Qlife signs letter of intent with South Korean company Precision Biosensor as part of B2B strategy to enter major markets with Egoo Health, through hospital@home partnerships
Qlife is pleased to announce that it has signed a Letter of Intent (LOI) with leading South Korean company Precision Biosensor, to introduce Egoo Health to the South Korean market. Qlife anticipates finalizing a comprehensive collaboration agreement over the next months.
The LOI
The agreement is focused on two distinct phases:
- Regulatory Approvals: Precision Biosensor will navigate the regulatory landscape to secure product registration from the Korean Ministry of Food and Drug Safety (MFDS) for Egoo Health.
- Commercialization in South Korea: Following registrations, Precision Biosensor will lead the commercialization of Egoo Health in South Korea, which includes marketing, sales, and distribution to primary care, including doctors’ offices, disease institutions, and hospitals.
Sales are expected to start during Q4 2024 and will contribute positively to Qlife’s aim of becoming self-financed during 2025.
Qlife’s B2B Expansion Strategy
This LOI and later collaboration agreement with Precision Biosensor signifies an additional step in Qlife's strategy to establish a foothold in major markets. South Korea is a strong tech country known for its ability to be a first mover in health technologies, which was especially seen during the Covid pandemic, when South Korea was one of the most efficient countries to contain the virus rapidly.
“Having established a strategic partnership with Chinese Hipro Biotechnology that will secure the speedy development of a progressive biomarker menu, volume production, and low-cost structure, we now move towards expansion into other countries. Asia is by far the fastest-growing economy in the world today, and the interest and demand we see there for implementing new health technologies is something that fits well with our novel Egoo biomarker concept. We are extremely pleased to partner with Precision Biosensor and enter an exciting tech country like South Korea”, says Thomas Warthoe, CEO of Qlife.
"Precision Biosensor is expanding to various platforms to increase the accessibility of patients, and we are pleased to cooperate with Egoo Health, which has innovative products for personalized diagnostics.", says Han-shin Kim, CEO of Precision Biosensor.
About Precision Biosensor
Precision Biosensor is listed on the Korea Exchange (KOSDAQ) as a leading Point-of-Care Testing (POCT) company that provides optimized solutions by developing and commercializing biomarker diagnostic products that are the most needed in POCT based on proprietary TRF immuno-diagnosis (Exdia TRF Plus) and a multiplex clinical chemistry platform (Exdia PT10) to the Republic of Korea, Japan, Europe and the United States.
This disclosure contains information that Qlife Holding AB is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 2024-03-25 08:00 CET
