Navigation Links
Panacea Global, Inc. Signs Multi-year Contract Valued at Minimum $8.75 Million for Cancer Detection System with Palmverse Limited
Date:7/12/2011

ONTARIO, Canada, July 12, 2011 /PRNewswire/ -- Panacea Global, Inc., ("the Company") (OTCQB: PANG), a biopharmaceutical company specializing in blood (protein), serum and tissue tests to diagnose and monitor cancer, today announced that it has signed a multi-year exclusive sales agreement with Palmverse Limited for its cancer detection system. The contract, signed July 2011, is valued at a minimum $8.75 million in revenue over the next two years based upon Palmverse meeting certain annual commitments.

Palmverse Limited will be responsible for the exclusive sale and distribution of the Company's cancer detection system in the territory of Belarus.  The cancer detection system tests for the presence of various types of cancer with innovative cancer detection tests including: BC Detect® which detects breast cancer; CC Detect® which detects colorectal cancer; LC Detect® which detects lung cancer; and PC Detect® which detects prostate cancer.

Under the terms of the agreement, in the first calendar year of the contract Panacea expects to recognize a minimum of $280,000 in revenue.  If Palmverse Limited meets the minimum order requirement, the minimum volume will increase for both the second and third year of the contract, resulting in a potential $8.75 million in revenue for the two years.  The contract also includes the option for an extension beyond the third calendar year, with an increased minimum volume and an estimated $7 million in revenues for each subsequent year.

"This contract demonstrates the value of Panacea's innovative diagnostic products," commented Dr. Mahmood Moshiri, President and Chief Executive Officer of Panacea Global, Inc.  "We are currently in discussions to supply our tests to a number of countries, including: Ireland, Switzerland, the Czech Republic, Romania, Russia, Turkey and Azerbaijan in Europe; China, Japan, India and Taiwan in the Asia-Pacific region; and Iran, the United Arab Emirates, Qatar, Egypt and Sudan in the Middle East."

Dr. Moshiri continued, "While today's agreement is merely the first step in our strategy to market our products across the globe, it establishes our company commercially, strengthens our financial profile in the eyes of potential customers, partners and investors and begins to shed light on Panacea Global's long-term, recurring revenue potential."

About Us

Panacea Global, Inc. is a biopharmaceutical company providing blood (protein), serum and tissue tests to diagnose and monitor cancer through a licensing agreement with Panacea Pharmaceuticals, Inc.  This license is exclusive worldwide with the exception of the United States.  The Company currently offers lung cancer, breast cancer, prostate cancer and colorectal cancer tests.  

Forward-Looking Statements

This press release may contain certain forward-looking statements (as defined under Federal securities laws) regarding Panacea's performance, including future product development. Forward-looking statements may be identified by the use of words such as "plan", "intend" or words of similar meaning in conjunction with statements of future performance. All such statements are based upon current expectations of Panacea and involve a number of business risks and uncertainties. Actual results could vary materially from anticipated results described, implied or projected in any forward-looking statement. With respect to forward-looking statements contained herein, a number of factors could cause actual results to vary materially from any forward-looking statement. These factors include, but are not limited to:  difficulties inherent in product development and delays in product introductions; the possibility that Panacea may not be able to enter into product development agreements on satisfactory terms; adverse changes in regional, national or foreign economic conditions; competitive factors; pricing and market share pressures; increases in energy costs and their effect on, among other things, the cost of producing products; fluctuations in costs and availability of raw materials and in Panacea's ability to maintain favorable supplier arrangements and relationships; new or changing laws impacting business or changes in enforcement practices with respect to such laws; and future healthcare reform, including changes in government pricing or other cost containment reforms. Panacea does not intend to update any forward-looking statements to reflect events or circumstances after the date hereof except as required by applicable laws or regulations.

Company Contact:  
Dr. Mahmood Moshiri
416-450-6414
moshiri@panaceaglobalinc.com

Investor Contact:  
KCSA Strategic Communications
Todd Fromer / Chi-Chi Millaway
212-896-1215 / 212-896-1269
Tfromer@kcsa.com / Cmillaway@kcsa.com


'/>"/>
SOURCE Panacea Global, Inc.
Copyright©2010 PR Newswire.
All rights reserved

Related medicine technology :

1. Panacea Global, Inc. Files Form 8-K to Announce Name Change; Trading Symbol Changes from MLXG to PANG
2. Panacea Pharmaceuticals Announces Issuance of a U.S. Patent Covering Anti-HAAH Antibodies
3. New Image Global, Inc. and Limbs For U™, Unite to Distribute Artificial Limbs in the Dominican Republic
4. New Image Global, Inc. Partners With Limbs For U, Charitable Service Group to Provide Prosthetic Limbs in the Dominican Republic
5. DJO Incorporated Completes Business Integration and Changes Name to DJO Global, Inc.
6. As Pharmaceutical Supply Chain Goes Global, Threat of Counterfeiting, Intellectual Property Theft and Contamination Rises, Finds New Report; New Supply Chain Management Strategies Needed
7. Otix Global, Inc. Enters Into Definitive Merger Agreement With William Demant Holding A/S
8. Otix Global, Inc. to Discontinue German Operations
9. Otix Global, Inc. Extends Term of Loan and Security Agreement With Silicon Valley Bank
10. Otix Global, Inc. Announces Reverse Stock Split
11. InspireMD Broadens Global Distribution Network; Signs Distributor for the Russian Federation
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/11/2016)... 11, 2016 F ast ... answers at the point ... of scientific, technical and medical information products and services, has launched a ... reviewed clinical information via a mobile device. Elsevier designed the mobile app ... The new app is available in Android and iOS ...
(Date:2/11/2016)... investment" by Bruce Montgomery , one of this area,s most prominent biotech executives, and his ... , PhD. Photo - http://photos.prnewswire.com/prnh/20160211/332242 ... ... ... Kawas said the round was intended to be an $8 million raise but ...
(Date:2/11/2016)...  AcelRx Pharmaceuticals, Inc. (NASDAQ: ACRX ) today ... the 38th annual John A. Boswick , ... being held February 14-18, 2016 in Hawaii ... in wound healing, burn care, and infection control, and ... Burns Association, Academy of Physicians in Wound Care and ...
Breaking Medicine Technology:
(Date:2/11/2016)... ... February 12, 2016 , ... The Journal of Pain ... 0.416 in 2013. The SJR uses data taken from the Scopus database (Elsevier B.V.) ... number of citations received by the journal over a three year period and also ...
(Date:2/11/2016)... ... ... Hall Integrative Health and Chiropractic, PC which focuses on ... in March. All seven practices are set to start accepting patients in March ... According to this 2011 CNN article it is possible: http://www.cnn.com/2011/HEALTH/01/28/reverse.diabetes/ . Current ...
(Date:2/11/2016)... DC (PRWEB) , ... February 11, 2016 , ... ... an upcoming Feb. 23 webinar, “Intel’s Direct-to-Employee Benefit Model: A Case Study for ... not-for-profit Catholic health care system that’s partnering with Intel on value-based health benefits ...
(Date:2/11/2016)... ... February 11, 2016 , ... ... as General Counsel. Garrett will focus on contract negotiations, corporate strategy and healthcare ... security law, and best practices in data breaches for the Part D Star ...
(Date:2/11/2016)... , ... February 11, 2016 , ... ... updated its hallmark resource, Infusion Therapy Standards of Practice, to include vascular visualization ... illumination with an estimated 85% share of the market, facilitates adherence to this ...
Breaking Medicine News(10 mins):