Molecular diagnostics group Yourgene Health (LON: YGEN) on Wednesday announced that it is launching a Distribution Partnership with Dubai-based Alliance Global FZ LLC (AGBL) across a broad range of territories in the Middle East and Africa.
Alliance Global is already a long-term partner for many international and US diagnostics groups looking to expand in the region.
“AGBL is a well-positioned platform-agnostic partner for Yourgene, working with key providers of both PCR and sequencing technologies. AGBL will be focusing on Yourgene's product portfolio of non-invasive prenatal testing (NIPT), the reproductive health range including Cystic Fibrosis and QST*R rapid aneuploidy analysis, DPYD genotyping and the new size selection and enrichment technologies, Yourgene QS250 and LightBench,” Yourgene said in its statement.
AIM-listed Yourgen reviewed its strategy for bringing products to market in new territories in the wake of the Covid-19 pandemic and the travel restrictions put in place.
Following a review, they decided to build a local network in the Middle East and Africa provided by AGBL, which is expected to generate future growth opportunities.
Lyn Rees, CEO of Yourgene, said: “This partnership with AGBL is a really exciting progression for Yourgene and our product portfolio as we continue to expand into further territories.
“AGBL will provide a strong and well positioned channel to allow us to deliver and drive growth for our current and future products. This is a key international market for Yourgene and we look forward to working with AGBL and utilising their expertise to secure further market penetration and geographic expansion.”
Despite the announcement, Yourgene's share price is flat on the day, sitting at 13p per share.
Yourgene Health shares are traded on the London stock exchange's AIM market (the alternative investment market), which is the submarket specifically for smaller companies. AIM stocks are attractive to investors as they have tax advantages and smaller companies have the potential to benefit from rapid growth. But are Yourgene shares the best buy? Our stock market analysts regularly review the market and share their picks for high growth companies
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage . 68 % of retail investor accounts lose money when trading CFDs with this provider . You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money .
Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.