Yourgene Health PLC First US Supply Agreement (6036Q)
March 01 2021 - 1:00AM
UK Regulatory
TIDMYGEN
RNS Number : 6036Q
Yourgene Health PLC
01 March 2021
Yourgene Health plc
("Yourgene" or the "Group" or the "Company")
First US Supply Agreement for Coastal Genomics' Technology
Signed with Major Strategic Partner
Manchester, UK - 1 March 2021: Yourgene (AIM: YGEN), the
international molecular diagnostics group, announces that Yourgene
Health Inc., the Company's wholly-owned US subsidiary, has signed a
supply agreement ("the Agreement") with a large US clinical
laboratory group ("the Partner"). The Agreement is worth an
estimated $1.5m over five years to Yourgene and grants the Partner
non-exclusive access to the Company's Ranger(R) Technology which
Yourgene gained as part of acquisition of Coastal(R) Genomics Inc.
("Coastal") in August 2020.
The Agreement grants the Partner non-exclusive rights to
integrate the Ranger(R) enrichment technology into their
proprietary reproductive health diagnostic screening pathway, to
support their US-wide clinical laboratory network. The Agreement
enables use of the technology for the field of reproductive health,
with the potential to expand into other applications such as
oncology in the future.
Coastal was acquired in August 2020 to allow Yourgene to bring
its size selection and DNA enrichment technology to the US,
Canadian and other international markets as a complement to the
Company's reproductive health products, services and technologies.
The technology, and Coastal's broader commercial pipeline in North
America, also accelerate the Company's diversification into the
oncology market and wider DNA sample preparation markets.
Under the terms of the Coastal acquisition, this Agreement meets
the criteria for a Qualifying Commercial Agreement with a Strategic
Partner, triggering the first earn-out milestone from that
acquisition. Consequently, approximately 5 million shares in
Yourgene will be issued to the selling shareholders of Coastal
within the next 28 days, which will be subject to orderly market
provisions for the next 12 months. Further details of this equity
issuance will be announced shortly once the legal details have been
finalised.
Lyn Rees, CEO of Yourgene commented : "We are very pleased to
announce this first important validation by a strategic partner for
our recently acquired new technology. We continue to believe that
this is a key technology platform for our entry into the US
diagnostics market, the largest in the world. We respect the
Partner's preference to remain unidentified as it affirms their
perception of Coastal's Ranger(R) Technology as a competitive
advantage."
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014. The Directors of the
Company take responsibility for this announcement.
Yourgene Health plc Tel: +44 (0)161 669 8122
Lyn Rees, Chief Executive Officer investors@yourgene-health.com
Barry Hextall, Chief Financial Officer
Joanne Cross, Director of Marketing
Cairn Financial Advisers LLP (NOMAD) Tel: +44 (0)20 7213 0880
Liam Murray / James Caithie / Ludovico
Lazzaretti
N+1 Singer (Joint Corporate Broker) Tel: +44 (0)20 7496 3000
Aubrey Powell / Tom Salvesen / George
Tzimas
Stifel Nicolaus Europe Limited (Joint Tel: +44 (0)20 7710 7600
Corporate Broker)
Nicholas Moore / Matthew Blawat / Ben
Maddison
Walbrook PR Ltd (Media and Investor Tel: +44 (0)20 7933 8780 or yourgene@walbrookpr.com
Relations)
Paul McManus / Lianne Cawthorne Mob: 07980 541 893 / Mob: 07584
391 303
About Yourgene Health
Yourgene Health is an international molecular diagnostics group
which develops and commercialises genetic products and services.
The group works in partnership with global leaders in DNA
technology to advance diagnostic science.
Yourgene primarily develops, manufactures, and commercialises
simple and accurate molecular diagnostic solutions, for
reproductive health, precision medicine and now infectious
diseases. The Group's flagship products include non-invasive
prenatal tests (NIPT) for Down's Syndrome and other genetic
disorders, Cystic Fibrosis screening tests, invasive rapid
aneuploidy tests, and a recent extension into the oncology space
with DPYD genotyping.
The launch of Yourgene Genomic Services has enabled Yourgene to
offer a global laboratory service network equipped to be a full
life-cycle partner for clinical, research and pharmaceutical
organisations to support partners at the preclinical, clinical, and
post-market stages to develop, manufacture, obtain regulatory
approval and commercialise new products and services. In addition,
Yourgene Genomic Services offers an NIPT and high throughput COVID
testing service.
In August 2020, Yourgene acquired Coastal Genomics, Inc., a
sample preparation technology company based in Vancouver, Canada,
enabling the Company to extend its offering and IP portfolio in the
DNA sample preparation sector. The acquisition increased Yourgene's
geographical penetration into the US and Canada, supplementing
existing coverage in the UK, Europe, MEA and Asia.
Yourgene Health is headquartered in Manchester, UK with offices
in Taipei, Singapore, the US and Canada, and is listed on the
London Stock Exchange's AIM market under the ticker "YGEN". For
more information visit www.yourgene-health.com and follow us on
twitter @Yourgene_Health.
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