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ProCognia (Israel) Ltd. (TASE:PRCG) has signed a binding three-year letter of intent with Cy-Tech Ltd. for the exclusive distribution of Procognia's Glycoscopes blood sugar analysis kits in China and Taiwan. Cy-Tech will also provide glycoanalysis in these territories. Procognia will receive a percentage of sales and of the revenue from the analysis services.
Cy-Tech promises to purchase Procognia products and provide services for a minimum of $500,000 in 2012, $1.2 million in 2013, and $1.8 million in 2014. It will pay Procognia at least $300,000 by July 2012 against proceeds for the year as a whole.
The Glycoscope is designed for pharmaceutical companies and research laboratories to identify and monitor the structure of sugars in proteins during the development and production of biological drugs, steam cell research, and the development of vaccines.
ProCognia president and CEO Alon Natanson said, "This agreement is a very important milestone for us. ProCognia has proprietary scientific and technological know-how, and Cy-Tech is a major distributor of life sciences products. This agreement creates synergetic strategy to market our unique analytical product in China and Taiwan."
ProCognia's share price rose 31.8% by midday to NIS 0.08, giving a market cap of NIS 15 million.
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