Genomictree said that Daewoong Pharmaceutical would market and co-sale its EarlyTect Colon Cancer diagnostic kit from next month.
Under an accord, Genomictree will focus on medical examination centers and mid-sized hospital marketing based on its expertise accumulated in the sales activities of diagnostic devices. At the same time, Daewoong will take charge of sales and marketing for local clinics based on its advanced marketing techniques and platforms.
Genomictree's diagnostic device is a high-performance biomarker-based non-invasive colorectal cancer diagnostic test that diagnoses colorectal cancer by measuring methylated syndecan2 from fecal DNA.
The kit has a sensitivity and specificity of 90.2 percent.
The company has been supplying its products to Severance Hospital’s check-up centers and about 1,000 smaller hospitals since its launch in April last year.
Through the agreement, Genomictree expects to expand its market share rapidly through Daewoong's hospital network, which consists of 30,000 hospitals and clinics.
"We are delighted to have a joint promotion agreement with Daewoong, which has a strong sales and marketing infrastructure in hospitals and internal gastroenterology,” Genomictree CEO An Sung-whan said. "This agreement will serve as an opportunity to contribute to national health through early diagnosis of colorectal cancer."
Daewoong CEO Jeon Seng-ho also said, "We are pleased to be in charge of the sales and marketing of EarlyTect Colon Cancer, which has opened a new paradigm for the diagnosis of colorectal cancer. The company expects that this agreement will create synergies through the strengths of both companies."
Based on Daewoong's differentiated “four-step marketing strategy,” which verifies reasons for prescribing drugs on four stages, the company will do its best to create an early screening environment for colon cancer by expanding EarlyTect Colon Cancer services to more medical institutions, Jeon added.