Skyline Medical Inc (NASDAQ:SKLN) has turned its attention to Europe as it continues to pursue new sales channels for its FDA-approved STREAMWAY System. The company has since signed a distribution agreement with GLG Pharma LLC for the sale and marketing of the system in the UK.
Skyline-GLG Distribution Agreement
Under the terms of the agreement, the company’s lead product is to be made available in 3,600 operating rooms across the UK. GLG has also confirmed plans to develop rapid diagnostics tests utilizing STREAMWAY System procedures. Initial tests will target cancer biomarkers as well as infectious diseases.
“We look forward to bringing the benefits of the STREAMWAY System to healthcare professionals and facilities across the U.K. and to an even closer relationship with Skyline,” said Richard Gabriel, Co-founder and Chief Operating Officer of GLG Pharma
GLG has also acquired distribution rights for the system in Poland among other European countries. Poland is especially of great importance given that the company already operates diagnostic and development laboratories supported by grants from the government. Sales in other European countries will once the system is introduced in the UK and Poland.
Skyline is now hoping to use the distribution agreement to enhance access to the new technology that has the potential to enhance the collection of cells and fluid waste. The system could especially be of great help in areas prone to infectious diseases.
Push for sales in Europe has reaffirmed the company’s prospects seen by the growing investor interest on the stock. However, the company still has a long way to go if it is to ever reclaim its 52-week high of $169 a share.
Letter of Intent
The signing of the sales and marketing agreement follows the signing of a letter of intent for the formation of a joint venture with Electronic On-Ramp. While the agreement is still subject to the definitive agreement, once approved, it will allow Skyline Medical Inc(NASDAQ:SKLN) to bid on procurement contracts worth up to $55 million in federal funds.