September 13 (SeeNews) - Israel's cancer screening company Todos Medical said on Thursday it has signed a memorandum of understanding with local peer Orot+ for the distribution rights of its blood tests for breast cancer screening in Romania for five years.
The MoU, which is non-binding, also covers distribution rights in Austria for a period of three years, Todos said in a press release.
"Since receiving our CE [European Comission] approval to begin sales in Europe, Todos Medical has been seeking to find the right localized partner to introduce our breast cancer screening tests into local markets," Todos medical chief business Ooficer Rami Zigdon said.
After the parties enter into definitive agreements, Orot+, at its own cost, will conduct a pilot project in Romania and Austria, prior to the commencement of any marketing and sales efforts. In consideration for the costs associated with conducting the pilots in Romania and Austria, Orot+ is expected to receive shares of Todos' common stock.
"It is this shared vision of identifying cancer earlier and thereby hopefully giving patients a better chance at long term survival that makes Orot+ an ideal strategic partner to introduce our breast cancer screening tests to Europe," Todos Medical CEO Herman Weiss said.
Todos Medical is an Israeli company headquartered in Rehovot specialized in the development of a series of blood tests for the early detection of a variety of cancers.