CALGARY, Alberta (PRWEB) February 28, 2018
CNA Diagnostics Inc. ("CNAD") and Ethos Veterinary Health ("Ethos") are pleased to announce the parties have entered a strategic partnership to develop and distribute a suite of molecular diagnostic tests specifically designed to serve the companion animal market.
The parties have identified a list of ten companion animal diagnostics tests that are now being prioritized based on unmet needs, with Ethos having the responsibility for providing samples of the initial targeted diseases and performing the clinical validation studies. CNAD believes very little if any of its 2018 budget will be required for this initiative.
Ethos will have exclusive rights to sell the co-developed tests within the United States through its 16 referral hospitals and approximately 350 veterinarians. CNAD will source additional distributors to sell tests in the rest of the world. The exact deal terms are not disclosed.
According to the American Pet Products Association, the U.S. veterinary care industry was valued at USD $15.95 billion in 2016. CNAD and Ethos expect the industry to continue to grow rapidly due to changing demographics and the trend to imbue pets with human characteristics. Consumers are demanding accurate and early diagnosis of epidemiology and pathogenesis of diseases in pets.
"We are very pleased to enter this strategic agreement with Ethos," stated David Gordon, CEO, CNA Diagnostics Inc. "This partnership opens a new, and lucrative, industry for CNAD to develop its growing IP portfolio of diagnostic tests. We expect this partnership will create substantial value for both CNAD and Ethos in the years to come."
"Ethos is very excited to partner with CNA Diagnostics to utilize our collective expertise which we expect will bring exciting novel diagnostics into the companion animal market," stated Ames Prentiss CEO, Ethos Veterinary Health. "Our definition of success will be whether we can improve outcomes for pets and their owners."
About CNA Diagnostics Inc.:
CNAD is a molecular diagnostics company. The corporation has developed a proprietary diagnostic platform and is developing novel markers for early identification of diseases in people, pets, and production animals.
About Ethos Veterinary Health:
Ethos is a veterinary health company with hospitals across the U.S. providing advanced medical care for pets. Additionally, Ethos operates three reference laboratories and a compounding pharmacy. Our approach includes a focus on transformative science, continuous learning and growth for team members, and collaboration. For more information visit ethosvet.com.
For more information, please contact:
CNA Diagnostics Investor Relations
Tel: +1 403 910 1834