On March 29, 2022 VolitionRx Limited (NYSE AMERICAN: VNRX) ("Volition"), a multi-national epigenetics company, reported the signing of an exclusive global supply and licensing agreement with Heska Corporation (NASDAQ: HSKA) ("Heska") to sell its Nu.Q Vet Cancer Screening Test at the point of care for companion animals. Heska is a leading global provider of advanced veterinary diagnostics (Press release, VolitionRX, MAR 29, 2022, View Source [SID1234611115]).
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In exchange for granting Heska these exclusive worldwide rights to sell the Nu.Q Vet Cancer Test, Volition will receive:
a $10 million upfront payment on signing, and
up to $18 million based upon the achievement of near/mid-term milestones.
Volition’s licensing agreement with Heska grants exclusive rights to commercialize the Nu.Q Vet Cancer Screening Test for canine cancer screening and monitoring at the point of care. It also enables Heska to access a wider test menu for companion animals, including feline cancer.
In addition, Volition has granted Heska non-exclusive rights to sell the Nu.Q Vet Cancer Screening Test in kit format for companion animals, through Heska’s network of central reference laboratories.
An interview with Dr. Tom Butera, Chief Executive Officer, Volition Veterinary and Kevin Wilson, President and Chief Executive Officer, Heska Corporation.
Volition’s Nu.Q Vet Cancer Screening Test will operate on Heska’s proprietary Element i+ Immunodiagnostic Analyzer, a point of care platform. By running Nu.Q Vet Cancer Screening Test on Heska’s proprietary analyzers and tests, veterinarians will be able to screen millions of pets for some of the most common cancers to provide critical information to pet families accurately, cost effectively, and conveniently at the point of care. Heska’s Nu.Q Vet Cancer Screening Test targets one of the most critical challenges in pet healthcare.
"We are thrilled to announce this agreement with Heska, a company dedicated to developing the next generation of rapid, highly affordable, point-of-care diagnostics for companion animals," commented Dr. Tom Butera, Chief Executive Officer of Volition Veterinary Diagnostics Development LLC. "We estimate the total addressable market worldwide for cancer screening and monitoring in canines and felines to be approximately $11 billion and growing. As such, we want to make our Nu.Q Vet Cancer Screening Test as accessible as possible to veterinarians around the world, ensure cancer is detected earlier, and improve outcomes for pets and pet owners. Working with Heska, and its global network will enable us to do just that. I am delighted Heska shares our vision of keeping tests very affordable, and we look forward to fostering a successful relationship together and generating ongoing revenue by providing kits and key components to veterinarians around the world."
"Heska is committed to delivering market-leading technologies to veterinarians through targeted research and development investments and strategic partnerships to get the most urgent innovations into veterinarians’ hands quickly," commented Kevin Wilson, Heska’s Chief Executive Officer and President. "The accurate, affordable, fast and non-invasive Nu.Q Vet Cancer Screening Test is exactly such an innovation and is a perfect addition to our Heska test menu, which we believe is now the most complete, differentiated and cutting-edge point of care diagnostics solutions stack available for pet healthcare professionals and pet families. With the new Heska Nu.Q Vet Cancer Screening Test millions of pets will have access to critical cancer screening and monitoring instantly, and at the point of care, to catch, treat and drive recovery from cancers earlier and with much better healthcare outcomes and peace of mind."
Mr. Wilson continued, "Delivering the best care means finding and treating conditions as early as possible in pets who cannot speak for themselves; we must become the voice of the pet to help guide their caregivers. Upon commercialization, which could begin as early as late 2022, we believe our Heska Nu.Q Vet Cancer Screening Test will allow veterinarians across the globe to detect cancer early, in the clinic, in minutes, and for under $50 to support clinical decisions during annual check-ups, regular wellness exams, healthcare interventions, treatment cycles, and remission. Additionally, we see a clear path to developments covering cat cancers and for inclusion of Nu.Q cancer results on multiplexed Heska panels with other key diagnostics relied upon by veterinarians. Leading in cancer will do a great amount of good and I anticipate will accelerate Heska’s 2023 and beyond financial performance even faster than I previously expected."
The Veterinary Cancer Society estimates one in four dogs and nearly 50% of dogs over the age of 10 will develop cancer. According to the National Cancer Institute, in the U.S. approximately six million new cancer diagnoses are made in dogs each year.
Volition is developing simple, easy-to-use, cost-effective blood tests to help diagnose and monitor a range of life-altering diseases including cancer in both humans and animals. For more information about Volition’s Nu.Q technology go to: www.volition.com
Findings from two studies conducted by Volition and Professor Wilson-Robles and her team at Texas A&M University, peer-reviewed and published in 2021, showed that:
Volition’s Nu.Q Vet Cancer Screening Test detected 77% of lymphoma at 97% specificity versus control including all stages of lymphoma.
Volition’s Nu.Q Vet Cancer Screening Test detected 82% of hemangiosarcoma at 97% specificity versus control including stages I through III of hemangiosarcoma.
Volition introduced its Nu.Q Vet Cancer Test via a beta launch in collaboration with Texas A&M University in late 2020 and more recently appointed SAGE Healthcare as a non-exclusive licensee and distributor for Singapore ensuring wide access to Volition’s Nu.Q Vet Cancer Screening Test.
About the market
According to the National Cancer Institute, approximately 6 million new cancer diagnoses are made in dogs each year.
The Veterinary Cancer Society estimates 1 in 4 dogs will develop cancer at some point, and almost 50% of dogs over age 10 will develop cancer.
Approximately 470 million dogs live as pets worldwide and a 2021 U.S Morgan Stanley / AlphaWise survey found that 69% of respondents "strongly agree" that their pets are important members of the family.
The Morgan Stanley / AlphaWise report also projected the pet care industry will reach $275 billion in 2030, reflecting an 8% topline compounded annual growth rate.
A 2021 survey by VetSuccess also showed Pet Patient Visits have increased by 5.1% with strong growth in particular for wellness visits (up 5%-7%).