INOVIQ Shares Rise After Signing Global Distribution Deal With Promega

INOVIQ Ltd (ASX: IIQ) has partnered with Promega Corporation to unlock the commercial potential of exosomes for research, diagnostic and therapeutic applications.

This agreement will leverage INOVIQ’s EXO-NET pan-exosome capture tool and Promega’s expertise in nucleic acid purification systems.

Building upon last year’s successful co-marketing agreement, the three-year deal extends the commercial relationship between INOVIQ and Promega.

INOVIQ’s shares surged following the announcement, last trading ~14% higher intra-day at A$0.66.

The company had a cash balance of A$5.97 million as on 31 December 2023.

First order expected

The agreement grants Promega rights to market, distribute, and sell INOVIQ’s EXO-NET products, with an expected first order imminent.

Importantly, the deal is aimed at providing researchers with world-class exosome research solutions to enable exosome biomarker discovery and diagnostics development.

INOVIQ Chairman David Williams said: “This partnership is a significant building block for commercialising our exosome technology platform and validates our focus on developing next generation exosome diagnostics and therapeutics.”

Early detection and treatment of cancer

Exosomes are extracellular vesicles released by cells and perform key roles in intercellular communication, immune regulation and disease progression.

Exosome-based solutions play a crucial role in the early detection and treatment of cancer.

This collaboration is particularly timely considering the recent investments made by large pharma and diagnostic companies in exosome products.

Promega Vice President Tom Livelli recently said: “INOVIQ’s new HT exosome isolation and biomarker analysis solution solves an industry challenge needed to commercialise exosome-based diagnostics.”

 

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