BioView Ltd. (TASE:BIOV), which develops and markets equipment for automating laboratory tests, reported today that it has signed a substantial cooperation agreement in China to market ןits imaging systems as part of a blood-test product for early detection of lung cancer. Following the announcement, the Israeli company's share price soared 30% and is trading at a market cap of NIS 44 million.
Under the terms of the agreement, Chinese company Livzon Cynvenio Diagnostics Ltd. will order from BioView systems worth at least NIS 70 million over five years. Livzon Cynvenio Diagnostics is a joint venture of Chinese company Livzon Pharmaceuticals and US company Cynvenio.
Professor Ruth Katz, together with Dr Feng Jiang, currently professor of molecular pathology at the University of Maryland,and Dr Tanweer Zaidi, discovered, validated and patented the 4-color DNA probe set that is the basis for the circulating tumor cell test at the MD Anderson Cancer Center, which licensed the test to Cynvenio Biosystems of California. Cynvenio in turn sub-licensed the test to Chinese company Livzon Pharmaceuticals. The test uses the BioView system as an imaging system.
Professor Katz currently holds an honorary appointment as a professor of pathology in the department of pathology at the Sheba Medical Center (Tel Hashomer Hospital) in Ramat Gan.
BioView CEO Dr. Alon Schwebel said, "BioView's core capability in imaging and software has the potential to encourage the market to adopt innovative technologies such as liquid biopsies based on cells. As long as the biotech industry focuses on more precise solutions for patients, BioView is well placed to leverage our expertise and provide maximum precision in terms of cells and molecules. We are happy to link up with Livzon Cynvenio in order to help the early detection for lung cancer test penetrate the Chinese market as well as developing new tests for diagnosis, monitoring and treatment."
Published by Globes, Israel business news - en.globes.co.il - on January 6, 2019
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