28 Apr Third Wave lands European distribution deal, reports high earnings
MADISON – Third Wave Technologies Inc. and Innogenetics NV announced Tuesday a four-year marketing and distribution agreement. Under the terms of the agreement, Third Wave has granted Belgium-based Innogenetics the exclusive European marketing and distribution rights for select Invader molecular diagnostic products.
This is Third Wave’s first effort to penetrate the growing European molecular diagnostics market. Under the agreement, Innogenetics’ European-wide sales organization will market and distribute a number of Invader clinical molecular diagnostic products for the genetic testing of risk factors in the areas of cardiovascular diseases, blood coagulation and hearing disorders, including Factor V Leiden, Factor II (Prothrombin), Connexin 26 and others.
These products are based on Third Wave’s proprietary Invader platform. Innogenetics may also distribute other new genetics-related tests developed by Third Wave in the future.
“This marketing and distribution partnership represents a major milestone and is a great fit for both companies,” said John J. Puisis, president and chief operating officer of Third Wave. “Innogenetics has a proven track record in forging new markets and selling innovative molecular diagnostics to European clinical laboratories. Many of these customers have been requesting our Invader products, and Innogenetics now will provide us with the avenue to this important market.”
Third Wave reported high 2004 first-quarter earnings due to this type of overseas demand, especially from Japan. The company will continue its primary focus on its transition to a clinical molecular diagnostic business and believes that its clinical product revenue will continue to grow steadily, as anticipated. The company’s total operating expenses for the first quarter were $11.8 million, compared to $11.5 million for the same period of 2003. Third Wave ended the quarter with a cash balance of $59.9 million, an increase of $2.1 million from the prior quarter.
Innogenetics is an international biopharmaceutical company building parallel businesses in the areas of specialty diagnostics and therapeutic vaccines.
Third Wave Technologies is a Madison-based developer of molecular diagnostics for a variety of DNA and RNA analysis applications. The company’s products are designed to provide physicians and researchers with tools to diagnose and treat disease.