Investor Update – March 2019

12-Mar-2019
 
Sienna Cancer Diagnostics Investor Update - March 2019
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Message from the CEO

Dear Shareholder,

Your Company has had a great start to 2019.

In February, I was invited to attend StatLab, our exclusive US distributor’s annual sales conference. In a strong indication of the importance of hTERT to StatLab, Sienna was the only outside supplier invited to attend the entire meeting. Participating in this event has given me great confidence that we will continue to see growth in sales of our hTERT diagnostic test in the USA.

Furthermore, the Sienna team has been progressing the Company’s strategic growth initiatives, namely:
  • Further global market penetration of our hTERT test, through increased sales in markets in which we already have a presence, and through geographical expansion; and
  • Expanding our technology pipeline. 

Increasing sales through geographical expansion is key to realising the global market opportunity for the hTERT test. To this end, we’ve recently appointed high-quality distributors for Korea and Singapore, and we expect to enter further markets in the near future.

Expanding our technology pipeline has been facilitated by the $5.2 million raised via new equity funding last year. This funding has allowed Sienna to progress the assessment of several potential targets for our expansion program. This strategy is an important one.  We expect to create a pipeline of products that will generate a significant increase in our market opportunity, sustainable revenue and profit growth.

Sienna possesses the core competencies, knowledge, experience and capability to leverage its existing sales channels to develop products that build shareholder value. To accelerate our efforts, we have engaged expert consultants. The technologies under review are an excellent fit for Sienna’s development and commercialisation pipeline.

Sienna’s vision is to continue to develop and deliver to the market products that are innovative and solve an unmet clinical need in the pathology diagnostics market.

I look forward to providing further updates on our progress.

Thank you for your continued support.

Sincerely,

Matthew Hoskin
Chief Executive Officer
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2019 Statlab National Sales Meeting

In February, Sienna’s CEO Matthew Hoskin attended the national sales meeting of the Company’s US distributor, Statlab. Matthew reports:

StatLab’s national sales meeting was held in Dallas this year. It brings together the entire StatLab sales and support team from around the country.

This was the first sales conference to be led by StatLab’s recently appointed Executive Vice President of Sales & Marketing, Wayne Rigler, who joined the company around nine months ago. Wayne has had a very successful career in healthcare, including 17 years in vice president-level leadership roles with two regional urology diagnostics laboratories that grew to national scale during his tenure. He has a very deep knowledge of the uropathology market which is the specific subset of pathology laboratories to which Sienna’s hTERT test is sold.

I’m pleased that our hTERT test was featured prominently at the conference and has been identified as a key focus for StatLab’s business growth. Wayne highlighted the emphasis StatLab will place on growing the IHC (ImmunoHistoChemistry) division of their business, and the “integral and critical component of that strategy - which is hTERT”.

I was encouraged to see the new sales processes that StatLab is rolling out under Wayne’s leadership. The reps were trained on a new sales process and methodology called The Challenger Sale. It’s a very disciplined, process-oriented, customer-centric approach. The sales force is further supported by new, easy-to-use, compelling sales tools and materials. These processes and tools are a very positive development.

New products to support the reps were unveiled at the conference, including:
  • An automated instrument and consumables for running IHC tests including hTERT; and
  • A slide preparation instrument (which will be used in conjunction with the consumables StatLab already sells to its customers) to prepare the hTERT slides.
StatLab now directly sells everything needed for an hTERT slide to be produced, including the sample collection cup, the glass slide, the slide preparation instrument, the urine cytology reagents for the cytology slide, the IHC instrument and detection reagents to stain the hTERT slide, and the coverslip that completes the slide.

StatLab is now able to package up the entire process for a lab and sell a complete solution. That makes it easier to control the process technically, offers greater value and pricing flexibility for the customer, and creates a mechanism to ensure long-term use of the hTERT test in a laboratory.

Based on what I saw at the conference and my personal interactions with Wayne and other key sales, I left feeling that:
  • StatLab have improved its capability;
  • Its attention to and belief in hTERT is high;
  • hTERT is seen as an important, differentiated product in StatLab’s portfolio; and
  • StatLab is committed to increasing sales of the product.
StatLab also believes that that the publication of Sienna’s first peer review data last year is helping the education process in the market. 

 

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Continued global expansion with appointments in Singapore and Korea

Sienna has hit the ground running in 2019 with the signing of two more distributors: Mirax Corporation in Korea and Mediwell Enterprise in Singapore. Sienna targeted these two markets as part of its geographical expansion program, which focusses on delivering the existing hTERT test to new markets around the world. The recent signings follow the US, Denmark, Sweden, Switzerland and China.

Singapore, with a population of 5.8 million people, is one of the fastest growing consumers of IVD products globally. The Singaporean distributor Mediwell, with the support of Sienna, will manage the process of product approval and registration with the Medical Devices Branch of the Health Sciences Authority (HSA).

The Republic of Korea also represents a significant market opportunity for Sienna, with over 300 thousand urine cytology tests performed annually.

The next step for Korea, Singapore and China is obtaining regulatory approval of the product, after which Sienna’s distribution partners may begin marketing and selling the product. That process is well underway in all three countries.
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Sienna in the news

To view the list of media articles in which Sienna has appeared, see here
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