Zomedica (NYSEAMERICAN:ZOM) stock is taking off on Monday morning after announcing a new distribution deal with Miller Veterinary Supply.
The deal between the two companies covers Truforma. This is Zomedica’s first product and it will go on sale on March 30 of this year. Truforma is a diagnostic platform that uses Bulk Acoustic Wave technology to offer a “non-optical and fluorescence-free detection system for use at the point-of-care.” The product is designed for use on dogs and cats and is covered by over 70 patents.
Zomedica notes that the deal with Miller Veterinary Supply will have it handling distribution of Truforma across states ranging from Texas to Maine. It also points out that this will have it focusing on eastern and mid-eastern parts of the U.S.
The distribution agreement with Miller Veterinary Supply is worth noting as its the oldest wholesale veterinary distributor in the U.S. The company has been expanding of late and is boosting its online sales offerings as well.
Robert Cohen, CEO of Zomedica, had this to say about the news boosting ZOM stock higher today.
“We believe that the principals of Miller share the same commitment to quality, customer service, and value that we hope to be hallmarks of the TRUFORMA™ line of products. We look forward to serving the veterinary community together as we introduce TRUFORMA into the marketplace.”
ZOM stock was up 7.7% in early trading Monday morning.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.