Bionote, Covetrus sign distribution agreement diagnostic products for animals

BioNote, South Korean developer of diagnostic reagents for animals, announced on Tuesday that it has signed a supply contract with Covetrus, a US-based animal pharmaceutical distributor, and plans to expand its share of the point-of-care testing (POCT) market for immunodiagnosis in the US animal market.

The product covered by the latest supply contract is the animal fluorescent immunodiagnostic product called "Vcheck F." Covetrus is a US distributor that recorded sales of 6 trillion won ($4.5 billion) last year and supplies products to North America, Europe and Asia. It also operates 22,000 animal hospitals worldwide.

A BioNote official stated that his company "signed a contract to deliver products as needed, rather than setting a specific sales target" and that the "contract period is confidential."

BioNote's Vcheck F is a device that uses fluorescent material to quantitatively measure various biomarkers. As of last year, the cumulative global sales exceeded 16,000 units. The company explained that it can diagnose a total of 27 items such as inflammatory diseases, pancreatitis, and endocrine disorders on-site, and can produce more accurate test results by using immunochromatography, which enhances the sensitivity and specificity of antigen detection.

"We will make efforts to further strengthen our collaboration with Covetrus and quickly increase our market share in the US animal diagnosis market," said BioNote CEO Cho Byung-ki.

Write to Jeong Min Nam at peux@hankyung.com