SOURCE: Radient Pharmaceuticals Corporation

Radient Pharmaceuticals Corporation

December 29, 2010 08:45 ET

Radient Pharmaceuticals Signs Distribution Agreement With Hong Kong Based Bio-Asia Diagnostics Co. Ltd.

TUSTIN, CA--(Marketwire - December 29, 2010) - Through its subsidiary AMDL Diagnostics Inc., Radient Pharmaceuticals Corporation (NYSE Amex: RPC), a US-based company specializing in the research, development, and international commercialization of In Vitro Diagnostic cancer tests, announced today it has signed a full-service five-year exclusive distribution agreement with Hong Kong based Bio-Asia Diagnostics Co. Ltd. (Bio-Asia). The signing of this distribution agreement will enable RPC to bring its Onko-Sure™ IVD cancer test into the Hong Kong healthcare market. The agreement also grants Bio-Asia non-exclusive rights to distribute Onko-Sure®, for research use only ("RUO"), in the People's Republic of China ("PRC").

Under the terms, Bio-Asia has committed to purchase a minimum of 800 Onko-Sure® test kits over the duration of the agreement. As a full service distributor, Bio-Asia will provide marketing, sales, and distribution services to get Onko-Sure in major diagnostic centers, clinical reference labs, and hospitals in Hong Kong. Additionally, Bio-Asia will reach out to hospitals and cancer research centers in the PRC to provide Onko-Sure® test kits for RUO purposes. Bio-Asia has a network of over 300 major hospitals in Hong Kong and the PRC.

RPC's Chairman and CEO Douglas MacLellan commented, "This announcement represents a strategic advancement in the global commercialization of our Onko-Sure® cancer test. Hong Kong provides an excellent market for diagnostic tests and Bio-Asia is a leading distribution company there as well as in the PRC. Support from international distributors, including Bio-Asia, is key to the long-term growth of Radient and we are excited to add them to our growing list of distribution partners. Through such partnerships RPC is making substantial progress in meeting global demand for cancer testing."

MacLellan continued, "Beginning 2011, committed minimums for Hong Kong plus RUO sales in the PRC are anticipated to generate over $200,000 USD annually. We appreciate the confidence Bio-Asia has demonstrated in RPC and we will support their efforts to continue to aggressively expand distribution throughout this important territory."

About Radient Pharmaceuticals:
Headquartered in Tustin, California, Radient Pharmaceuticals is dedicated to saving lives and money for patients and global healthcare systems through the deployment of its FDA-cleared In Vitro Diagnostic Onko-Sure® Test Kits for colon-rectal cancer recurrence monitoring. The company's focus is on the discovery, development and commercialization of unique high-value diagnostic tests that help physicians answer important clinical questions related to early disease-state detection, treatment strategy, and the monitoring of disease progression or recurrence. To learn more about our company, products, and potentially life-saving cancer test, visit www.radient-pharma.com.

About Bio-Asia Diagnostics:
Bio-Asia Diagnostics Company Ltd. was founded in Hong Kong in 1996 to represent a number of world-leading manufacturers to channel their top quality diagnostic products to the region. Bio-Asia distributes products and provides services for various international diagnostics and healthcare products manufacturers. Building on distribution and sales to hospitals in Asia, Bio-Asia has become a leading diagnostics distribution company, providing a wide range of medical diagnostic solutions to hospitals and clinics to meet rapidly growing demand in the region. In addition to operations in Hong Kong, Bio-Asia has four branches in China located in Beijing, Shanghai, Guangzhou and Fuzhou.

Bio-Asia Diagnostics has built up a network of more than 300 major hospitals that are all repeat customers in China and Hong Kong. Bio-Asia currently represents a number of world-leading manufacturers to channel their top quality diagnostic products to the region. Among the globally famous brands are Grifols, Interlab, i-STAT, Bayer Diagnostics, Abbott, Cholestech, Standard Diagnostics, and Data Innovations. Visit www.bio-asia.com for more information.

RPC Contact Information:
For additional information on Radient Pharmaceuticals Corporation and its products visit: www.radient-pharma.com or send e-mail to info@radient-pharma.com. For Investor Relations contact Kristine Szarkowitz at IR@RadientPharma.com or 1.206.310.5323.

Forward-Looking Statements:
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained in this document include certain predictions and projections that may be considered forward-looking statements under securities law. These statements involve a number of important risks and uncertainties that could cause actual results to differ materially including, but not limited to, the performance of joint venture partners, as well as other economic, competitive and technological factors involving the Company's operations, markets, services, products, and prices. With respect to Radient Pharmaceuticals Corporation, except for the historical information contained herein, the matters discussed in this document are forward-looking statements involving risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements.

Contact Information

  • RPC Contact:
    Kristine Szarkowitz
    Director-Investor Relations
    Email Contact
    (Tel : ) 206.310.5323