Medicortex Finland Oy 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,” said 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” said 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.