EDX Medical Group plc (AQSE:EDX), which develops innovative digital diagnostic products and services for the personalised treatment for cancer, heart disease and infectious diseases, has announced that Jason Holt, Chairman of the Company, and Prof. Sir Chris Evans, Founder of the Company, have written to shareholders with an update on the Company’s activities.
Company update:
In our roles as chairman and founder of EDX Medical Group plc, we are writing to you today with an update on the progress of the Company.
Over the course of this year EDX Medical has passed a series of notable milestones which reflect growth and the maturing nature of our business.
Recently, the successful completion of several key commercial agreements has enabled the Company to develop and to bring to the market a range of innovative diagnostic products and services in the UK and key European countries.
As the Board of Directors stated in the publication last week of the Company’s Annual Report and Financial Statements for year ended, March 31, 2024, the Group is now moving from an initial development phase to the commercial supply of products and services, heralding revenue generation.
Last week the Company signed announced a partnership agreement with Caris Life Sciences Inc, a leading US-based next-generation AI TechBio and precision medicine company which generates multi-million dollar revenues annually.
Under the agreement, EDX Medical will distribute exclusively in the UK Caris’ comprehensive molecular profiling solutions, which enable physicians to make more precise and individualised cancer treatment decisions.
EDX Medical has also signed an exclusive distribution agreement with Curesponse to market the cResponse™ ‘functional’ cancer assay in the UK, Sweden, Finland, Norway and Denmark. cResponse™ is a groundbreaking assay that assesses how an individual patient’s living tumour tissue responds to selected medicines, identifying the most effective treatment options. There are almost 600,000 newly diagnosed solid tumour cases annually in these markets.
Later this month, EDX Medical will be bringing to the market comprehensive hereditary genetic risk testing products and services, for cancer and heart disease. The tests will be supplied initially in the UK through private healthcare providers and via specific NHS Genetic and Genomic Testing Centres. Within the UK alone, an estimated 2.5 million individuals are considered eligible for hereditary cancer and cardiac screening, based on lifestyle and family history. These tests are particularly useful in disease prevention.
Last month, the Company also entered into an exclusive agreement with Oxford University Innovation Ltd (OUI), the company which manages Oxford University’s patent portfolio, to in-license new intellectual property developed by researchers at Oxford and Birmingham Universities through research funded by Cancer Research UK (CRUK). This will enable EDX Medical to develop in conjunction with our technology partner, Thermo Fisher EMEA Ltd., a much-improved test to determine safety and dose management for individual patients receiving 5-fluorouracil (5-FU), capecitabine and related chemotherapy medications.
There is growing and compelling evidence of the demand from healthcare professionals and patients for faster and better genomic and genetic diagnostic tests and services and digital diagnostics hold the potential to unlock the large-scale benefits of personalised medicine.
Rapidly evolving biological science and data analytics provide a rich pool of innovation, creating a new global marketplace for digital diagnostics, a sector in which EDX Medical is positioned to become a major player over time.
The global clinical diagnostics market is currently valued at more than $80 billion and is predicted to rise above $109 billion by 2029*. Europe is the second largest potential market and in the field of oncology there are in excess of three million new cases reported annually. Denmark has the highest reported incidence of cancer in European countries.
The United States has led the way in the provision of these new testing solutions and currently around £2 billion is spent annually on this type of testing in America. In view of the great scale of the market in the USA, the UK and Europe can follow this pattern.
EDX Medical has the opportunity over the next five years to provide healthcare professionals with a range of best-in-class digital diagnostic products and services backed up with excellent operational resources. The Company has appointed Eric Vick, a highly experienced industry figure, as Chief Commercial Officer to lead our growing commercialisation team as they take our products to market.
The Company has been able to expand and accelerate its product development pipeline following a very successful fund raising which was completed in February and raised £5.7 million. Sir Chris Evans, the Company Founder, was among prominent existing investors subscribing to the placing of shares at 12p per share alongside new investors.
The placing of new shares led to the Company being admitted to the Apex segment of the AQSE exchange, which is reserved for larger, more established businesses with a proven growth strategy, and which meet high standards of corporate governance.
The Board of Directors expects to record growing revenues commencing in the final quarter of this year and is pleased to confirm that the pipeline of additional products in development continues to expand, underpinning future continued growth. The management team is continuing to explore further ‘point of care’ and laboratory testing solutions through our own laboratory facilities in Cambridge and Oxford as well as in partnership with key global players in the life sciences sector.
As we roll out EDX Medical’s portfolio of innovative diagnostic solutions, we remain grateful to all investors who have joined us and who clearly embrace the vision of the Company to become a class-leading digital diagnostics company addressing the major health challenges of our time and serving the needs of health professionals and patients worldwide. As always, if you wish to discuss the Company’s outlook, please do not hesitate to contact us.
Yours sincerely,
Prof. Sir Chris Evans,
Founder
Jason Holt
Chairman
