Shares of Zomedica (ZOM 10.58%) rose on Monday after the veterinary health company signed a new distribution agreement for its Truforma diagnostic platform. As of 1:25 p.m. EST, Zomedica's stock price was up nearly 7% after rising as much as 14% earlier in the day.
Zomedica struck a deal with Miller Veterinary Supply. The wholesale veterinary distributor will work with Zomedica's salesforce to drive sales of Truforma in the eastern region of the U.S. Miller will also provide customer service support for the point-of-care diagnostics system for cats and dogs.
"We could not be happier about signing this distribution agreement with such a reputable and highly experienced organization," Zomedica CEO Robert Cohen said in a press release. "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."
Zomedica will begin selling its Truforma systems on March 30. The patented diagnostic platform is expected to produce precise and reliable results when used to detect diseases in dogs and cats. Zomedica thus expects Truforma to enjoy strong demand in the veterinary marketplace.
"It isn't often that an industry-changing product like Truforma comes along," Miller Chief Operating Officer Clay Cass said. "We are honored and excited to have been chosen to help bring this technology to market."