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05 September, 2024
AQSE: EDX
("EDX Medical" or the "Company")
APPOINTMENT OF CHIEF COMMERCIAL OFFICER
CAMBRIDGE, UK: EDX Medical Group plc, which develops innovative digital diagnostic products and services supporting personalised treatments for cancer, heart disease and infectious diseases, announces today the appointment of Eric Vick as Chief Commercial Officer.
The appointment follows the successful completion of several key commercial agreements which enable the Company to develop and market a range of innovative diagnostic products and services in the UK and key European countries.
EDX Medical will launch a portfolio of clinical diagnostic products and services, including:
· The world's most comprehensive molecular profiling solutions, which enable physicians to make more precise and individualised cancer treatment decisions. EDX Medical is the exclusive distributor in the UK of these innovative tests, developed by Caris Life Sciences, a leading US-based next-generation AI TechBio and precision medicine company.
· The cResponse™ 'functional' cancer assay. It will be distributed in the UK, Sweden, Finland, Norway and Denmark. cResponse™, developed by Curesponse Ltd., assesses how an individual patient's living tumour tissue responds to selected medicines, identifying the most effective treatment options. There are almost 600,000 newly diagnosed solid tumour cases annually in these markets.
· Comprehensive hereditary genetic risk testing products and services, for cancer and heart disease. The tests will be supplied initially in the UK through private healthcare providers and via specific NHS Genetic and Genomic Testing Centres. Within the UK alone, an estimated 2.5 million individuals are considered eligible for hereditary cancer and cardiac screening, based on lifestyle and family history.
The global clinical diagnostics market is currently valued at more than $80 billion and is predicted to rise above $109 billion by 2029*. Europe is the second largest potential market and in the field of oncology there are in excess of three million new cases reported annually. Denmark has the highest reported incidence of cancer in European countries.
EDX Medical will be selling its diagnostic products and services directly to doctors, healthcare providers and hospitals as well as research establishments.
Eric Vick has been appointed to lead an expanded commercial team. Eric has worked in the life sciences sector for more than 25 years, building and leading commercial business units for companies from start-ups to global leaders including GSK, Novartis, ViroPharma, Bio Products Laboratory, Ethypharm and Rosemont Pharma. As a commercial leader, Eric has a proven track record of delivering sales and profit growth by launching new products, geographic expansion, business development, and M&A. Having started his career in the US, he has expanded his remit, experience and business network across Europe, Latin America, the Middle East, Africa, and Asia-Pacific.
Eric Vick commented: "I am delighted to take on this role as EDX Medical moves into an exciting new phase of delivering excellent products to significant markets.
"There is growing and compelling evidence of the demand from healthcare professionals and patients for faster and better genomic and genetic diagnostic tests and services.
"The United States has led the way in the provision of these testing solutions with hundreds of thousands of patients being given these tests on a daily basis. There is currently around £2 billion spent on this type of testing in America and now is an ideal time to transform access to these tests in the UK and Europe.
"For example, there are more than 3.7 million new cancer cases diagnosed in Europe each year and 1.9 million deaths. Cancer clearly represents a massive area where there is unmet clinical need and there are millions of later stage patients who could benefit from advanced genomic testing. The acceleration of the provision of the most advanced genomic and genetic tests enables early diagnosis and personalised treatment, which is the most effective way of tackling such diseases."
Professor Sir Chris Evans, founder of EDX Medical, commented: "Our company has grown rapidly and is now able to provide an initial range of products to important markets. We have seen the great scale of the market in the USA and the UK and Europe can follow this pattern. Increasing the provision of and access to genomic and genetic testing will deliver enormous benefits to patients and the healthcare professionals treating them."
Dr Mike Hudson, chief executive officer, EDX Medical, said: "We are delighted to have attracted someone of Eric's calibre to lead our commercial team and support our expanding portfolio of outstanding diagnostic products and services."
The board of directors of EDX Medical plc accepts responsibility for this announcement.
*https://www.mordorintelligence.com/industry-reports/clinical-diagnostic-market
Contacts:
| EDX Medical Group plc | |
| Dr Mike Hudson (Chief Executive Officer) | +44 (0)7812 345 301 |
| Oberon Capital | |
| Nick Lovering (Corporate Adviser) Adam Pollock (Corporate Broking) Mike Seabrook (Corporate Broking) | +44 (0)20 3179 5300 |
| Media House International | |
| Ramsay Smith
Gary McQueen | +44 (0)7788 414856 + 44 (0)7834 694609 |
| IFC Advisory (Investor Relations) | |
| Tim Metcalfe Graham Herring | +44 (0) 203 934 6630 |
Notes for Editors:
About EDX Medical Group
EDX Medical Group plc is listed on the Apex Segment of the AQSE Growth Market (TIDM: EDX).
EDX Medical was founded by Professor Sir Christopher Evans, OBE, a medical and life sciences entrepreneur with more than 30 years of experience, together with CEO, Dr Mike Hudson.
By translating clinical insights into pragmatic solutions combining advanced biological and digital technologies, EDX Medical seeks to cost effectively improve the detection and characterisation of disease in order to personalise treatment in a timely fashion. Early disease detection and biologically-based personal treatment optimisation is considered to be the most impactful way of reducing deaths and lowering the cost of healthcare globally.
EDX Medical Group provides doctors, hospitals and insurers/payers with access to a portfolio of the best clinical diagnostics products and services. The Company operates its own facilities in Cambridge and Oxford, UK, and has strategic product and technology partnerships with organisations such as Thermo Fisher EMEA Ltd, a world leader in supplying life sciences solutions and services.
EDX Medical conducts product development, validation and distribution to ISO 13485 and provides PCR and genomic sequencing services accredited to ISO 15189 by the United Kingdom Accreditation Service (UKAS).
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