GBS Inc. Engages L.E.K. Consulting Hong Kong Pty Limited to Identify Potential Sublicensees in China for its Saliva-Glucose Diabetes Test

Rhea-AI Summary

GBS (Nasdaq: GBS) announced a partnership with L.E.K. Consulting to identify commercial partners for distribution in China within two months. A global survey revealed 90% of patients support GBS’s non-invasive glucose monitoring solution, with 70% seriously interested in purchasing. By 2025, China’s diabetic population is projected to reach 70 million. GBS aims to capture a significant share of the type 2 diabetes market, utilizing the Saliva-Glucose Diabetes Test (SGBT) as a pain-free alternative to blood tests. The technology is being developed for additional applications, targeting 130 indications.

Positive

• 90% patient support for non-invasive glucose monitoring technology.
• 70% of surveyed patients seriously interested in purchasing the product.
• Strategic collaboration with L.E.K. Consulting for market entry in China.
• Projected 70 million diabetics in China by 2025 creates a significant market opportunity.
• $4.7 million grant from Australian Federal Government to support manufacturing efforts.

Negative

• None.

NEW YORK, July 26, 2021 (GLOBE NEWSWIRE) -- GBS Inc. (Nasdaq: GBS), a life sciences company developing non-invasive, real-time diagnostic testing for patients and their primary health practitioners at point-of-care, today announced L.E.K. Consulting Hong Kong Pty Limited (“L.E.K. Consulting”) will be aiming to deliver and engage within two months a shortlist of suitable commercial partners for distribution in China.

Following a recent global survey conducted independently by GBS as part of its development and go-to-market strategy, GBS was able to distill several key findings both globally and within the Asia Pacific (APAC) region, which revealed strong support for a non-invasive alternative to current Standards of Care (SOC) in glucose monitoring.

In all target markets, 90% of patients responded positively to the Biosensor Platform technology. Seven out of 10 patients were “seriously interested” in purchasing the product when it’s released. Additionally, GBS found that patients in China indicated that price was not an issue, as long as the product was accurate and reliable.

Sublicensing to a knowledgeable and experienced commercial partner in the China region will allow GBS to provide the Saliva-Glucose Diabetes Test (SGBT) to the rapidly increasing diabetic population. It is estimated that by 2025 China’s diabetic population living with and actively managing diabetes will have reached 70 million people while continuing to grow as access to confirmatory testing is less available outside of major cities.

“Today marks an important step as we prepare for commercial success in each market we must anticipate distribution capabilities, regulatory requirements, and reimbursement guidelines and protocols. China is a prominent and complex market, thus it’s essential we collaborate with the right partners early to maximize our product launch,” GBS Chief Executive Officer Harry Simeonidis said.

“This is an opportune moment for partnering with a sublicensee, in preparation for the clinical trial process and setting up GBS’s manufacturing facility which was just recently announced following a USD $4.7 million grant from the Australian Federal Government. The identification of a sublicense will be a critical aspect of the Chinese regulatory approval process, and will ultimately generate sales and revenue for GBS Inc. This proactive approach will expedite our ‘go-to market’ strategy,” Group Chief Executive Officer of The iQ Group Global, Dr. George Syrmalis added.

GBS aims to capture a significant portion of the type 2 diabetic market which represents 90% of people living with diabetes in the Asia Pacific region. L.E.K.’s main selection criteria for commercialization in China will include existing market access capability, proven marketing capability, existing clinical and retail relationships, existing distributor networks, national coverage, and internal marketing and sales capabilities targeting top clinical and retail accounts.

The Saliva Glucose Biosensor (SGB) is currently being developed as a point-of-care test intended to provide people living with diabetes a non-invasive solution to finger-prick blood glucose testing. This alternative test will offer a pain-free option to current testing methods by using a proprietary Organic Thin-Film Transistor (OTFT) that produces glucose measurements in real-time on an app or dedicated device which can be used by approximately half a billion people living with diabetes worldwide.

GBS plans to further develop the OTFT technology for additional point-of-care applications, including oncology diagnosis and management, infectious disease, and allergy testing. The Company is focused on collaborating with leading digital healthcare platforms containing broad patient databases with complementary portfolios targeting chronic diseases to provide support for GBS’ extensive pipeline of products.

Following commercialization, GBS’ biosensor technology, an Australian invention resulting from 20 years of research and development will be tailored to additional point-of-care applications, including diagnosis/management of cancer, infectious disease, and allergies. In total, there are currently 130 indications under development, all of which seek to enable healthier communities globally.

About GBS Inc.        
GBS Inc. is a life sciences company developing non-invasive, real-time monitoring and diagnostic tests for patients and their primary health practitioners. With the world-first Biosensor Platform, GBS Inc. is developing and launching diagnostic tests urgently needed to help people living with diabetes.

For more information, please visit GBS.inc or follow GBS Inc. on Twitter and LinkedIn.        

About L.E.K. Consulting

L.E.K. Consulting, established in 1983, is a global management consulting firm that uses deep industry expertise and rigorous analysis to help business leaders achieve practical results with real impact. L.E.K. Consulting is uncompromising in its approach to helping clients consistently make better decisions, deliver improved business performance and create greater shareholder returns. The firm delivers not only conventional wisdom but also deeper and sharper insights that are actionable and provide its clients an information advantage.

For more information visit lek.com

About The iQ Group Global
The iQ Group Global, the licensor of the Biosensor Platform, is a bioscience investment consortium that finds, funds and develops bioscience discoveries to create life-changing medical innovations.

Visit our website theiqgroupglobal.com

Media/Investor Contact:

LifeSci Advisors, LLC
Jeremy Feffer – Managing Director
212-915-2568
jeremy@lifesciadvisors.com  

The iQ Group Global
James Gorman – Communication Manager
+61 428 112 174
james.gorman@theiqgroupglobal.com 

FAQ

What new partnership did GBS announce for distribution in China?

GBS announced a partnership with L.E.K. Consulting to identify commercial partners for distribution in China.

What percentage of patients support GBS's non-invasive glucose monitoring?

According to a global survey, 90% of patients support GBS's non-invasive glucose monitoring technology.

How many patients are seriously interested in purchasing GBS's product?

70% of surveyed patients expressed serious interest in purchasing GBS's non-invasive glucose monitoring product.

What is the projected diabetic population in China by 2025?

The diabetic population in China is projected to reach 70 million by 2025.

What funding has GBS received to support its manufacturing efforts?

GBS received a $4.7 million grant from the Australian Federal Government to support manufacturing efforts.

How many indications is GBS developing its biosensor technology for?

GBS is developing its biosensor technology for a total of 130 indications.