Resonance Health Ltd has secured a clinical trial agreement with Sun Pharmaceutical Industries Limited, a global pharmaceutical company, valued at an estimated AUD $13.775 million over approximately 24 months. Resonance will act as the local Australian sponsor and provide comprehensive clinical research organization (CRO) services, including trial site management and advanced imaging analysis, for Sun Pharma's clinical trial of a novel drug compound in Australia.
Agreement Details
Under the agreement, Resonance Health, through its subsidiary CRO Services Pty Ltd, will manage the clinical trial as the CRO and local sponsor. This includes engaging and compensating institutions, trial sites, and vendors necessary for the trial's execution. The initial payment of AUD $2.066 million is expected within 30 days of the agreement's execution. Subsequent payments and service provision are contingent upon receiving regulatory approvals, including ethics committee approval.
Services and Site Management
Resonance Health will provide imaging analysis services at multiple time points during the clinical trial. The company's recently acquired TrialsWest business will be instrumental in providing clinical trial site services. According to Resonance Health, a significant portion of the revenues typically paid to trial sites will now remain within the Resonance group due to the TrialsWest acquisition.
Patient Recruitment and Timeline
Subject to regulatory approvals, patient recruitment for the clinical trial is anticipated to begin in early 2025. TrialsWest sites are expected to play a crucial role in recruiting subjects and conducting the clinical trial.
Strategic Significance
Resonance Health CEO, Mr. Andrew Harrison, stated that the agreement is a direct result of the company's focus on expanding its presence in the global clinical trials ecosystem. He highlighted the company's ability to secure repeat business from customers and scale the size of contract wins. "The Agreement is a direct result of the incredible work the team have done in executing the existing clinical trial with the customer and more broadly the Company’s focus on winning more work in the global clinical trials ecosystem. This illustrates our ability to win repeat work from customers, and our capacity to scale the size of contract wins."
