are very proud that Pro-Lab Diagnostics has chosen to cooperate with us to get ProbTBI™ registered and approved in Canada and the UK. This is a great success for Medicortex as a company, but more importantly this is a big step forward for patients with concussion and Traumatic Brain Injury (TBI) who will greatly benefit from using a novel biomarker in brain injury diagnosis and management,” says Dr. Adrian Harel, Founder and CEO of Medicortex.
“The agreement reinforces Pro-Lab Diagnostics’ commitment to continue explore scientific and technological advances and their application in Diagnostics” says Mr. Robert Rae, CEO & President of Pro-Lab Diagnostics.
There is an enormous global market potential for a biomarker based rapid diagnostic kit for detecting traumatic brain injury (TBI) and concussion because current symptom-based assessment procedures and imaging methods are inadequate for finding diffuse axonal injuries.
About Pro-Lab Diagnostics
Pro-Lab Diagnostics’ (http://www.pro-lab.com/) mission is to provide high quality, cost effective immunodiagnostic products that benefit medical science. This is accomplished through extensive onsite research and development, leading to the manufacture of high quality and cost effective immunodiagnostic reagents.
Additionally, Pro-Lab Diagnostics distributes a wide array of innovative products sourced from leading companies from around the globe. Disciplines covered include Clinical Microbiology, Molecular Biology, Transfusion Medicine, Instrumentation, Women’s Health and much more. Pro-Lab Diagnostics also specializes in OEM (private label) packaging and welcomes new business opportunities.
Medicortex Finland Oy (http://www.medicortex.fi) is a biotechnology company dedicated to improving the diagnostics and treatment of Traumatic Brain Injury (TBI). Its current focus is to develop biomarker diagnostics that evaluate the presence of TBI. Once the company completes the development of the diagnostic test its next goal will be to develop an innovative drug to halt the progression of brain injury.
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This press release contains statements that are "forward-looking statements" that are based upon management's current expectations and assumptions and are subject to a number of risks, uncertainties and other factors that could cause actual results and events to differ materially and adversely from those indicated herein.