ChroMedX enters definitive deal with DxEconomix
2018-01-03 16:17 ET - News Release
Mr. Gerard Edwards reports
CHROMEDX CORP. EXECUTES DEFINITIVE AGREEMENT WITH DXECONOMIX TO LEAD VALUE-BASED TRANSACTIONS
ChroMedX Corp. has signed a definitive agreement with diagnostic marketing expert DxEconomix Inc. (DxEx) to conduct a high-value transaction for the company.
In August, 2017, ChroMedX retained the consulting company for an evaluation of the HemoPalm Analyzer's product viability, value offering and market potential. Following an initial 90-day due diligence term, ChroMedX accepted a proposal from DxEx and entered into a binding letter of intent stipulating a 60-day period for the companies to form and execute a definitive agreement. The definitive agreement has now been finalized and signed by both parties.
The DxEconomix transaction team is led by chief executive officer Dr. Richard Janeczko and director Dr. Thomas Schlumpberger.
"With this agreement, the DxEconomix team begins in earnest the rapid progression of ChroMedX through the critical stages in building a high-value transaction outcome for the shareholders. We see HemoPalm as a game-changer in point-of-care diagnostics for management of critically ill patients, and we expect strong positive responses from the strategic market players. There's a lot of work to do to put it together, but everyone at DxEx is already working hard with the growing team at ChroMedX and we are confident we will be successful," said Dr. Janeczko.
Under this agreement, DxEconomix will lead initiatives to increase the company's profile, maximize the HemoPalm's value proposition and initiate engagement with important strategic industry players.
"Richard, Thomas and their team bring an almost unparalleled expertise to the company from the global diagnostics and point-of-care blood gas field," said Gerard Edwards, executive chairman, ChroMedX. "With the conclusion of this agreement, ChroMedX is poised to benefit greatly from the past experience of Dx, especially the knowledge gained by Thomas as a key member of the team responsible for the high-value transaction of Epocal."
The contract is a success fee agreement with an escalating fee schedule based on potential Canadian-dollar transaction totals. ChroMedX agrees to pay DxEx a success fee on completion of a business transaction, being a sale of the company, merger or plan of arrangement involving the disposition of ChroMedX or any similar disposition transaction.
The agreement stipulates an initial 24-month term, where transactions for up to $250-million would provide the consultant with a fee of equal to or less than 10.5 per cent of the transaction total. Transactions above this threshold would be capped at 11 per cent.
About Dr. Janeczko
Dr. Janeczko is a 25-year veteran of the in vitro diagnostics industry, specializing in the marketing and management of molecular assays, proteomics, companion diagnostics, and personalized medicine. He has led multiple diagnostic marketing projects from design and development through regulatory approval and market launch. He is a strong advocate of health economics as the key driver for new technology adoption in a global health care reform environment. In 2013, he formed DxEconomix to provide unique IVD marketing services based on systemwide economic impact of diagnostics and value-based pricing. DxEconomix has extensive experience in health economics, clinical sciences, and health technology assessment and adoption in multiple markets, including United States, Canada and Europe.
Dr. Janeczko served as vice-president, emerging markets and technology, at Luminex Corp., as executive vice-president of business development and CSO at Tm Bioscience Inc., and as chief executive officer of General Synthesis and Diagnostics. He played a lead in raising capital for Tm Bioscience and the eventual sale of the company to Luminex (Austin, Tex.). He holds a PhD in biochemistry from the University of Alberta and a BSc in microbiology from Strathclyde University, and is a member of several professional organizations and institutions.
About Dr. Schlumpberger
Dr. Schlumpberger received his PhD in molecular and cell biology with distinction from the University of California at Berkeley in 1999. After receiving his PhD, Dr. Schlumpberger worked as a consultant for McKinsey & Company in Korea and the United States for three years. From 2003 to 2005, Dr. Schlumpberger built the clinical molecular diagnostics at Affymetrix. In late 2005, he joined Life Technologies as the strategic counsel to the president and BU heads. Dr. Schlumpberger joined Epocal in 2007 and played a leading role in the launch and initial commercialization of the epoc system for worldwide, ex-U.S. markets before leading the team which positioned Epocal for acquisition by Alere. Dr. Schlumpberger concluded the sale of Epocal to Alere for $295-million (U.S.) in 2010. Subsequently, he served as chief commercial officer at InVitae, San Francisco, where he was responsible for product launch and commercialization at Invitae Inc. (San Francisco, Calif.) a genetic testing laboratory in San Francisco. He joined DxEconomix in 2013 as a board member, where he oversaw numerous projects involving value-based marketing for multiple IVD products. In 2015, Dr. Schlumpberger joined Singulex Inc. (Alameda, Calif.), where currently he heads corporate development, new business building and alliance management. Most recently, he secured a $50-million strategic investment from Grifols SA (Barcelona, Spain).
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About ChroMedX Corp.
ChroMedX is a medical technology company focused on the development of novel medical devices for in vitro diagnostics and point-of-care testing. The devices are protected by the company's issued and pending patents, dealing with blood collection, analysis and plasma/serum processing.
The HemoPalm hand-held blood analyzer system is the only hand-held blood analysis technology, which combines blood gases and electrolytes with full CO-oximetry. Currently, this combination is not available on any of the hand-held analyzers on the market.
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