Asep Medical has signed a joint venture (JV) agreement with Bahrain-based investment consultancy firm Seaspring to advance regulatory approval and commercialisation of its SepsetER technology in Bahrain and the Middle East and North Africa (MENA).
Sepset Biosciences, a subsidiary of Asep Medical, has developed the SepsetER technology for the early and timely identification of sepsis.
The proprietary sepsis diagnosis technology is said to be a simple blood-based gene expression test. It delivers results in about an hour from a blood sample taken in the emergency room or intensive care unit.
Asep Medical founder, chair, and CEO Robert Hancock said: “This is a tremendous opportunity for us and a true honour to partner with a prestigious company like Seaspring.
“This agreement underscores our commitment to enhancing shareholder value by establishing global partnerships with organisations with the forethought and resources to battle a terrible disease contributing to 20% of deaths worldwide.”
According to the terms of the agreement, both parties will form a 50/50 JV in which Seaspring will contribute approximately $5m, which is open-ended and subject to change.
The funds will be utilised to undertake the JV’s business operations including regulatory approval, sales, and distribution.
Additionally, Asep Medical, via Sepset Biosciences, will offer the licensing rights for the use of SepsetER in Bahrain, Iran, Iraq, Israel, Jordan, Kuwait, Lebanon, Libya, Morocco, Oman, Qatar, Saudi Arabia, Syria, Algeria, Tunisia, Egypt, UAE, and Yemen.
The parties will work to create a JV entity in Bahrain within six months of the agreement’s execution. The JV’s board of directors will consist of one representative from each of Asep Medical and Seaspring, subject to obtaining all necessary approvals and completing all formalities.
The 10-year license is said to be a sole, royalty-free license for each country to use, develop, and commercialise SepsetER and related patents.
Asep Medical said that the license also enables the firm to copy, translate, modify, improve, or upgrade the technology.
Seaspring founder and managing director Shaikh Isa bin Khalid Al-Khalifa said: “Through the launch of this new entity, our vision is to facilitate access to Asep’s unique sepsis diagnostics solutions and, in turn, augment patient care in the country and region.”
