Todos Medical Sees Significant Ramp Up in COVID PCR Testing Volume at Its Provista CLIA/CAP Lab with New Automation in Place
- Automation enabled Provista to conduct over 7,600 PCR tests for the month of October, more than in the first 8 months of 2021 combined
- Company sees expanding testing for COVID PCR, neutralizing antibody and flu a&b/RSV opportunities leading to a marked increase in revenue in the coming quarters
- Company to present at the GCFF Virtual Conference 2021 Main Event on Thursday November 4, 2021
New York, NY, and Tel Aviv, ISRAEL, Nov. 02, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire --Todos Medical, Ltd. (OTCQB: TOMDF), a comprehensive medical diagnostics and related solutions company, today announced that its wholly-owned high complexity CLIA/CAP certified laboratory Provista Diagnostics is seeing a significant ramp up in PCR testing volume with its new automation in place. Concurrent with this announcement, the Company announced that President & CEO Gerald Commissiong is presenting at the GCFF Virtual Conference 2021 Main Event at 2:20pm ET / 11:20pm PT with registration available at https://gcff-nov-2021.eventbrite.ca/?aff=TOMDF .
Todos completed automation installation in Q3 2021 and began ramping up sales efforts heading into Q4. James Doherty was hired in Q3/21 as Senior Director of Business Development to help drive growth. This led to a significant increase in testing volume in October. With reimbursement rates of up to $130 per test, and large volume reference work available, PCR testing capacity at Provista today stands 10,000 tests per day, with capacity expected to approach 20,000 tests by the end of November as the Company begins to hire additional lab staff to meet customer demands. We believe PCR testing represents a significant financial opportunity for Todos heading into 2022.
“We are very excited about the pace of COVID PCR testing volume growth at Provista thus far in the fourth quarter of 2021,” said Gerald E. Commissiong, President & CEO of Todos Medical. “We are just beginning to scratch the surface of what is possible in regards to our automation strategy at Provista. Our new sales team is energized and looking to drive growth by expanding our marketing efforts and broadening our testing suite of products. There has been a heightened focus on the cPass neutralizing antibody testing that is becoming more relevant as pediatric vaccine and booster programs are beginning to roll out across the country. We strongly encourage children to be tested by PCR for COVID before administering the vaccines in order to reduce the risk that an asymptomatic case becomes a symptomatic infection prior to a child being considered fully vaccinated. We are confident that our strategy will lead to progressive, profitable sales growth at Provista in the quarters and years to come.”
“We see reference lab work as the major drive of growth in the near-term for COVID PCR testing, cPass neutralizing antibody testing and respiratory pathogen panel (RPP),” said James Doherty, Senior Director of Business Development at Provista Diagnostics. “As other labs who have been servicing nursing homes, schools and the travel industry with COVID testing services begin to move back into their traditional lab testing models, they are looking for trusted COVID-focused reference lab partners that can deliver fast turnaround times with high quality customer service. This is exactly the type of offering we deliver at Provista Diagnostics, and as we begin to scale our offerings it is my strong believe that we can steadily increase sample volume running through the lab for COVID, cPAss and RPP.”
About Todos Medical Ltd.
Founded in Rehovot, Israel with offices in New York City, Todos Medical Ltd. (OTCQB: TOMDF) engineers life-saving diagnostic solutions for the early detection of a variety of cancers. The Company's state-of-the-art and patented Todos Biochemical Infrared Analyses (TBIA) is a proprietary cancer-screening technology using peripheral blood analysis that deploys deep examination into cancer's influence on the immune system, looking for biochemical changes in blood mononuclear cells and plasma. Todos' two internally-developed cancer-screening tests, TMB-1 and TMB-2, have received a CE mark in Europe. Todos recently acquired U.S.-based medical diagnostics company Provista Diagnostics, Inc. to gain rights to its Alpharetta, Georgia-based CLIA/CAP certified lab currently performing PCR COVID testing and Provista's proprietary commercial-stage Videssa® breast cancer blood test.
Todos is also developing blood tests for the early detection of neurodegenerative disorders, such as Alzheimer's disease. The Lymphocyte Proliferation Test (LymPro Test™) is a diagnostic blood test that determines the ability of peripheral blood lymphocytes (PBLs) and monocytes to withstand an exogenous mitogenic stimulation that induces them to enter the cell cycle. It is believed that certain diseases, most notably Alzheimer's disease, are the result of compromised cellular machinery that leads to aberrant cell cycle re-entry by neurons, which then leads to apoptosis. LymPro is unique in the use of peripheral blood lymphocytes as a surrogate for neuronal cell function, suggesting a common relationship between PBLs and neurons in the brain.
Todos has entered into distribution agreements with companies to distribute certain novel coronavirus (COVID-19) test kits. The agreements cover multiple international suppliers of PCR testing kits and related materials and supplies, as well as antibody testing kits from multiple manufacturers after completing validation of said testing kits and supplies in its partner CLIA/CAP certified laboratory in the United States. Additionally, Todos has entered into a joint venture with NLC Pharma to pursue the development of diagnostic tests targeting the 3CL protease, as well as 3CL protease inhibitors that target a fundamental reproductive mechanism of coronaviruses.
For more information, please visit https://www.todosmedical.com/.
Certain statements contained in this press release may constitute forward-looking statements. For example, forward-looking statements are used when discussing our expected clinical development programs and clinical trials. These forward-looking statements are based only on current expectations of management, and are subject to significant risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements, including the risks and uncertainties related to the progress, timing, cost, and results of clinical trials and product development programs; difficulties or delays in obtaining regulatory approval or patent protection for product candidates; competition from other biotechnology companies; and our ability to obtain additional funding required to conduct our research, development and commercialization activities. In addition, the following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: changes in technology and market requirements; delays or obstacles in launching our clinical trials; changes in legislation; inability to timely develop and introduce new technologies, products and applications; lack of validation of our technology as we progress further and lack of acceptance of our methods by the scientific community; inability to retain or attract key employees whose knowledge is essential to the development of our products; unforeseen scientific difficulties that may develop with our process; greater cost of final product than anticipated; loss of market share and pressure on pricing resulting from competition; and laboratory results that do not translate to equally good results in real settings, all of which could cause the actual results or performance to differ materially from those contemplated in such forward-looking statements. Except as otherwise required by law, Todos Medical does not undertake any obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. For a more detailed description of the risks and uncertainties affecting Todos Medical, please refer to its reports filed from time to time with the U.S. Securities and Exchange Commission.
Todos Corporate and Investor Contact:
Released November 2, 2021