QuantRX® Biomedical Corp., a U.S. provider of innovative products for advanced diagnosis of serious disease and health conditions, today announced its very first entry into the animal healthcare market, with a two-year agreement with VetRed BV, a fast growing participant in the European veterinarian supplies market, for the distribution of QuantRx products. The agreement also marks the company’s first move into the EC market, second only to the U.S. in the number of feline and canine pets. QuantRx is also completing veterinary product distribution agreements in North America.
VetRed, based in the Netherlands, will market QuantRx’s newly developed thyroid panel diagnostic kit, a diagnostic testing system used to evaluate thyroid gland function and disorders, accompanied by the QV-Reader.
Chairman and CEO of QuantRx, Walter Witoshkin, commented on the significance of the agreement. “Today’s announcement reflects important progress for QuantRx in the launching of new products for new vertical markets, along with the introduction of another revenue stream to complement our efforts in human diagnostics. Thyroid testing is one of the largest and fastest growing segments of the animal healthcare market. Our new products leverage our multi-faceted point-of-care technology platform to deliver radically new procedures and more effective diagnostic applications. VetRed is a well respected distributor focusing on medical technology for the veterinary market in the European Union. Our agreement with VetRed in Europe is just the first strike by QuantRx in the veterinary market as we are completing distribution agreements in North America, the largest region in the world for veterinary products. We believe these agreements will have a significant impact on both our short term and long term revenues.”
VetRed CEO, Floris de Haan, DVM, added, “We are very excited about becoming QuantRx’s liaison in Europe. QuantRx has unique, proprietary technologies that allow veterinarians to run in-clinic assays, which were not available before, along with other beneficial testing processes. In-clinic diagnostics has been the fastest growing segment of veterinary medicine with the most potential for the foreseeable future. New medical technologies and applications, such as those being developed by QuantRx (QN Diagnostics), are opening new avenues for veterinarians to expand their practices with reliable diagnostic procedures.”
With an addressable market estimated to be in excess of $4 billion, sales of animal health products in the European Union’s 27 member countries represent well over a quarter of the global market value.