Manchester medtech company in $19m contract and investment boost
Healthcare diagnostics firm Zilico Ltd has secured new deals worth millions.
The Manchester-based company signed an agreement with China’s MaxHealth Medicine Group that will see its cervical cancer diagnostic system, ZedScan, sold to the Chinese market.
Under the terms of the contract, Zilico will receive minimum royalties of $12m (around £8.5m).
Sameer Kothari, chief exec at Zilico, said: “We are seeing double-digit growth in the uptake of medical devices in countries such as China, as they focus on improving standards of care.
“This deal supports our global aspirations of introducing ZedScan and our proprietary Electrical Impedance Spectroscopy (EIS) technology into emerging markets, who are rapidly adopting medical technologies to help better manage patient diagnosis and treat disease.”
Wuxi-headquartered MaxHealth will now lead on the process of registering ZedScan with the Chinese Food & Drug Administration (CFDA).
Elsewhere, Zilico received investments totalling $7m (c.£5m) from MaxHealth and UK-based tech and life sciences investor Deepbridge Capital.
Dr Savvas Neophytou, partner for life sciences at Deepbridge, said of the deal: “We are delighted to be working closely with the exceptional team at Zilico.
“We are very excited at the potential of electrical impedance spectroscopy for medical applications and the team at Zilico has already demonstrated its significance with ZedScan.”
Zilico’s diagnostics system is currently in routine use across a number of hospitals in the UK. Last year, ZedScan saw supported service evaluations in France, the Netherlands, Poland and Finland.