Qorvo, a leading provider of RF solutions in mobile, infrastructure and aerospace and defense applications, announced the upcoming strategic restructuring of its existing development and commercialization agreement with Zomedica Corp for the TRUFORMA family of products. Under the agreement, Qorvo transfers control of the TRUFORMA product line to Zomedica, including the development of new tests as well as the manufacture of instruments and test kits. This will help Zomedica develop new TRUFORMA tests faster and improve margins directly after production begins.
Qorvo's TRUFORMA diagnostic platform utilizes unique BAW technology to provide a variety of measurements with high accuracy and sensitivity that other diagnostic methods using optical technology cannot achieve. The TRUFORMA Diagnostic system now provides veterinarians with accurate, fast and reliable diagnostic results to assist them in diagnosing and treating complex thyroid and adrenal diseases. Zomedica will provide upfront license fees and phased installment payments, including the option to extend TRUFORMA's exclusive rights in perpetuation in the animal health market. The agreement also gives Zomedica the right to purchase bulk acoustic wave (BAW) sensors from Qorvo for use in TRUFORMA products.
"This is an exciting milestone for Zomedica as it gives us control over the development and production of TRUFORMA products," said Larry Heaton, CEO of Zomedica. As the number of TRUFORMA instrument installations increases, each new test we develop and launch has the opportunity to be seamlessly integrated into our customers' diagnostic equipment without incurring new customer procurement costs. Through these agreements, we are able to directly increase investments as needed to bring more tests to market faster, while reducing the cost of developing and manufacturing each test. These strategic agreements underscore Zomedica's ongoing commitment to work with industry partners in a flexible manner to deliver innovative products to veterinarians, provide clinical value to the animal health industry, and realize economic benefits."
Qorvo will continue to work with Zomedica on currently planned TRUFORMA tests, including the first test for the equine market and several NCDS tests for the animal health market. Qorvo has also agreed to provide technology transfer support. Assist Zomedica in undertaking the development of all future new tests for the TRUFORMA product line and establish manufacturing capabilities at Zomedica's Global Manufacturing and distribution Center in Roswell, GA. Upon completion of the transfer period, Zomedica will control the development, manufacturing and commercialization of TRUFORMA's product line. It is expected that the manufacturing transfer process will take up to 18 months with the production and installation of specialized manufacturing equipment at the Zomedica facility.
