Todos Medical Ltd (OTCQB:TOMDF) announced Wednesday that it has expanded its partnership with Care GB Plus for the development and commercialization of its proprietary TBIA cancer diagnostic platform to include Europe, Israel and Africa.
Todos originally executed an agreement for the development and commercialization of its TBIA or Todos Cancer Tests in Israel in 2018.
In the expanded agreement, Todos said both companies have agreed to form a joint venture for the Todos Cancer Tests in Europe, Israel and Africa.
READ: Todos Medical enters into a COVID-19 testing and contract partnership with Israel-based Pangea
Care GB will own 67% of the newly formed JV with Todos owning 33%. Also, Care GB is assuming all costs associated with product development and algorithm optimization responsibilities required to commercialize the Todos Cancer Tests.
As part of the agreement, Todos Chief Technology Officer Dr Uzi Zelig will become the CTO of the JV and Care GB will provide full financial support for the laboratory and data generation requirements to support Todos’ existing commercial partner, Orot Luces, in its ongoing commercial distribution efforts in Romania. Todos maintains all rights to territories outside of Europe, Israel and Africa.
“This agreement is a very important step to ensure that our Todos Cancer Tests enter the commercialization phase in Europe with dedication in full towards a successful commercial launch,” said Todos CEO Gerald Commissiong in a statement.
“Dr Zelig has developed a tremendously powerful technology to surveil the immune system over the last 9 years since founding Todos. Now that Todos is in full commercialization mode in the United States on its COVID-19 diagnostic programs and in Israel, we believe it is the appropriate time to expand our relationship with Care GB so that the appropriate focus can be maintained to ensure a successful commercialization of Todos Cancer Tests in Europe and Israel. Given Care GB’s familiarity with the Todos programs, we believe this is the right partner to lead commercial efforts in manufacturing and laboratory operations.”
Assaf Gold, CEO of Care GB, added: “We are very happy to expand our agreement with Todos and to bring Dr Zelig on board as CTO to support the ongoing commercialization efforts in Europe and Israel for the Todos Cancer Tests. With the breast cancer test preparing to complete the final stages ahead of a product launch with distribution partner Orot in Romania, now is the right time to take on the commercial commitments to support the launch to ensure full focus to achieve success.”
Headquartered in Rehovot, Israel, Todos also develops diagnostic solutions to screen for a variety of cancers and neurodegenerative disorders.
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