Ann Arbor, Michigan, December 2, 2012 – Swift Biosciences, Inc today announced that it has signed a technology license agreement with Vela Operations Pte Ltd, the Singapore-based company under Vela Diagnostics.

The agreement gives Vela Diagnostics non-exclusive rights to utilize Swift’s myT® Primer technology in Vela Diagnostics’ real-time quantitative PCR-based IVD products for the detection of somatic mutations in human cancer.

Vela Diagnostics will seek regulatory approval around the world for its assay kits while Swift will continue to develop myT Primers for RUO applications as well as license to other partners.  

“By incorporating Swift’s myT® Primer technology into our Real-Time PCR based molecular diagnostic products, we will provide the market with highly sensitive mutation detection capabilities which will enhance the level of cancer patient care,” said Vela Diagnostics CEO Michael Tillmann.

According to David Olson, CEO of Swift Biosciences, “We are very pleased to work with Vela Diagnostics to bring the power of myT Primer technology to the oncology diagnostics market. We look forward to supporting their growing product pipeline.  This agreement is part of our larger licensing strategy of working with partners to incorporate myT Primers to regulated in vitro diagnostics. We anticipate additional license agreements going forward.”