Vancouver’s Verisante Technology Inc. (TSX-V:VRS) has signed a letter of intent with a China-based strategic partner granting exclusive sales and marketing rights of its Core lung, colon, cervical and nasal cancer detection technology and its ClearVu endoscopic camera.
The deal comes on the heels of the announcement of a non-brokered private placement of 2,000,000 common shares at $0.15 per share for total proceeds of $300,000, and is contingent upon the receipt of a further $2.5 million private placement by the end of September.
“This is a major breakthrough for Verisante in the biggest market in the world for lung cancer,” said Verisante president and CEO Thomas Braun. “China has approximately one-third of the lung cancer cases in the world, is currently the second-largest buyer of medical devices globally, and is expected to surpass the USA in that regard sometime in the next ten years.
“With so many patients and 21,000 hospitals, we are very excited to have a strategic partner who will provide capital for Verisante and separately fund the SFDA approval process for the Core.”
Verisante recently announced it had partnered with the BC Cancer Agency in the development of a cancer detection platform.
