Genomictree Enters Chinese Early Colorectal Cancer Diagnosis Market... Transfers Body Fluid-Based Cancer Diagnostic Technology

[Asia Economy Reporter Hyungsoo Park] Genomictree, a biomarker-based in vitro cancer early diagnosis specialist company, announced on the 7th that it has signed a biomarker-based colorectal cancer diagnosis technology transfer contract with Orion Holdings' joint venture in China, ‘Shandong Lukang Haoliyou Biotechnology Development Co., Ltd.’

This contract is the formal agreement following the binding MOU signed in October last year, marking the first patent technology license-out contract in the domestic liquid biopsy-based early cancer diagnosis industry. Through this contract, Genomictree will receive an upfront payment for the use of in vitro molecular diagnostic technology for early colorectal cancer diagnosis, milestones based on business progress, and royalties from sales.

In China, 280,000 people die annually from colorectal cancer, and the penetration rate of colonoscopy equipment in medical institutions is only about 35%. With the Chinese government’s increasing need for early cancer diagnosis to alleviate medical financial burdens, the market potential for colorectal cancer diagnostic kits is also considered significant. Genomictree’s early colorectal cancer diagnosis technology measures a single epigenetic biomarker using 1?2g of stool, enabling colorectal cancer detection with 90% accuracy. The test results can be quickly confirmed within 8 hours, which is expected to provide strong market competitiveness.

The colorectal cancer early diagnosis technology developed by Genomictree has been approved by the Ministry of Food and Drug Safety after proving that it can diagnose colorectal cancer with 90.2% sensitivity and specificity using a small amount of stool (1?2g), regardless of the examinee’s gender or age. The EarlyTec® colorectal cancer diagnostic kit, launched domestically in 2019, has now expanded its reach to primary hospitals nationwide. Recently, through contracts with large screening centers and university hospitals, it is being offered as an optional service in corporate health checkups, rapidly expanding its market.

Genomictree CEO Seonghwan Ahn said, "Through the industry’s first license-out contract for early cancer diagnosis, we expect stable revenue growth as royalty income without cost will be generated," and added, "Starting with the contract with Orion Holdings, we plan to steadily increase global license-out contracts."