- Biotechnology company Microbix Biosystems (TSX:MBX) has engaged Labquality Oy to distribute its Quality Assessment Products (QAPs) across seven countries
- Under the agreement, Labquality will provide marketing, distribution and logistical support
- To date, Microbix has 48 QAPs across its PROCEEDx and REDx Controls brands, which will be sold directly to clinical laboratory customers
- These products aim to support the accuracy of testing for respiratory viruses, such as COVID-19
- Before the market opens, Microbix Biosystems (MBX) is trading at C$0.32 per share, with a market cap of $34.8 million.
Biotech company Microbix Biosystems (TSX:MBX) has engaged Labquality Oy to distribute its Quality Assessment Products (QAPs) across seven countries.
Based in Helsinki, Labquality provides external quality assessment programs designed to evaluate the proficiency of clinical laboratories and assist in securing necessary accreditations.
The company currently has 6,500 customers in more than 50 countries, which are supported by a vast network of sub-distributors.
Under the agreement, Labquality will distribute Microbix’s QAPs throughout Denmark, Estonia, Finland, Latvia, Lithuania, Poland, and Sweden. The company will also provide marketing and logistical support.
To date, Microbix has 48 QAPs under its PROCEEDx and REDx Controls brands, which will be sold directly to clinical laboratory customers. These support the accuracy of tests for bacterial and viral diseases by emulating patient samples while being consistent, stable and non-infectious.
Mia Lindström, Managing Director of Labquality Oy, said that she I pleased to have secured access to Microbix’s portfolio QAPs.
“There is an ever-increasing need to improve the accuracy of clinical diagnostic testing that these products will help address. Training of Labquality staff about QAPs is already well advanced and we are now beginning to stock this product portfolio,” she added.
A key part of Microbix’s QAP portfolio caters to the testing for respiratory viruses. These include COVID-19, Flu A, Flu B and respiratory syncytial virus. Some of the company’s other QAPs address less-common diseases, such as high-risk types of HPV and other sexually transmitted infections.
Microbix’s agreement with Labquality comes just a week after receiving its medical devices establishment licensing from Health Canada. Receipt of the license allowed for the immediate usage of the company’s QAPs by laboratories across Canada. As such, Microbix’s share price jumped almost 20 per cent.
Cameron Groome, President and CEO of Microbix Biosystems, confirmed Mia’s sentiments regarding the mutually beneficial partnership.
“As an established proficiency testing program provider and product distributor in the region, Labquality is highly-respected and well-known by both hospital and stand-alone labs.
“Our controls are therefore a natural addition to their product offerings and we are convinced the agreement will be successful for both our companies,” he said.
Before the market opens, Microbix Biosystems (MBX) is trading at C$0.32 per share, with a market cap of $34.8 million.