Medi Lifestyle, the former Catalist-listed engineering firm IEV Holdings, has entered into exclusive distributor agreements with China-based biotech company Lansion Biotechnology on Aug 16.
The agreements were signed by Medi Lifestyle’s indirect wholly-owned subsidiaries, HealthPro Marketing and HealthPro Pharma.
The agreements are for the sales and distribution of its SARS-CoV-2 neutralizing antibodies test kit (dry fluorescence immunoassay) and its LS-4000 dry fluorescence immunoassay analyser in Singapore and Malaysia.
The kit and analyser will be marketed under the brand name ‘LansionBio’.
The agreements are valid for a minimum term of six months from the date of product registration in the markets and extendable for an additional six months.
The planned rollout of LansionBio products in both Singapore and Malaysia includes a product registration process with the respective health authorities.
It is expected to be completed in the fourth quarter of 2021.
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Under the distributor agreements, HealthPro Marketing and HealthPro Pharma will provide after-sales customer support for the products in both markets.
The agreements are not expected to have a material impact on the consolidated net tangible assets (NTA) and earnings per share (EPS) of Medi Lifestyle for the current financial year ending Dec 31.
“We are delighted to have formalised the business relationship with Lansion Biotechnology Co., Ltd. I look forward to working with Lansion to develop awareness of the capabilities of SARS-CoV-2 neutralizing antibodies test kit and sales to the medical and clinical centres in Malaysia and Singapore,” says Dato Ken Low, executive director and CEO of Medi Lifestyle.
Shares in Medi Lifestyle closed at 2.4 cents on Aug 13.
Photo: LansionBio's website