Qualigen Therapeutics Enters into Commercialization Agreement for its FastPack Diagnostic Products in China

Qualigen Therapeutics, Inc. announces it has entered into an agreement with Yi Xin Zhen Duan Jishu (Suzhou) Ltd, of Suzhou, China to develop, manufacture and sell new generations of diagnostic test systems based on Qualigen’s core FastPack “laboratory in a pouch” technology.  In addition, Yi Xin Zhen Duan Jishu (Yi Xin) will have the rights to manufacture and sell Qualigen’s current generations of rapid point-of-care FastPack diagnostic products in China.

Under the terms of this agreement, Qualigen is to receive net cash payments this quarter and next quarter totaling in the mid- to high-hundreds of thousands of dollars, plus low- to mid-single-digit royalties on net sales.  Qualigen will provide technology transfer and patent/know-how license rights to facilitate Yi Xin’s development and commercialization.

Qualigen granted Yi Xin exclusive rights for China – a new market for Qualigen – both for Yi Xin’s new generations of FastPack-based products and for Yi Xin-manufactured versions of Qualigen’s existing FastPack 1.0, IP and PRO product lines.  After May 1, 2022, Yi Xin will have the right to sell its new generations of FastPack-based diagnostic test systems throughout the world, excluding Qualigen’s then-current FastPack customers; on a worldwide basis, except in the U.S., Yi Xin will also have the right to sell Yi Xin-manufactured versions of Qualigen’s existing FastPack 1.0, IP and PRO product lines, and in the U.S. Yi Xin will have the right to buy Qualigen FastPack 1.0, IP and PRO products from Qualigen at distributor prices for resale, again excluding Qualigen’s then-current FastPack customers.

“We are excited to work with our new partner, Yi Xin, to further capitalize on our patented FastPack diagnostics technology, and to provide access to the Chinese market,” stated Michael Poirier, President, Chief Executive Officer and Chairman of Qualigen. “Through this agreement, we will receive cash from a geography we would not otherwise have entered and from products we would not have brought through development. Importantly, this non-dilutive funding will contribute to our strategic shift toward the development of therapeutics products.”