Emerald Organic Products Restructures Joint Venture Agreement With Todos Medical by Entering Joint Collaboration Agreement
- Partnership allows both companies to focus on their core strengths
HOLBROOK, NY, REHOVOT, ISRAEL, SINGAPORE AND NEW YORK, NY, May 08, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Emerald Organic Products, Inc. (OTC: EMOR) ("Emerald") a diversified health sciences and technology company, is pleased to announce that further to Emerald’s press release on March 24, 2020 regarding Corona Diagnostics, LLC (“Corona Diagnostics”), Emerald’s joint venture with Todos Medical Ltd. (OTC: TOMDF) (“Todos”) has been restructured into a new joint collaboration agreement with Todos (the “New Terms”).
Under the New Terms, Todos will continue to validate and commercialize testing protocols for COVID-19, and Emerald will provide technological assistance and solutions through its digital pharmacy Bonsa Health, Inc. and telehealth platform Carie.com to help to establish virtual laboratory infrastructure to streamline COVID-19 testing protocols.
“In light of Emerald’s recent acquisitions of the Bonsa digital pharmacy and Carie.com telehealth platform, Emerald is able to add more value under this new collaboration agreement,” said Ian Parker, CEO of Emerald. “Emerald believes that its digital health assets have the potential to be valuable parts of a comprehensive testing solution. Under the collaboration, we will support Todos’s efforts in providing a reliable and scalable testing regime by providing technology solutions that could potentially make such a testing regime more accessible and convenient.” Parker added, “We are now starting to evaluate how we can add and optimize different workflows to connect physicians with authorized laboratories to assist Todos in getting much needed testing to the market.
“It’s our opinion that pharmacies are playing a critical role in helping to manage community healthcare during the COVID-19 pandemic,” said Parker. “Pharmacies are now able to collect specimens and administer COVID-19 antibody testing in certain states, which gives us the opportunity to activate our independent pharmacy network to help expand available testing in the United States.”
“At this critical moment in our country’s history, we need to increase COVID-19 testing capacity and make routine lab testing more accessible,” said Gerald Commissiong, CEO of Todos Medical. “In addition to COVID testing, patients and their doctors need access to convenient and routine lab testing so they can make sound health decisions. Virtual Laboratory could play an important role in this process by helping to streamline workflow for high complexity CLIA labs interfacing with physicians and payers so that labs can focus on getting COVID-19 testing capabilities scaled up appropriately.”
Corona Diagnostics was formed to address the much-needed demand for COVID-19 screening and diagnostic testing in the United States. For any avoidance of doubt, neither Emerald, nor Corona Diagnostics, have distributed any COVID-19 test kits. Under the terms of the new collaboration, Todos now owns 100% of Corona Diagnostics, LLC, and Emerald and Todos have agreed to exclusively collaborate on potential tech enabled solutions for COVID-19 screening and diagnosis.
About Emerald Organic Products, Inc.
Based in Holbrook, Emerald Organic Products, Inc. (OTC: EMOR), is a diversified health sciences and technology company focused on providing consumers with one of the most robust health and wellness offerings available today. Through its subsidiaries, Emerald is dedicated to both bringing to market, and improving access to, holistic and FDA-regulated products and services. Emerald offers high-quality dietary supplements from its flagship brands, Pura Vida Vitaminstm, NxGentm, and Zenavitatm. In addition, Emerald has acquired significant technology platforms in Bonsa Health and Carie Health Inc which will provide healthcare professionals and patients alike with a full suite of solutions to transform healthcare through the lenses of convenience and mobility. In Q4 2019, Emerald Organic Products established Emerald Organic Life Sciences, LLC. to develop biopharmaceutical assets licensed from Amarantus Bioscience Holdings, Inc. (OTC: AMBS). For more information, please visit https://www.emerald-organic.com/. Emerald recently formed a collaboration with Todos Medical USA, Inc (OTC: TOMDF) for the purpose of providing technology solutions for Todos’s coronavirus (COVID-19) testing regime.
About Todos Medical Ltd.
Headquartered in Rehovot, Israel, 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 and are currently in a pre-commercial study with its distribution partner Orot+ (a division of Luces-Orot). Todos recently entered into an exclusive option agreement to acquire U.S.-based medical diagnostics company Provista Diagnostics, Inc. to gain rights to its Alpharetta, Georgia-based CLIA/CAP certified lab and Provista's proprietary commercial-stage Videssa® breast cancer blood test. The transaction is expected to close in the second quarter of 2020.
Through Breakthrough Diagnostics, Inc., its joint venture with Amarantus Bioscience Holdings, Inc. (OTC: AMBS), Todos is also actively involved with the development of blood tests for the early detection of neurodegenerative disorders, such as Alzheimer's disease. Todos expected to complete the remaining unowned interest in Breakthrough in the second quarter of 2020.
Todos recently entered into distribution agreements with China-based companies to distribute certain novel coronavirus (COVID-19) test kits. The Company has entered into distribution agreements covering the U.S. and Israel with Gibraltar Brothers & Associates, LLC, a U.S.-based subsidiary of Shanghai Liangrun Biomedicine Technology Co. (Shanghai), for its proprietary colloidal gold immunochromatography (Colloidal Gold) point-of-care IgM/IgM-based antibody test kits, and with 3DMedicine Science & Technology Co (3DMed), a China-based cancer precision medicine company, for distribution in the U.S. and Israel of its ANDiS® SARS-CoV-2 Detection Kit (COVID), ANDiS® SARS-CoV-2 & Influenza A/B Detection Kit (COVID/Flu) and its proprietary ANDiS®350 3DMed Automated Solution countertop real-time PCR machine (3D Machine). Todos has formed Corona Diagnostics, LLC, a joint venture with Emerald Organic Products, Inc. (OTC: EMOR), to support the commercialization of its COVID-19 testing paradigm.
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, neither Emerald Organic Products Inc. nor Todos Medical 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.
Todos Investor and Corporate Contact:
Kim Sutton Golodetz
LHA Investor Relations
Senior Vice President
Todos Corporate Contact:
Emerald Media Contact:
Released May 8, 2020