Seaspring founder and managing director Shaikh Isa bin Khalid Al-Khalifa. Credit: CNW Group / ASEP Medical Holdings.

Asep Medical has entered a definitive agreement with Seaspring for sepsis diagnosis technology Sepset.

Under the agreement, Asep and Seaspring will form a 50/50 joint venture (JV) to advance regulatory approval and commercialisation of the former’s technology in the Kingdom of Bahrain and the Middle East and North Africa.

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This latest agreement comes after the signing of a letter of intent in December last year.

The parties will create the JV in Bahrain within six months of the execution of the agreement. It is subject to obtaining all the necessary approvals and completing the required formalities.

Seaspring founder and managing director Shaikh Isa bin Khalid Al-Khalifa said: “Through the launch of this new entity, our vision is to facilitate access to Asep ‘s unique sepsis diagnostics solutions and, in turn, augment patient care in the country and region.”

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Seaspring will provide the required capital for the JV, approximately $5m in the near term, to carry out its business operations, including regulatory approval, sales and distribution.

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Through its subsidiary Sepset Biosciences, Asep will grant the licencing rights to use the technology in the following countries: Bahrain, Iran, Iraq, Israel, Jordan, Kuwait, Algeria, Egypt, Oman, Qatar, Saudi Arabia, Lebanon, Libya, Morocco, UAE, Saudi Arabia, Yemen, Syria and Tunisia.

Asep founder, chair and CEO Dr Robert Hancock said: “This is a tremendous opportunity for us and a true honour to partner with a prestigious company like Seaspring.

“This agreement underscores our commitment to enhancing shareholder value by establishing global partnerships with organisations with the forethought and resources to battle a terrible disease contributing to 20% of deaths worldwide.”

Last week, Asep unveiled its new artificial intelligence technology to rapidly identify infections associated with severe sepsis.