Medford company lands $5.7M deal

Medford-based Chembio Diagnostics, Inc. has signed a three-year, $5.7 million deal to license its quick-result syphilis test technology in Brazil.

Chembio says the tests are easy to perform and interpret in the field, without a laboratory, and produce results in 15 minutes.

In the transaction, Chembio will transfer its technology, and supply two of its products, to the Oswaldo Cruz Foundation of Brazil, known as FIOCRUZ. One product tests for antibodies specific to syphilis. The second product will be a "screen and confirm" test for other indicators of the venereal disease.

After the initial $5.7 million in funding for the first three years, FIOCRUZ will pay Chembio another $1.8 million for further products during the fourth and fifth years, the company said.

The agreement was formalized Monday in Brazil at a ceremony attended by the nation’s health minister, José Gomes Temporão, above left, and the president of FIOCRUZ, Paulo Gadelha. Javan Esfandiari, a senior vice president of Chembio, also attended.

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