SOURCE: Radient Pharmaceuticals Corporation

Radient Pharmaceuticals Corporation

December 13, 2010 08:45 ET

Radient Pharmaceuticals Signs Full Service Distribution Agreement With Naroo Ditech Inc. in Korea: Minimum Order Commitment of 3,352 Onko-Sure® Test Kits

TUSTIN, CA--(Marketwire - December 13, 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 (IVD) cancer tests, announced today it has entered into a five-year full-service distribution agreement with Naroo Ditech Inc. to expand the Company's Onko-Sure® IVD cancer test throughout the Korean healthcare market.

Under the terms of the agreement, Naroo Ditech has committed to purchase a minimum of 3,352 Onko-Sure® test kits over the duration of the partnership. Naroo Ditech will represent RPC while obtaining regulatory clearances and providing marketing, sales, and distribution services for Onko-Sure® in diagnostic centers and clinical labs throughout the Korean market.  Marketing, sales and distribution services include developing product localization strategies; representing Radient Pharmaceuticals and its Onko-Sure® IVD cancer test at relevant healthcare conferences and events; incorporating relevant product information on the Naroo corporate website. Additionally, Naroo Ditech will provide a dedicated customer service team to respond to customer inquiries and technical questions.

RPC's Chairman and CEO Douglas MacLellan commented on today's news, stating, "We are extremely pleased to have finalized our sales, marketing and distribution partnership with Naroo and anticipate this agreement will significantly expand the commercialization of Onko-Sure® in the Korean market. One of Naroo's key strategies is to market Onko-Sure® as a screening test for industrial workers at Korea's largest manufacturers, such as Hyundai. This latest agreement adds to our expanding list of global distributors, through which RPC is working to grow product sales and revenues."

Onko-Sure® is a simple, noninvasive, patent-pending and regulatory-approved in vitro diagnostic test that enables physicians and their patients to effectively monitor and/or detect certain types of cancers by measuring the accumulation of specific breakdown products in the blood called Fibrin and Fibrinogen Degradation Products (FDP). FDP levels rise dramatically with the progression of cancer. Onko-Sure® is approved by the US FDA for the monitoring of colorectal cancer and by Health Canada for lung cancer detection and treatment monitoring.

RPC Contact Information:
For additional information on Radient Pharmaceuticals, ADI and its portfolio of products visit the Company's corporate website at www.radient-pharma.com. For Investor Relations information contact Kristine Szarkowitz at IR@RadientPharma.com or 1.206.310.5323.

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, people and potentially life-saving cancer test, visit www.radient-pharma.com.

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